Financial Performance - Earnings per share for Q1 2024 were $1.46, up from $1.09 in Q1 2023, with net earnings of $488 million compared to $371 million last year[1] - Sales for Q1 2024 increased by 8% to $4.9 billion, compared to $4.5 billion in the same period last year, with comparable sales up 3%[1] - Operating margin improved to 12.2%, a rise of 205 basis points from 10.1% in the previous year, driven by lower distribution and freight costs[2] - Net earnings for the three months ended May 4, 2024, were $487,990, compared to $371,191 for the same period in 2023, representing a 31.5% increase[12] - Fiscal 2024 earnings per share guidance is now projected to be between $5.79 and $5.98, compared to $5.56 for the previous fiscal year[4] Shareholder Actions - The company repurchased 1.9 million shares for $262 million under a $2.1 billion buyback program, aiming to buy back $1.05 billion in total during fiscal 2024[2] - Dividends paid increased to $123,298 from $114,794, marking a 7.3% increase[12] Inventory and Assets - Merchandise inventory increased to $2.46 billion from $2.24 billion year-over-year[10] - Merchandise inventory increased by $269,479, compared to an increase of $218,240 in the prior year, indicating a 23.5% rise[12] - Total assets as of May 4, 2024, were $14.49 billion, an increase from $13.62 billion as of April 29, 2023[10] Liabilities and Cash Flow - Current liabilities rose to $4.89 billion from $3.78 billion in the previous year[10] - Net cash provided by operating activities decreased to $368,921 from $413,152, a decline of 10.7% year-over-year[12] - Cash used in investing activities was $136,249, down from $167,253, reflecting an 18.6% decrease[12] - Net cash used in financing activities rose to $450,033 from $380,635, an increase of 18.3%[12] - Total cash, cash equivalents, and restricted cash at the end of the period was $4,718,080, up from $4,477,505, a growth of 5.4%[12] Store Operations - The company operates 2,127 stores as of May 4, 2024, up from 2,034 stores a year earlier[8] - For Q2 2024, comparable store sales are projected to increase by 2% to 3%, with earnings per share expected to be between $1.43 and $1.49[4] Compensation and Payables - Stock-based compensation rose to $40,447 from $33,063, a 22.5% increase year-over-year[12] - Accounts payable increased significantly to $179,376 from $46,577, indicating a 284.5% rise[12] - Interest paid remained constant at $40,158 for both periods, showing no change[12]

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.Zacks Premium also includes the Zacks Style Scores.What are the Zacks Style Scores?Develope ...

Ross Stores, Inc. (ROST) is scheduled to release its first-quarter fiscal 2024 results on May 23. The off-price apparel and home accessories retailer is likely to have witnessed revenue and earnings growth in the to-be-reported quarter.The Zacks Consensus Estimate for fiscal first-quarter revenues is pegged at $4.8 billion, indicating growth of 7.4% from the figure reported in the year-ago quarter. For fiscal first-quarter earnings, the consensus mark of $1.34 per share suggests growth of 22.9% from the yea ...

Ross Stores (ROST) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended April 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Ross Stores (ROST) , which belongs to the Zacks Retail - Discount Stores industry, could be a great candidate to consider.This discount retailer has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 10.34%.For the most recent quarter, Ross Stores was ...

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.Zacks Premium includes access to the Zacks Style Scores as well.What are the Zacks Style Sc ...

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.It also includes access to the Zacks Style Scores.W ...

Ross Stores, Inc. (ROST) seems well-poised for growth, thanks to its robust strategic efforts. The company has been gaining from positive customer response for its merchandise across both banners, which has been boosting the comparable-store sales (comps) performance for a while now. Its store expansion plans also bode well. Buoyed by such strengths, shares of this apparel and accessories dealer have increased 33% compared with the industry’s 25.3% growth in a year.What’s More?Ross Stores is consistent with ...

