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Ross Stores Reports Second Quarter Earnings, Issues Second Half 2016 Guidance


News provided by

Ross Stores, Inc.

Aug 18, 2016, 04:01 ET

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DUBLIN, Calif., Aug. 18, 2016 /PRNewswire/ -- Ross Stores, Inc. (Nasdaq: ROST) today reported earnings per share for the second quarter ended July 30, 2016 of $.71, a 13% increase on top of an 11% gain in the prior year.  Net earnings for the current year period grew to $282 million, up from $259 million last year.  Sales for the 2016 second quarter rose 7% to $3.181 billion, with comparable store sales up 4% on top of 4% growth in the prior year.

For the first six months of fiscal 2016, earnings per share were $1.44, up 9% on top of a 15% increase last year. Net earnings were $573 million, up from $541 million in the prior year.  Sales for the first half of 2016 rose 6% to $6.270 billion, with comparable store sales up 3% versus a 5% gain in the same period last year.

Barbara Rentler, Chief Executive Officer, commented, "Both sales and earnings results in the second quarter were ahead of our forecast. Higher merchandise gross margin during the quarter drove a 50 basis point increase in operating margin to 14.4%, up from 13.9% in the same period last year."

Ms. Rentler continued, "During the second quarter and first six months of fiscal 2016, we repurchased 3.1 million and 6.2 million shares of common stock, respectively, for an aggregate price of $176 million in the quarter and $352 million year-to-date.  As planned, we expect to buy back a total of $700 million in common stock during fiscal 2016 to complete the two-year $1.4 billion authorization approved by our Board of Directors in February 2015." 

Looking ahead, Ms. Rentler said, "For the third quarter ending October 29, 2016, we are forecasting a same store sales gain of 1% to 2% on top of a 3% increase in the prior year, and earnings per share of $.52 to $.55, compared to $.53 in last year's third quarter. For the fourth quarter ending January 28, 2017, we are also projecting same store sales to grow 1% to 2% versus a 4% increase last year, with earnings per share expected to be $.73 to $.76, up from $.66 in the 2015 fourth quarter.  Based on our first half results and second half guidance, fiscal 2016 earnings per share are now planned to increase 7% to 10% to $2.69 to $2.75, on top of a 14% gain last year."

The Company will host a conference call on Thursday, August 18, 2016 at 4:15 p.m. Eastern time to provide additional details concerning its second quarter results and management's outlook for the remainder of the year.  A real-time audio webcast of the conference call will be available in the Investors section of the Company's website, located at www.rossstores.com. An audio playback will be available at 404-537-3406, PIN #60158976 until 8:00 p.m. Eastern time on August 25, 2016, as well as on the Company's website. 

Forward-Looking Statements:  This press release contains forward-looking statements regarding expected sales, earnings levels and other financial results in future periods that are subject to risks and uncertainties which could cause our actual results to differ materially from management's current expectations. The words "plan," "expect," "target," "anticipate," "estimate," "believe," "forecast," "projected," "guidance," "looking ahead" and similar expressions identify forward-looking statements. Risk factors for Ross Dress for Less® ("Ross") and dd's DISCOUNTS® include without limitation, competitive pressures in the apparel or home-related merchandise retailing industry; changes in the level of consumer spending on or preferences for apparel or home-related merchandise; market availability, quantity, and quality of attractive brand name merchandise at desirable discounts and our buyers' ability to purchase merchandise that enables us to offer customers a wide assortment of merchandise at competitive prices; impacts from the macro-economic environment, financial and credit markets, and geopolitical conditions that affect consumer confidence and consumer disposable income; our ability to continually attract, train and retain associates to execute our off-price strategies; unseasonable weather trends; potential data security breaches, including cyber-attacks on our transaction processing and computer information systems, which could result in theft or unauthorized disclosure of customer, credit card, employee, or other private and valuable information that we handle in the ordinary course of our business - such breaches of our data security, or our failure or delay in detecting and mitigating a loss of personal or business information, could result in damage to our reputation, loss of customer confidence, violation (or alleged violation) of applicable laws, and could expose us to civil claims, litigation and regulatory action, and to unanticipated costs and disruption of our operations; potential disruptions in our supply chain or information systems; issues involving the quality, safety, or authenticity of products we sell; our ability to effectively manage our inventories, markdowns, and inventory shortage to achieve planned gross margin; volatility in revenues and earnings; an adverse outcome in various legal, regulatory, or tax matters; natural or man-made disaster in California or in another region where we have a concentration of stores or a distribution center; increase in our labor costs; unexpected issues or costs from expanding in existing markets and entering new geographic markets; obtaining acceptable new store sites with favorable demographics; damage to our corporate reputation or brands; issues from importing merchandise from other countries; and maintaining sufficient liquidity to support our continuing operations, new store and distribution center growth plans, and stock repurchase and dividend programs. Other risk factors are set forth in our SEC filings including without limitation, the Form 10-K for fiscal 2015 and Form 10-Q and 8-Ks for fiscal 2016.  The factors underlying our forecasts are dynamic and subject to change.  As a result, our forecasts speak only as of the date they are given and do not necessarily reflect our outlook at any other point in time.  We do not undertake to update or revise these forward-looking statements.

