ROSS STORES REPORTS FIRST QUARTER RESULTS
ROSS STORES REPORTS FIRST QUARTER RESULTS NEWARK, Calif. May 26 /PRNewswire/ -- Ross Stores Inc.
(NASDAQ: ROST) today reported that first quarter net earnings increased over 60 percent to $3.3 million, or $.13 per share, for the 13 weeks ended May 2, 1992, compared to net earnings of $2.0 million, or $.09 per share, for the 13 weeks ended May 4, 1991.
Current year first quarter sales totaled $222 million, up 12 percent from the $199 million in sales for the quarter ended May 4, 1991. Comparable store sales for the same period increased 2 percent over the prior year. In commenting on these results, Norman A. Ferber, president and chief executive officer, stated, "Our first quarter earnings showed solid gains over the prior period due mainly to an improvement in our gross margin. Even though markdowns in March and April were ahead of our expectations, we were able to realize this margin improvement because we accelerated the markdown and clearance of seasonal inventories during the fourth quarter of fiscal 1991, which also contributed to lower levels of clearance merchandise as we began the first quarter." During the first quarter, Ross opened eight new stores, all in existing markets. Four new Ross "Dress For Less" stores opened in the Washington, D.C. metropolitan area. Ross also added stores in Lansdale, Pa.; Tampa, Fla.; El Paso, Texas; and Los Angeles. Ross Stores Inc. operates a national chain of off-price retail stores offering first quality, in-season, branded apparel and apparel- related merchandise for the entire family at prices that average 20 percent to 60 percent less than department and specialty stores. The company had 210 stores in operation at May 2, 1992, compared to 191 stores at the end of the same period last year. ROSS STORES CONSOLIDATED STATEMENTS OF EARNINGS ($000 except per share data, unaudited) 13 Weeks Ended May 2, May 4, 1992 1991 Sales Total net sales $221,748 $199,378 Less net sales of leased departments 728 737 Own net sales 221,020 198,641 Other income 67 65 Total sales 221,087 198,706 Costs and Expenses Cost of goods sold and occupancy 159,260 144,785 General, selling and administrative 51,003 45,316 Depreciation and amortization 4,380 3,728 Interest 1,021 1,562 Total costs and expenses $215,664 $195,391 Earnings before taxes 5,423 3,315 Provision for taxes on earnings 2,169 1,293 Net earnings $3,254 $2,022 Net earnings per share: Primary $.13 $.09 Fully diluted $.13 $.09 Weighted average shares outstanding: Primary 25,699 23,534 Fully diluted 25,736 23,560 Stores open at end of period 210 191 ROSS STORES CONDENSED CONSOLIDATED BALANCE SHEETS ($000, unaudited) May 2, May 4, 1992 1991 Assets Current Assets Cash $11,475 $6,101 Accounts receivable 6,425 5,889 Merchandise inventory 223,123 185,627 Other current assets 11,358 12,420 Total current assets 252,381 210,037 Property and equipment, net 125,866 117,951 Lease rights and other assets 10,098 10,803 Excess of cost over net assets of acquired subsidiary 4,161 4,310 Total $392,506 $343,101 Liabilities and Shareholders' Equity Current liabilities Accounts payable, accrued expenses and other $132,461 $110,703 Income taxes payable 5,953 3,334 Total current liabilities 138,414 114,037 Long-term debt 70,075 86,600 Deferred income taxes and other liabilities 15,589 16,822 Stockholders' equity Capital stock 248 235 Additional paid-in capital 109,353 95,528 Retained earnings 58,827 29,879 Total stockholders' equity 168,428 125,642 Total liabilities and stockholders' equity $392,506 $343,101 -0- 5/26/92 /CONTACT: Earl T. Benson, 510-505-4400, or Katie Loughnot, 510-505-4509, both of Ross Stores/ (ROST) CO: Ross Stores Inc. ST: California IN: REA SU: ERN
MM-RM -- SF002 -- 3594 05/26/92 08:31 EDT
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|Date:||May 26, 1992|
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