Ross Stores announces sales of $4.1 billion in Q4 2017
Dublin, California-based off-price department store chain Ross Stores, Inc. reported record sales and earnings for the fourth quarter and full year 2017 on Wednesday, leading the company’s Board of Directors to raise the stock repurchase authorization for 2018.
Net earnings for the 14 weeks ended February 3, 2018 rose to $451 million from $301 million in the 13-week period ended January 28, 2017.
Quarterly sales were up to $4.1 billion, a 16% increase compared to the same period in 2016, while comparable store sales rose 5% in the 13 weeks ended January 28, 2017, compared to a 4% rise in the prior-year period.
In the 53 weeks ended February 3, 2018 net earnings totalled $1.4 billion, compared to $1.1 billion in the 52 weeks ended January 28, 2017.
Sales rose 10% compared to the previous year, totalling $14.1 billion, while comparable store sales for the 52 weeks ended January 27, 2018 were up 4% on top of a 4% increase in 2016.
Both the company’s fourth quarter and full year earnings results benefitted from fiscal 2017’s 53rd week, as well as recent reformation in US tax legislation.
Ross Stores operates under the Ross Dress for Less and dd's Discounts banners but did not provide a results breakdown by brand.
As a result of the company's strong performance, Ross Stores' Board of Directors has also approved an increase in the stock repurchase authorization for 2018 to $1.075 billion, compared to the previous year’s $875 million.
“While we are encouraged by our recent strong sales and earnings results, we again face our own challenging multi-year comparisons as well as a very competitive retail environment. As a result, although we hope to do better, we continue to take a prudent approach to forecasting our business in 2018,” stated Ross Stores CEO Barbara Rentler in a release.
For the full year 2018, the company estimates that comparable sales will increase 1% to 2%, on top of the 4% rise reported in each of the past three years. Ross Stores also plans to open 100 new locations this year, of which 75 will operate under the Ross Dress for Less banner and 25 as dd’s Discounts stores.
First quarter 2018 comparable store sales are forecast to be up 1% to 2%.
Copyright © 2023 FashionNetwork.com All rights reserved.