Ross posted strong results in the fourth quarter with comps up and earnings above a Wall Street estimate.
Fourth quarter net earnings were $456.1 million, or $1.28 per diluted share, versus $441.7 million, or $1.20 per diluted share, in the year previous quarter. The company topped a MarketBeat-published analyst consensus earnings per diluted share estimate of $1.26.
Sales for the fourth quarter of 2019 were $4.41 billion versus $4.11 billion in the year-prior period, with comparable sales up 4% versus the year-before quarter.
For the fiscal year, net earnings were $1.66 billion, or $4.60 per diluted share versus $1.59 billion, or $4.26 per diluted share, in the previous year. Sales for the 2019 year gained 7% to $16.04 billion, with comps up 3% versus the fiscal year before.
Barbara Rentler, Ross CEO, said, “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. Fourth quarter operating margin of 13.3% was slightly better than expected, driven by higher merchandise margin.”