Delaware | 0-14678 | 94-1390387 | ||
(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
Exhibit No. | Description |
99.1 | August 21, 2014 Press Release by Ross Stores, Inc.* |
Contact: | Michael Hartshorn | Connie Wong | ||
Senior Vice President, | Director, Investor Relations | |||
Chief Financial Officer | (925) 965-4668 | |||
(925) 965-4503 | connie.wong@ros.com |
Ross Stores, Inc. | |||||||||||||||||||
Condensed Consolidated Statements of Earnings | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||
August 2, | August 3, | August 2, | August 3, | ||||||||||||||||
($000, except stores and per share data, unaudited) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Sales | $ | 2,729,566 | $ | 2,551,277 | $ | 5,410,159 | $ | 5,091,191 | |||||||||||
Costs and Expenses | |||||||||||||||||||
Costs of goods sold | 1,944,017 | 1,823,777 | 3,852,202 | 3,622,588 | |||||||||||||||
Selling, general and administrative | 395,225 | 381,193 | 775,027 | 743,161 | |||||||||||||||
Interest (income) expense, net | (95 | ) | (175 | ) | (200 | ) | 34 | ||||||||||||
Total costs and expenses | 2,339,147 | 2,204,795 | 4,627,029 | 4,365,783 | |||||||||||||||
Earnings before taxes | 390,419 | 346,482 | 783,130 | 725,408 | |||||||||||||||
Provision for taxes on earnings | 150,858 | 133,361 | 299,656 | 277,675 | |||||||||||||||
Net earnings | $ | 239,561 | $ | 213,121 | $ | 483,474 | $ | 447,733 | |||||||||||
Earnings per share | |||||||||||||||||||
Basic | $ | 1.15 | $ | 1.00 | $ | 2.32 | $ | 2.09 | |||||||||||
Diluted | $ | 1.14 | $ | 0.98 | $ | 2.30 | $ | 2.06 | |||||||||||
Weighted average shares outstanding (000) | |||||||||||||||||||
Basic | 207,565 | 213,836 | 208,257 | 214,622 | |||||||||||||||
Diluted | 209,653 | 216,613 | 210,607 | 217,570 | |||||||||||||||
Dividends | |||||||||||||||||||
Cash dividends declared per share | $ | 0.20 | $ | 0.17 | $ | 0.40 | $ | 0.17 | |||||||||||
Stores open at end of period | 1,338 | 1,253 | 1,338 | 1,253 | |||||||||||||||
Ross Stores, Inc. | ||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
($000, unaudited) | August 2, 2014 | August 3, 2013 | ||||||||
Assets | ||||||||||
Current Assets | ||||||||||
Cash and cash equivalents | $ | 549,784 | $ | 550,565 | ||||||
Short-term investments | — | 13 | ||||||||
Accounts receivable | 85,218 | 79,202 | ||||||||
Merchandise inventory | 1,258,820 | 1,330,536 | ||||||||
Prepaid expenses and other | 115,953 | 115,025 | ||||||||
Deferred income taxes | 14,090 | 23,136 | ||||||||
Total current assets | 2,023,865 | 2,098,477 | ||||||||
Property and equipment, net | 1,979,288 | 1,646,457 | ||||||||
Long-term investments | 3,660 | 4,215 | ||||||||
Other long-term assets | 161,019 | 159,336 | ||||||||
Total assets | $ | 4,167,832 | $ | 3,908,485 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||
Current Liabilities | ||||||||||
Accounts payable | $ | 967,915 | $ | 938,059 | ||||||
Accrued expenses and other | 367,451 | 342,851 | ||||||||
Accrued payroll and benefits | 189,585 | 190,904 | ||||||||
Income taxes payable | 7,170 | — | ||||||||
Total current liabilities | 1,532,121 | 1,471,814 | ||||||||
Long-term debt | 150,000 | 150,000 | ||||||||
Other long-term liabilities | 283,584 | 270,776 | ||||||||
Deferred income taxes | 52,800 | 84,925 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders’ Equity | 2,149,327 | 1,930,970 | ||||||||
Total liabilities and stockholders’ equity | $ | 4,167,832 | $ | 3,908,485 | ||||||
Ross Stores, Inc. | ||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||
Six Months Ended | ||||||||||
($000, unaudited) | August 2, 2014 | August 3, 2013 | ||||||||
Cash Flows From Operating Activities | ||||||||||
Net earnings | $ | 483,474 | $ | 447,733 | ||||||
Adjustments to reconcile net earnings to net cash | ||||||||||
provided by operating activities: | ||||||||||
Depreciation and amortization | 110,670 | 98,853 | ||||||||
Stock-based compensation | 25,095 | 24,211 | ||||||||
Deferred income taxes | (9,934 | ) | (2,105 | ) | ||||||
Tax benefit from equity issuance | 24,061 | 22,544 | ||||||||
Excess tax benefit from stock-based compensation | (23,755 | ) | (22,123 | ) | ||||||
Change in assets and liabilities: | ||||||||||
Merchandise inventory | (1,665 | ) | (121,299 | ) | ||||||
Other current assets | (34,536 | ) | (36,751 | ) | ||||||
Accounts payable | 189,896 | 168,084 | ||||||||
Other current liabilities | (12,101 | ) | (61,570 | ) | ||||||
Other long-term, net | (9,414 | ) | 14,751 | |||||||
Net cash provided by operating activities | 741,791 | 532,328 | ||||||||
Cash Flows From Investing Activities | ||||||||||
Additions to property and equipment | (253,350 | ) | (271,690 | ) | ||||||
Increase in restricted cash and investments | (7,043 | ) | (12,345 | ) | ||||||
Proceeds from investments | 12,022 | 1,139 | ||||||||
Net cash used in investing activities | (248,371 | ) | (282,896 | ) | ||||||
Cash Flows From Financing Activities | ||||||||||
Excess tax benefit from stock-based compensation | 23,755 | 22,123 | ||||||||
Issuance of common stock related to stock plans | 9,318 | 10,213 | ||||||||
Treasury stock purchased | (37,605 | ) | (26,752 | ) | ||||||
Repurchase of common stock | (277,391 | ) | (276,608 | ) | ||||||
Dividends paid | (84,881 | ) | (74,604 | ) | ||||||
Net cash used in financing activities | (366,804 | ) | (345,628 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 126,616 | (96,196 | ) | |||||||
Cash and cash equivalents: | ||||||||||
Beginning of period | 423,168 | 646,761 | ||||||||
End of period | $ | 549,784 | $ | 550,565 | ||||||
Supplemental Cash Flow Disclosures | ||||||||||
Interest paid | $ | 4,834 | $ | 4,834 | ||||||
Income taxes paid | $ | 299,762 | $ | 305,040 | ||||||
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