ross stores inc (ROST) Snapshot

Ross Stores Inc. announced unaudited consolidated earnings results for the three months ended May 4, 2013. For the period, the company reported sales of $2,539,914,000 against $2,356,841,000 for the period ended April 28, 2012. Earnings before taxes was $378,926,000 against $337,671,000 for the period ended April 28, 2012. Net earnings were $234,612,000 against $208,613,000 for the period ended April 28, 2012. Diluted earnings per share were $1.07 against $0.93 for the period ended April 28, 2012. Net cash provided by operating activities was $352,859,000 against $297,330,000 for the period ended April 28, 2012. Additions to property and equipment were 97,552,000 against $57,993,000 for the period ended April 28, 2012. For the 13 weeks ending August 3, 2013, the company forecasting same store sales to increase 1% to 2% compared to the 13 weeks ended August 4, 2012. Earnings per share for the 2013 second quarter are projected to be in the range of $0.89 to $0.93, up from last year's $0.81. This represents forecasted growth of 10% to 15% on top of a strong 27% gain in the second quarter of 2012. The company’s expects for this year's second quarter are based on the following assumptions. Total sales are expected to grow about 6% to 7%, driven by a combination of new store growth, and as previously mentioned, same store sales that are forecast to be up 1% to 2%. The company is planning net interest expense to be approximately $500,000, and the tax rate is expected to be about 38%. The company plans to open about 26 net new stores during the period second quarter of 2013, including 19 Ross Dress for Less and 7 dd's Discounts. For the 52 weeks ending February 1, 2014, the company expects earnings per share to be in the range of $3.70 to $3.81, up from initial guidance of $3.65 to $3.80 and compared to $3.53 for the 53 weeks ended February 2, 2013. As previously disclosed, the 53(rd) week in fiscal 2012 added an estimated $0.10 to earnings per share. For the first quarter 2013, the company’s sales increased 8% to $2.540 billion, up from $2.357 billion in the first quarter of 2012. Comparable store sales for the 13 weeks ended May 4, 2013 rose 3% over the 13 weeks ended May 5, 2012. This compared to a robust 9% same store sales gain for the 13 weeks ended April 28, 2012.

Ross Stores Inc. announced that the company's Board of Directors declared a regular quarterly cash dividend of $0.17 per common share, payable on June 28, 2013 to stockholders of record as of June 11, 2013.

Ross Stores Inc. - Pre Recorded Guidance/Update Call