Ross Stores, Inc. is an S&P 500, Fortune 500 and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2015 revenues of $11.9 billion.  The Company operates Ross Dress for Less® ("Ross"), the largest off-price apparel and home fashion chain in the United States with 1,317 locations in 34 states, the District of Columbia and Guam as of July 30, 2016. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 184 dd's DISCOUNTS® in 14 states as of July 30, 2016 that feature a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com.

Contact:     

Michael Hartshorn    

Connie Kao


Group Senior Vice President,  

Vice President, Investor Relations


Chief Financial Officer    

(925) 965-4668


(925) 965-4503        

[email protected]




Ross Stores, Inc.

Condensed Consolidated Statements of Earnings


























Three Months Ended 


Six Months Ended 

($000, except stores and per share data, unaudited)



July 30, 2016


August 1, 2015


July 30, 2016


August 1, 2015













Sales



$  3,180,917


$     2,968,270


$  6,269,912


$     5,906,418













Costs and Expenses











Cost of goods sold



2,251,845


2,119,480


4,428,050


4,186,935


Selling, general and administrative



469,511


435,226


906,435


844,524


Interest expense, net



4,213


1,652


8,577


3,655



Total costs and expenses



2,725,569


2,556,358


5,343,062


5,035,114













Earnings before taxes



455,348


411,912


926,850


871,304

Provision for taxes on earnings



173,442


153,273


354,310


330,460

Net earnings



$     281,906


$        258,639


$     572,540


$        540,844













Earnings per share 











Basic



$           0.72


$              0.64


$           1.45


$              1.33


Diluted



$           0.71


$              0.63


$           1.44


$              1.32

























Weighted average shares outstanding (000) 











Basic



393,568


404,760


394,684


406,211


Diluted



395,930


407,693


397,381


409,562

























Dividends 











Cash dividends declared per share



$       0.1350


$         0.1175


$       0.2700


$         0.2350

























Stores open at end of period



1,501


1,424


1,501


1,424













Ross Stores, Inc.

Condensed Consolidated Balance Sheets















($000, unaudited)


July 30, 2016


August 1, 2015

Assets












Current Assets






Cash and cash equivalents


$     927,718


$        630,288


Short-term investments


1,213


999


Accounts receivable


97,139


88,443


Merchandise inventory


1,560,209


1,509,752


Prepaid expenses and other


127,401


129,819



Total current assets


2,713,680


2,359,301








Property and equipment, net


2,310,481


2,289,478

Long-term investments


1,325


2,613

Other long-term assets


168,748


162,180

Total assets


$  5,194,234


$     4,813,572








Liabilities and Stockholders' Equity












Current Liabilities






Accounts payable    


$  1,125,836


$     1,044,875


Accrued expenses and other


397,150


405,629


Accrued payroll and benefits


228,195


225,153



Total current liabilities


1,751,181


1,675,657








Long-term debt


396,259


395,793

Other long-term liabilities


296,867


287,406

Deferred income taxes


135,597


68,202








Commitments and contingencies












Stockholders' Equity


2,614,330


2,386,514

Total liabilities and stockholders' equity


$  5,194,234


$     4,813,572








Ross Stores, Inc.

Condensed Consolidated Statements of Cash Flows

















Six Months Ended 

($000, unaudited)


July 30, 2016


August 1, 2015








Cash Flows From Operating Activities





Net earnings


$     572,540


$       540,844

Adjustments to reconcile net earnings to net cash





provided by operating activities:






Depreciation and amortization


148,630


128,729


Stock-based compensation


36,206


29,881


Deferred income taxes


5,509


(5,528)


Tax benefit from equity issuance


22,682


37,431


Excess tax benefit from stock-based compensation


(22,682)


(37,352)


Change in assets and liabilities:







Merchandise inventory


(141,105)


(137,077)



Other current assets


(34,773)


(38,097)



Accounts payable


192,610


64,802



Other current liabilities 


(13,108)


111



Other long-term, net 


13,045


6,627



Net cash provided by operating activities


779,554


590,371








Cash Flows From Investing Activities





Additions to property and equipment


(147,426)


(193,108)

Increase in restricted cash and investments


(143)


(73)

Purchases of investments


-


(718)

Proceeds from investments


514


602



Net cash used in investing activities


(147,055)


(193,297)








Cash Flows From Financing Activities





Excess tax benefit from stock-based compensation


22,682


37,352

Issuance of common stock related to stock plans


9,862


11,312

Treasury stock purchased


(39,328)


(63,601)

Repurchase of common stock


(351,515)


(351,515)

Dividends paid


(108,084)


(96,942)



Net cash used in financing activities


(466,383)


(463,394)








Net increase (decrease) in cash and cash equivalents


166,116


(66,320)








Cash and cash equivalents:







Beginning of period


761,602


696,608



End of period


$     927,718


$       630,288








Supplemental Cash Flow Disclosures





Interest paid


$         9,053


$           8,982

Income taxes paid


$     313,142


$       322,294








SOURCE Ross Stores, Inc.

Related Links

http://www.rossstores.com

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