Ross Stores Lifts Dividend, Authorizes $1.1 Billion Buyback

Ross Stores (NASDAQ: ROST  ) has raised its guidance and boosted its dividend on the back of significant increases in monthly and annual sales figures. For the five weeks ending Feb. 2, the company's sales grew by 39% over the four weeks ended Jan. 28, 2012, to $672 million. In the 53 weeks ending Feb. 2, sales advanced 13% over the 52 weeks ended Jan. 28, 2012, to $9.7 billion.

Based on those results, the firm raised its EPS estimates for the quarter and year ending Feb. 2. For the quarter, it now expects earnings of $1.06-$1.07 per share, with $3.52-$3.53 for the year.

Ross boosted its dividend accordingly. The company is to pay $0.17 per share on March 29 to stockholders of record as of Feb. 22. This represents an increase of 21% from the most recent payout. The stock now yields 1.1% at an annualized rate.

The company also authorized a share buyback program of up to $1.1 billion of its stock. The program will be in force through its fiscal 2014. That represents a 22% increase over the prior two-year $900 million authorization that was completed in January 2013.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2245148, ~/Articles/ArticleHandler.aspx, 4/23/2014 2:14:11 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement