Summary
Ross Stores, Inc. reported strong financial performance for the first quarter of fiscal year 2009, ending May 2, 2009. Net sales increased by 8.7% to $1.69 billion, driven by both new store openings and a 3% increase in comparable store sales. Net earnings rose by 15% to $91.4 million, leading to a 20% increase in diluted Earnings Per Share (EPS) to $0.72, up from $0.60 in the prior year. This performance highlights the company's resilience and the appeal of its off-price model in the prevailing economic climate. The company's balance sheet remains robust with strong liquidity, evidenced by a significant increase in cash and cash equivalents. Operating cash flows saw a substantial improvement, largely due to effective management of accounts payable and inventory. Despite ongoing macroeconomic pressures, Ross Stores demonstrated disciplined cost management and strategic capital allocation, including continued share repurchases and a regular dividend payment.
Financial Highlights
45 data points| Revenue | $1.69B |
| Cost of Revenue | $1.27B |
| Gross Profit | $422.89M |
| SG&A Expenses | $272.03M |
| Operating Expenses | $1.54B |
| Net Income | $91.39M |
| EPS (Basic) | $0.18 |
| EPS (Diluted) | $0.18 |
| Shares Outstanding (Basic) | 498.77M |
| Shares Outstanding (Diluted) | 506.26M |
Key Highlights
- 1Net sales increased 8.7% to $1.69 billion, exceeding the prior year's growth.
- 2Comparable store sales increased by 3%, demonstrating continued customer traffic and demand.
- 3Net earnings grew 15% year-over-year to $91.4 million.
- 4Diluted Earnings Per Share (EPS) increased by 20% to $0.72, reflecting strong profitability and share repurchases.
- 5The company opened 19 net new stores, expanding its retail footprint.
- 6Cash and cash equivalents significantly increased to $459.3 million, indicating strong liquidity.
- 7Operating cash flow saw a substantial increase of $79.9 million to $240.7 million.