Press release
Ross Stores Reports Results for Fourth Quarter and Fiscal 2024
Announces 10% Increase in Quarterly Cash Dividend Provides First Quarter and Fiscal 2025 Guidance DUBLIN, Calif.--(BUSINESS WIRE)-- Ross Stores, Inc.
About this update from Ross Stores, Inc.
[{"type":"text","content":"\nAnnounces 10% Increase in Quarterly Cash Dividend\n\nProvides First Quarter and Fiscal 2025 Guidance\n\n DUBLIN, Calif.--(BUSINESS WIRE)--\nRoss Stores, Inc. (Nasdaq: ROST) today reported earnings per share for the 13 weeks ended February 1, 2025 of $1.79, compared with $1.82 per share for the 14 weeks ended February 3, 2024. Net income for the period was $587 million, versus $610 million last year. Sales for the 13 weeks ended February 1, 2025 were $5.9 billion, with comparable store sales up 3% on top of a robust 7% gain in the same period last year.\n\nFiscal 2024 earnings per share for the 52 weeks ended February 1, 2025 were $6.32, up from $5.56 in the 53-week fiscal 2023 year ended February 3, 2024. Net earnings for fiscal 2024 rose to $2.1 billion on sales of $21.1 billion, up from net earnings of $1.9 billion in fiscal 2023 on sales of $20.4 billion. Comparable store sales for the 52 weeks ended February 1, 2025 grew 3% versus a 5% gain in fiscal 2023.\n\nBoth the fourth quarter and full year results included a one-time benefit to earnings, equivalent to approximately $0.14 per share, related to the sale of a packaway facility. Additionally, as a reminder, prior year sales and earnings results for the 2023 fourth quarter and fiscal year included approximately $308 million in sales and a $0.20 earnings per share benefit from the 53rd week.\n\nJim Conroy, Chief Executive Officer, commented, “Fourth quarter sales and earnings results were at the high end of our expectations. Sales benefited from customers’ positive responses to our improved assortments of quality branded bargains throughout our stores during the critical holiday selling season.”\n\nMr. Conroy continued, “Fourth quarter operating margin of 12.4% was flat to last year. The benefit from the previously mentioned packaway facility sale was offset by planned declines in merchandise margin and unfavorable timing of packaway-related costs. The sale of the facility contributed about 105 basis points to this year’s fourth quarter operating margin while the 53rd week benefited the prior year’s period by about 80 basis points.”\n\nUpdate on Shareholder Payouts\n\nDuring the recently completed fourth quarter, 1.7 million shares were repurchased for a total price of $262 million. For fiscal 2024, a total of 7.3 million shares of common stock were repurchased for an agg...