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Ross Stores strong sales gain helps Q4 earning up 37%

16 Mar '06

3 min read

Balmuth continued, "For the full 2005 fiscal year, earnings benefited from a solid rebound in sales, partially offset by a combination of higher- than-expected markdowns related to transitional systems and distribution issues earlier in the year, higher expenses related to inventory shortage, and higher incentive plan and information technology costs compared to fiscal 2004."

"They are pleased to report that healthy operating cash flows during 2005 continued to provide the resources to fund capital investments in new store growth and infrastructure.

During fiscal 2005, $176 million in capital expenditures supported the addition of 75 net new Ross locations, ten dd's
DISCOUNTS stores, the purchase of a new warehouse facility in Moreno Valley, California, and other various information technology and infrastructure investments," said Balmuth.

"They also continued to enhance stockholder value through their share repurchase and dividend programs.

During 2005, they completed the two-year $350 million stock repurchase program authorized by their Board of Directors in 2004, buying back a total of 6.4 million shares of common stock in 2005, for an aggregate purchase of $175 million.

In addition, in November 2005, their Board of Directors authorized a new $400 million two-year stock repurchase program for 2006 and 2007 and approved a 20 percent increase in their quarterly cash dividend," Balmuth concluded.

Ross Stores Inc, headquartered in Pleasanton, California, is the nation's second largest off-price company with fiscal 2004 revenues of $4.2 billion.

It operates 663 Ross stores in 26 states and Guam and ten dd's DISCOUNTSSM store locations in California.

Ross Stores Inc

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