The apparel retail company Ross Stores Inc (ROST) saw its share price decline by nearly 5% in extended trading. The regular session saw the company’s stock price falling 2.43% to $117.64 at the ring of the bell. The decline followed by the release of its weaker-than-before quarterly results for the Q4 and full-year 2020.
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What happened?
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Under the Ross Dress for Less and dd’s DISCOUNTS brands, Ross Stores, Inc. operates off-price retail stores for apparel and home fashions. This company mainly sells clothing, accessories, shoes, and home fashions in its stores. In department and specialty stores, Ross Dress for Less sells products primarily to middle-class households. Customers from low-income households are offered regular prices at dd’s DISCOUNTS stores. The chain was operating more than 1,850 off-price clothing and home fashion locations in over 40 states, the District of Columbia, and Guam as of February 3, 2021.
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Ross Stores today reported its financial results for the fourth quarter and full-year 2020.
- Earnings for the 13 weeks ended January 30, 2021, of $238 million or $0.67 per share compared to same quarter prior year sales of $456 million or $1.29 per share, a decline of nearly 49%.
- Sales for the fourth quarter of 2020 declined by 4% to $4.2 billion from the sales of $4.4 billion in the year-ago quarter.
- For the 2020 fiscal year, earnings per share were $0.24 on net income of $85 million declined by -49% when compared to EPS of $4.63 on net income of $1.66 billion in the corresponding quarter of the previous year.
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- The refinancing of $775 million in senior notes resulted in a one-time, pre-tax charge of $240 million, or $0.54 per share, for the year.
- Total sales for 2020 declined by about 22% to $12.5 billion from $16.04 billion of total sales generated in fiscal 2019.