Total sales of Ross Stores, a US-based chain of discount department stores, for fiscal 2021 grew 18 per cent to $18.9 billion, up from $16.0 billion in fiscal 2019, with comparable store sales up 13 per cent. Earnings per share for fiscal 2021 were $4.87 on net income of $1.72 billion, up from $4.60 per share on net earnings of $1.66 billion in fiscal 2019.
“We achieved strong sales results in the fourth quarter despite the negative impact from both the surge in Omicron cases during the peak holiday selling period and continued supply chain congestion. Fourth quarter operating margin of 9.8 per cent was down from 13.3 per cent in 2019 mainly due to ongoing headwinds from higher freight, wages, and COVID-related costs,” Barbara Rentler, chief executive officer, said.
“Fiscal 2022 is extremely difficult to predict, especially early in the year. In addition to the ongoing Omicron surge that began just before Christmas, we are up against last year’s record government stimulus and the lifting of COVID restrictions that led to unprecedented consumer demand which fueled extraordinary sales gains in the spring of 2021,” Rentler said.
“For the 52 weeks ending January 28, 2023, comparable store sales are forecast to be flat to up 3 per cent versus a 13 per cent gain in fiscal 2021. Earnings per share for fiscal 2022 are projected to be $4.71 to $5.12 compared to $4.87 in the prior year. This guidance reflects our expectation for sales and profitability to improve as we move through the year,” she continued.
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