Part I [Business](index=3&type=section&id=Item%201.%20Business) Ross Stores operates two off-price retail chains, Ross Dress for Less and dd's DISCOUNTS, offering discounted brand-name merchandise through opportunistic buying and a packaway inventory strategy, supported by efficient operations - As of February 3, 2024, the company operates **1,764 Ross Dress for Less stores** and **345 dd's DISCOUNTS stores**[6](index=6&type=chunk)[7](index=7&type=chunk) - The company's "packaway" merchandise accounted for approximately **40% of total inventories** at the end of fiscal 2023[16](index=16&type=chunk) - As of February 3, 2024, the company employed approximately **108,000 associates**, with about **85% working in retail stores**[30](index=30&type=chunk) Executive Officers of the Registrant | Name | Age | Position | | :--- | :--- | :--- | | Michael Balmuth | 73 | Executive Chairman | | Barbara Rentler | 66 | Chief Executive Officer | | Michael J. Hartshorn | 56 | Group President, Chief Operating Officer | | Michael Kobayashi | 59 | President, Chief Capability Officer | | Karen Fleming | 57 | President, Chief Merchandising Officer – dd's DISCOUNTS | | Stephen Brinkley | 50 | President, Operations | | Adam Orvos | 59 | Executive Vice President, Chief Financial Officer | [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant macroeconomic, strategic, operational, and legal risks, including inflation, intense competition, supply chain disruptions, cybersecurity threats, and legal proceedings - Macroeconomic risks include inflation, geopolitical conflicts, and other external events affecting consumer disposable income and increasing company costs[50](index=50&type=chunk)[52](index=52&type=chunk) - Strategic risks involve dependence on the availability of attractive brand-name merchandise at desirable discounts and the ability of buyers to procure it[58](index=58&type=chunk)[59](index=59&type=chunk) - Operational risks highlighted include potential data security breaches, cyberattacks (like ransomware), and disruptions to information systems or the supply chain, which could significantly impact operations[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) - The company faces a geographic concentration risk, with almost **50% of its stores located in California, Texas, and Florida**, and over half of its distribution capacity in California[85](index=85&type=chunk) - Compliance and legal risks include potential lawsuits related to employment matters, particularly class/representative actions in California, and issues with product quality, safety, or authenticity[87](index=87&type=chunk)[91](index=91&type=chunk) [Unresolved Staff Comments](index=19&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not applicable[97](index=97&type=chunk) [Cybersecurity](index=20&type=section&id=Item%201C.%20Cybersecurity) Ross Stores maintains a cybersecurity program led by its IT team and overseen by the Board's Audit Committee, utilizing industry frameworks like NIST to manage risks, with no material impact reported to date - The cybersecurity program is led by the IT team, with primary oversight from the Board's Audit Committee[99](index=99&type=chunk)[102](index=102&type=chunk) - The program utilizes industry frameworks, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework[99](index=99&type=chunk) - As of April 1, 2024, the company reports that its business strategy, operations, and financial condition have not been materially affected by cybersecurity risks or incidents[101](index=101&type=chunk) [Properties](index=20&type=section&id=Item%202.%20Properties) As of February 3, 2024, the company operated **2,109** mostly leased stores across 43 states, with high concentration in California, Texas, and Florida, supported by a network of owned and leased distribution and office facilities Store Count by State/Territory (Top 5) | State/Territory | Feb 3, 2024 | Jan 28, 2023 | | :--- | :--- | :--- | | California | 463 | 452 | | Texas | 304 | 294 | | Florida | 244 | 239 | | Illinois | 102 | 101 | | Arizona | 89 | 84 | | **Total** | **2,109** | **2,015** | Distribution/Warehouse and Office Facilities | Location | Number of Facilities | Total Approx. Square Footage (Owned, in thousands) | Total Approx. Square Footage (Leased, in thousands) | | :--- | :--- | :--- | :--- | | **Distribution/Warehouse** | | | | | Buckeye, AZ | 1 | 1,700 | — | | Moreno Valley, CA | 3 | 1,300 | 1,850 | | Perris, CA | 2 | 1,999 | — | | Shafter, CA | 3 | 1,700 | 1,353 | | Fort Mill/Rock Hill, SC | 7 | 3,251 | 846 | | Brookshire, TX | 1 | 1,890 | — | | **Office Space** | | | | | Dublin, CA (HQ) | 1 | 414 | — | | New York City, NY | 1 | 572 | — | [Legal Proceedings](index=23&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, primarily