UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 3, 2018
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 0-14678
Ross Stores, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 94-1390387 |
(State or other jurisdiction of incorporation or | (I.R.S. Employer Identification No.) |
organization) | |
5130 Hacienda Drive, Dublin, California | 94568-7579 |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code | (925) 965-4400 |
Former name, former address and former fiscal year, if | N/A |
changed since last report. |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ý Accelerated filer o Non-accelerated filer o (Do not check if a smaller reporting company) Smaller reporting company o Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
The number of shares of Common Stock, with $.01 par value, outstanding on November 21, 2018 was 370,588,820.
1
Ross Stores, Inc.
Form 10-Q Table of Contents
Page
PART I. FINANCIAL INFORMATION
Item 1. | Financial Statements (unaudited) | |
Condensed Consolidated Statements of Earnings-Three and nine months ended November 3, 2018 and October 28, 2017 | 3 | |
Condensed Consolidated Statements of Comprehensive Income-Three and nine months ended November 3, 2018 and October 28, | ||
2017 | 4 | |
Condensed Consolidated Balance Sheets-November 3, 2018, February 3, 2018, and October 28, 2017 | 5 | |
Condensed Consolidated Statements of Cash Flows-Nine months ended November 3, 2018 and October 28, 2017 | 6 | |
Notes to Condensed Consolidated Financial Statements | 7 | |
Report of Independent Registered Public Accounting Firm | 15 | |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 16 |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 24 |
Item 4. | Controls and Procedures | 24 |
24 | ||
24 | ||
25 | ||
26 | ||
27 |
Item 1.
PART II. OTHER INFORMATION
Legal Proceedings
Item 1A.
Risk Factors
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.
Exhibits
Signatures
2
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Statements of Earnings
Three Months Ended
($000, except stores and per share data, unaudited)
November 3, 2018
Sales
Costs and Expenses
Cost of goods sold
Selling, general and administrative Interest (income) expense, net
$
3,549,608$
2,547,331 561,577
Total costs and expenses
(2,953) 3,105,955
October 28, 2017
2018 October 28, 2017
3,328,894$
2,369,148 517,2971,780 2,888,225
Nine Months Ended
November 3,
10,876,153$ 10,066,926
7,736,533 7,120,056
1,640,5811,490,392
(4,849)
9,372,2658,617,738
7,290
Earnings before taxes Provision for taxes on earnings Net earnings
443,653105,545
$
338,108$
Earnings per share
Basic
Diluted
$ $
0.92
0.91$
440,669166,220
274,449$
$
0.72
0.72$
Weighted average shares outstanding (000)
Basic
Diluted
1,503,8881,449,188
358,124
537,182
1,145,764$ 912,006
$
3.09
3.06$ 2.36
$ 2.38
368,102371,061
379,432382,132
370,977382,959
373,936 385,823
Stores open at end of period
1,720
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
1,627
1,7201,627
Condensed Consolidated Statements of Comprehensive IncomeThree Months Ended
Nine Months Ended
($000, unaudited) | |||||
Net earnings | $ | 338,108$ | 274,449$ | 1,145,764$ | 912,006 |
Other comprehensive (loss) income: | |||||
Change in unrealized loss on investments, net of tax | (4) | (19) | (27) | (51) | |
Comprehensive income | $ | 338,104$ | 274,430$ | 1,145,737$ | 911,955 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
November 3, 2018
October 28, 2017
November 3, 2018
October 28, 2017
4
Condensed Consolidated Balance Sheets
($000, except share data, unaudited) | November 3, 2018 | February 3, 2018 | October 28, 2017 | |
Assets | ||||
Current Assets | ||||
Cash and cash equivalents | $ | 1,349,196$ | 1,290,294$ | 1,144,169 |
Short-term investments | - | 512 | 518 | |
Accounts receivable | 117,825 | 87,868 | 103,071 | |
Merchandise inventory | 1,979,080 | 1,641,735 | 1,840,225 | |
Prepaid expenses and other | 177,206 | 130,748 | 147,962 | |
Total current assets | 3,623,307 | 3,151,157 | 3,235,945 | |
Property and Equipment | ||||
Land and buildings | 1,117,801 | 1,109,173 | 1,112,212 | |
Fixtures and equipment | 2,719,545 | 2,603,318 | 2,538,349 | |
Leasehold improvements | 1,150,142 | 1,093,634 | 1,065,910 | |
Construction-in-progress | 146,323 | 102,054 | 92,264 | |
5,133,811 | 4,908,179 | 4,808,735 | ||
Less accumulated depreciation and amortization | 2,715,585 | 2,525,715 | 2,460,549 | |
Property and equipment, net | 2,418,226 | 2,382,464 | 2,348,186 | |
Long-term investments | 475 | 712 | 715 | |
Other long-term assets | 193,759 | 187,718 | 182,132 | |
Total assets | $ | 6,235,767$ | 5,722,051$ | 5,766,978 |
Liabilities and Stockholders' Equity | ||||
Current Liabilities | ||||
Accounts payable | $ | 1,394,029$ | 1,059,844$ | 1,289,620 |
Accrued expenses and other | 455,743 | 431,706 | 445,728 | |
Accrued payroll and benefits | 317,525 | 349,879 | 320,894 | |
Current portion of long-term debt | 84,997 | 84,973 | - | |
Total current liabilities | 2,252,294 | 1,926,402 | 2,056,242 | |
Long-term debt | 312,328 | 311,994 | 396,848 | |
Other long-term liabilities | 371,844 | 348,541 | 325,587 | |
Deferred income taxes | 112,138 | 85,806 | 129,782 | |
Commitments and contingencies | ||||
Stockholders' Equity | ||||
Common stock, par value $.01 per share | ||||
Authorized 1,000,000,000 shares | ||||
Issued and outstanding 371,058,000, 379,618,000 | ||||
and 382,437,000 shares, respectively | 3,711 | 3,796 | 3,824 | |
Additional paid-in capital | 1,354,669 | 1,292,364 | 1,272,056 | |
Treasury stock | (371,959) | (318,279) | (318,279) | |
Accumulated other comprehensive income | - | 27 | 40 | |
Retained earnings | 2,200,742 | 2,071,400 | 1,900,878 | |
Total stockholders' equity | 3,187,163 | 3,049,308 | 2,858,519 | |
Total liabilities and stockholders' equity | $ | 5,766,978 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
6,235,767
$
5,722,051
$
5
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Ross Stores Inc. published this content on 12 December 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 12 December 2018 11:14:02 UTC