Summary
Ross Stores, Inc. (ROST) reported its fiscal year 2000 results, which concluded on February 3, 2001. The company, a prominent off-price retailer, operates 409 stores and focuses on offering branded apparel and home accessories at discounts of 20-60% below traditional retail prices. For the fiscal year, Ross Stores demonstrated solid sales growth, with total sales reaching $2.71 billion, an increase of 10% over the prior year. While comparable store sales growth moderated to 1%, the company's strategic expansion continued with the opening of 34 new stores. Financially, the company maintained healthy profitability with net earnings of $151.8 million. Diluted earnings per share stood at $1.82. Ross Stores also actively returned capital to shareholders through dividends and share repurchases, highlighting a commitment to shareholder value. The company is investing in its future through infrastructure improvements, including plans for a new distribution center, and by enhancing its merchandise buying and allocation systems to further optimize its offerings and margins.
Key Highlights
- 1Total sales grew by 10% to $2.71 billion for fiscal year 2000 (53-week year).
- 2Comparable store sales growth was 1% for the fiscal year.
- 3Net earnings were $151.8 million, with diluted EPS of $1.82.
- 4The company operated 409 stores at year-end, having opened 34 new locations and closed 3.
- 5Ross Stores increased its quarterly cash dividend to $0.0425 per share.
- 6Significant share repurchases continued, with $169 million in common stock bought back during the fiscal year.
- 7Plans are underway to construct a new, larger distribution center in North Carolina to support future growth.