Ross Stores reports FY19 sales of $16 billion

06 Mar '20

2 min read

Pic: Ross Stores

Ross Stores, US based chain of discount department stores, reported 4 per cent rise in net sales to $4.4 billion in fourth quarter (Q4) FY19 compared to same period prior year. For full fiscal 2019 ended on February 1, 2020, net sales grew 7 per cent to $16.0 billion compared to $14.9 billion in prior fiscal. Net income in FY19 was $1.7 billion.

"We delivered strong sales and earnings growth for both the fourth quarter and fiscal year. Our ongoing ability to offer compelling bargains to our customers enabled us to achieve these results despite our own challenging multi-year comparisons and a fiercely competitive holiday season," Barbara Rentler, chief executive officer, said in a press release.

Selling, general and administrative (SG&A) increased from $576 million in Q4 FY18 to $602 million in current reported quarter. SG&A sales for full FY19 was $2.3 billion. Net income in the quarter was $456 million (Q4 FY18: $441 million).

"As we enter 2020, we continue to face our own strong long-term sales and earnings results plus ongoing uncertainty in the macro-economic, political, and retail landscapes. Therefore, while we hope to do better, we believe it is prudent to maintain a somewhat cautious outlook when projecting our performance for the coming year," Rentler said.

"Our guidance also does not reflect the potential unknown impacts from the evolving coronavirus outbreak. While we are closely monitoring the situation, there remains a high level of uncertainty over supply chain disruptions in China. In addition, it is unclear how a further possible spread of the coronavirus could negatively impact US consumer demand," Rentler said in the release.

Ross Store's plans to open about 100 stores this year, consisting of approximately 75 Ross Dress for Less and 25 dd's Discounts locations.

Fibre2Fashion News Desk (JL)

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