ROSS Stores, Inc. Q3 FY2023 results: revenue $4.9 billion, up 7.9% on the year

ROSS Stores, Inc. (ROST) reported revenue of $4.9 billion for Q3 FY2023, the quarter ended 28 October 2023, up 7.9% on the same quarter a year earlier. Net income was $447 million, up 30.8% on the year, and diluted earnings per share $1.33. The figures are the company's own, from the 10-Q it filed with the SEC on 6 December 2023.

Revenue$4.9 billionup 7.9%

Net income$447 millionup 30.8%

Diluted EPS$1.33

QuarterQ3 FY2023ended 28 October 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	4,925	n/a	n/a	n/a
Cost of revenue	3,564	n/a	n/a	n/a
Gross profit	1,361	n/a	n/a	n/a
Gross margin	27.6%	n/a	n/a
Selling, general and administrative	810	n/a	n/a	n/a
Operating income	593	n/a	n/a	n/a
Operating margin	12.0%	n/a	n/a
Pre-tax income	593	n/a	n/a	n/a
Income tax	146	n/a	n/a	n/a
Effective tax rate	24.6%	n/a	n/a
Net income	447	n/a	n/a	n/a
Net margin	9.1%	n/a	n/a
Diluted EPS	$1.33	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	449	n/a	n/a	n/a
Capital expenditure	177	n/a	n/a	n/a
Free cash flow	272	n/a	n/a	n/a
Free cash flow margin	5.5%	n/a	n/a
Depreciation and amortisation	102	n/a	n/a	n/a
Share-based compensation	38.9	n/a	n/a	n/a
Buybacks	239	n/a	n/a	n/a
Dividends paid	113	n/a	n/a	n/a
Dividend per share	$0.34	n/a	n/a	n/a
Diluted shares, weighted	336m	n/a	n/a	n/a
Shares outstanding at period end	337m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	14,271	n/a	n/a	n/a
Cash and equivalents	4,499	n/a	n/a	n/a
Receivables	172	n/a	n/a	n/a
Inventory	2,614	n/a	n/a	n/a
Long-term debt	2,460	n/a	n/a	n/a
Operating lease liabilities	2,640	n/a	n/a	n/a
Shareholders' equity	4,583	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,925	6,023	4,858	5,288	5,071	5,912	4,985	5,529	5,601	6,635	6,010	6,265
Cost of revenue	3,564	4,375	3,491	3,792	3,634	4,344	3,581	4,002	4,032	4,831	4,231	4,145
Gross profit	1,361	1,647	1,367	1,496	1,437	1,569	1,404	1,527	1,568	1,804	1,780	2,120
Gross margin	28%	27%	28%	28%	28%	27%	28%	28%	28%	27%	30%	34%
SG&A	810	903	776	836	833	838	797	889	920	990	976	1,016
Operating income	593	796	591	659	604	731	606	638	648	814	804	1,104
Operating margin	12%	13%	12%	12%	12%	12%	12%	12%	12%	12%	13%	18%
Pre-tax income	593	796	637	703	647	771	641	671	682	848	837	1,135
Tax rate	25%	23%	23%	25%	24%	24%	25%	24%	25%	24%	22%	25%
Net income	447	610	488	527	489	587	479	508	512	646	650	851
Net margin	9%	10%	10%	10%	10%	10%	10%	9%	9%	10%	11%	14%
Diluted EPS	$1.33	$1.82	$1.46	$1.59	$1.48	$1.79	$1.47	$1.56	$1.58	$2.00	$2.02	$2.66
Operating cash flow	449	949	369	592	513	883	410	668	827	1,122	836	876
Capital expenditure	177	222	136	197	180	206	207	202	209	201	209	251
Free cash flow	272	726	233	395	333	677	202	467	618	921	627	624
Buybacks	239	247	262	262	262	262	263	262	262	262	319	319
Dividends paid	113	113	123	122	122	121	133	132	132	131	144	143
Shares outstanding	337m	335m	334m	332m	330m	329m	327m	326m	324m	322m	321m	320m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 28 October 2023, filed 6 December 2023, accession 0000745732-23-000072: the filing on EDGAR. All of ROSS Stores, Inc.'s filings: EDGAR company page.

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