class action lawsuits in California regarding wage and hour laws, which management believes will not materially affect its financial condition - The company is named in class/representative action lawsuits, primarily in California, alleging violations of wage and hour laws[111](index=111&type=chunk) - Management believes that the resolution of currently pending litigation will not have a material adverse effect on the company's financials[112](index=112&type=chunk) [Mine Safety Disclosures](index=23&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[113](index=113&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=24&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ross Stores' common stock (ROST) trades on Nasdaq, with the company detailing its dividend history, including a recent **$0.3675** per share declaration, and outlining stock repurchase programs, including a new **$2.1 billion** authorization - On March 5, 2024, the Board of Directors declared a quarterly cash dividend of **$0.3675 per common share**[114](index=114&type=chunk) - In March 2024, the Board approved a new two-year program to repurchase up to **$2.1 billion of common stock** through fiscal 2025[116](index=116&type=chunk) Issuer Purchases of Equity Securities (Q4 2023) | Period | Total number of shares purchased | Average price paid per share ($) | | :--- | :--- | :--- | | November 2023 | 461,842 | $122.54 | | December 2023 | 723,609 | $134.08 | | January 2024 | 672,906 | $138.18 | | **Total** | **1,858,357** | **$132.70** | [Reserved](index=27&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2023, sales increased **9.0%** to **$20.4 billion**, with net earnings reaching **$1.87 billion** and diluted EPS at **$5.56**, driven by higher merchandise margins and lower freight costs, while maintaining strong liquidity and projecting **$840 million** in capital expenditures for fiscal 2024 Fiscal 2023 vs. 2022 Performance | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Sales (in millions) | $20,377 | $18,696 | | Sales growth | 9.0% | (1.2)% | | Comparable store sales growth | 5% | (4)% | | Net earnings (as % of sales) | 9.2% | 8.1% | | Diluted EPS | $5.56 | $4.38 | - Cost of goods sold as a percentage of sales decreased by **195 basis points** from fiscal 2022, primarily due to a **160 basis point increase in merchandise margin** (mainly from lower ocean freight costs) and a **60 basis point decrease in domestic freight costs**[136](index=136&type=chunk) - Net cash provided by operating activities was **$2.5 billion** in fiscal 2023, a significant increase from **$1.7 billion** in fiscal 2022[145](index=145&type=chunk) - Capital expenditures for fiscal 2024 are projected to be approximately **$840 million**, up from **$762.8 million** in fiscal 2023, with a focus on supply chain investments and new stores[152](index=152&type=chunk) Stock Repurchase Activity | Fiscal Year | Shares repurchased (in millions) | Amount repurchased (in millions) | | :--- | :--- | :--- | | 2023 | 8.2 | $950 | | 2022 | 10.3 | $950 | | 2021 | 5.7 | $650 | [Quantitative and Qualitative Disclosures about Market Risk](index=35&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate fluctuations, though with no outstanding variable-rate borrowings and fixed-rate Senior Notes, a hypothetical **100 basis point** change would not materially impact its financials - The primary market risk exposure is to changes in interest rates[170](index=170&type=chunk) - As of February 3, 2024, there were no borrowings outstanding under the company's revolving credit facility[170](index=170&type=chunk) - A hypothetical **100 basis point** increase or decrease in prevailing market interest rates would not have a material negative impact on the company's financials[171](index=171&type=chunk) [Financial Statements and Supplementary Data](index=36&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2023-2021, including key statements and notes, with Deloitte & Touche LLP providing an unqualified opinion on both the financials and internal controls Consolidated Statements of Earnings (in thousands) | | Fiscal Year Ended Feb 3, 2024 | Fiscal Year Ended Jan 28, 2023 | | :--- | :--- | :--- | | Sales | $20,376,941 | $18,695,829 | | Cost of goods sold | $14,801,601 | $13,946,230 | | Earnings before taxes | $2,471,781 | $1,987,489 | | **Net earnings** | **$1,874,520** | **$1,512,041** | | **Diluted EPS** | **$5.56** | **$4.38** | Consolidated Balance Sheets (in thousands) | | As of Feb 3, 2024 | As of Jan 28, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | **$7,398,138** | **$6,904,719** | | Cash and cash equivalents | $4,872,446 | $4,551,876 | | Merchandise inventory | $2,192,220 | $2,023,495 | | **Total Assets** | **$14,300,109** | **$13,416,463** | | **Total Current Liabilities** | **$4,185,796** | **$3,636,246** | | Long-term debt | $2,211,017 | $2,456,510 | | **Total Stockholders' Equity** | **$4,871,326** | **$4,288,583** | | **Total Liabilities and Stockholders' Equity** | **$14,300,109** | **$13,416,463** | - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion, stating the financial statements are presented fairly and the company maintained effective internal control over financial reporting[263](index=263&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=58&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None reported[271](index=271&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and internal control over financial reporting were effective as of February 3, 2024, a conclusion affirmed by Deloitte & Touche LLP - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of the end of the fiscal year[271](index=271&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of February 3, 2024, based on the COSO framework[274](index=274&type=chunk) [Other Information](index=58&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[276](index=276&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=60&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) The company reports no information under this item - None[278](index=278&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=60&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the company's 2024 Proxy Statement, with executive officer details also in Part I - Required information is incorporated by reference from the Proxy Statement for the 2024 Annual Meeting of Stockholders[279](index=279&type=chunk) [Executive Compensation](index=60&type=section&id=Item%2011.%20Executive%20Compensation) All required information regarding executive and director compensation, including the Compensation Discussion and Analysis, is incorporated by reference from the company's 2024 Proxy Statement - Required information is incorporated by reference from the Proxy Statement for the 2024 Annual Meeting of Stockholders[280](index=280&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=61&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section summarizes the company's equity compensation plans as of February 3, 2024, with further details on security ownership incorporated by reference from the 2024 Proxy Statement Equity Compensation Plan Information (as of Feb 3, 2024) | Plan Category | Securities to be issued upon exercise (in thousands) | Securities remaining available for future issuance (in thousands) | | :--- | :--- | :--- | | Approved by security holders | 719 | 11,426 | | Not approved by security holders | — | — | | **Total** | **719** | **11,426** | - Information on security ownership of certain beneficial owners and management is incorporated by reference from the Proxy Statement[284](index=284&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=61&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) All required information regarding related person transactions and director independence is incorporated by reference from the company's 2024 Proxy Statement - Required information is incorporated by reference from the Proxy Statement for the 2024 Annual Meeting of Stockholders[285](index=285&type=chunk) [Principal Accountant Fees and Services](index=61&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information concerning fees and services provided by the principal accountant is incorporated by reference from the Audit Committee Report section of the company's 2024 Proxy Statement - Required information is incorporated by reference from the Proxy Statement for the 2024 Annual Meeting of Stockholders[286](index=286&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=62&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements, schedules, and exhibits filed as part of the 10-K report, with financial statements in Item 8 and a detailed index of all exhibits provided - This section lists the consolidated financial statements included in Item 8 and provides an index of all exhibits filed with the report[288](index=288&type=chunk)[290](index=290&type=chunk)

Ross Stores, Inc. (ROST) has announced a significant expansion effort that underscores its bullish outlook on the value retail market. In a strategic move to augment its footprint across the United States, this prominent off-price retailer inaugurated 11 Ross Dress for Less stores and seven dd's DISCOUNTS outlets through February and March, spreading its reach across 11 diverse states.This expansion is part of the company’s ambitious plan for fiscal 2024, aiming to launch 90 locations, which will include ab ...