ROSS Stores (ROST) Q3 FY2021 earnings: revenue $4.6 billion, up 21.8% on the year

ROSS Stores, Inc. (ROST) reported revenue of $4.6 billion for Q3 FY2021, the quarter ended 30 October 2021, up 21.8% on the same quarter a year earlier as this quarter's filing gives it. Net income was $385 million, up 193.5% on the year as this quarter's filing gives it, and diluted earnings per share $1.09. The figures are the company's own, from the 10-Q it filed with the SEC on 8 December 2021.

Revenue

$4.6 billion

+21.8% on the year · -4.8% on the quarter

Q4 FY2019Q3 FY2021

Operating margin

11.0%

3.6% a year earlier

Q4 FY2019Q3 FY2021

Net income

$385 million

+193.5% on the year · -22.1% on the quarter

Q4 FY2019Q3 FY2021

Diluted EPS

$1.09

+194.6% on the year · -21.6% on the quarter

Q4 FY2019Q3 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Revenue	4,575	4,805	3,755	-4.8%	+21.8%
Cost of revenue	3,326	n/a	n/a
Gross profit	1,249	n/a	n/a
Gross margin	27.3%	n/a	n/a
Selling, general and administrative	726	n/a	n/a
Operating income	504	658	136	-23.4%	+269.3%
Operating margin	11.0%	13.7%	3.6%
Pre-tax income	504	n/a	n/a
Income tax	119	n/a	n/a
Effective tax rate	23.6%	n/a	n/a
Net income	385	494	131	-22.1%	+193.5%
Net margin	8.4%	n/a	n/a
Diluted EPS	$1.09	$1.39	$0.37	-21.6%	+194.6%

$ 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

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Operating cash flow	158	n/a	n/a
Capital expenditure	123	n/a	n/a
Free cash flow	34.8	n/a	n/a
Free cash flow margin	0.8%	n/a	n/a
Cash from investing	-123	n/a	n/a
Cash from financing	-344	n/a	n/a
Depreciation and amortisation	88.0	86.6	88.6	+1.7%	-0.6%
Share-based compensation	38.5	n/a	n/a
Buybacks	241	n/a	n/a
Dividends paid	101	n/a	n/a
Dividend per share	$0.28	n/a	n/a
Diluted shares, weighted	353m	355m	354m	-0.5%	-0.4%
Shares outstanding at period end	354m	356m	356m	-0.6%	-0.8%

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

Balance sheet

$ million	Q3 FY2021	Q2 FY2021	Q3 FY2020	On the quarter	On the year
Shareholders' equity	3,983	3,904	3,019	+2.0%	+31.9%
Debt	2,516	2,515	2,512	+0.0%	+0.2%
Operating lease liabilities	2,551	n/a	n/a
Other liabilities	4,865	n/a	n/a
Total liabilities and equity	13,916	n/a	n/a
Fixed assets	2,784	n/a	n/a
Cash and equivalents	5,260	5,569	4,416	-5.6%	+19.1%
Receivables	159	n/a	n/a
Inventory	2,231	n/a	n/a
Other assets	3,482	n/a	n/a
Total assets	13,916	n/a	n/a

Questions

What was ROSS Stores' revenue in Q3 FY2021?

ROSS Stores (ROST) reported revenue of $4.6 billion for Q3 FY2021, the quarter ended 30 October 2021, up 21.8% on the same quarter a year earlier as the company restated it.

How much did ROSS Stores earn in Q3 FY2021?

Net income for Q3 FY2021 was $385 million, up 193.5% on the year, and diluted earnings per share $1.09.

When did ROSS Stores report Q3 FY2021 results?

ROSS Stores filed its 10-Q for the quarter ended 30 October 2021 with the SEC on 8 December 2021.

Quarterly results, the last 20 quarters

	Q3 FY2021	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	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	4,575	5,021	4,333	4,583	4,565	5,214	4,495	4,935	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	3,326	3,774	3,196	3,400	3,424	3,926	3,293	3,569	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	1,249	1,247	1,137	1,183	1,141	1,288	1,202	1,366	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	27%	25%	26%	26%	25%	25%	27%	28%	28%	27%	28%	28%	28%	27%	28%	28%	28%	27%	30%	34%
SG&A	726	756	669	667	693	729	746	808	810	903	776	836	833	838	797	889	920	990	976	1,016
Operating income	504	473	449	506	451	581	487	595	593	796	591	659	604	731	606	638	648	814	804	1,104
Operating margin	11%	9%	10%	11%	10%	11%	11%	12%	12%	13%	12%	12%	12%	12%	12%	12%	12%	12%	13%	18%
Pre-tax income	504	473	449	506	451	581	487	595	593	796	637	703	647	771	641	671	682	848	837	1,135
Tax rate	24%	22%	25%	24%	24%	23%	24%	25%	25%	23%	23%	25%	24%	24%	25%	24%	25%	24%	22%	25%
Net income	385	367	338	385	342	447	371	446	447	610	488	527	489	587	479	508	512	646	650	851
Net margin	8%	7%	8%	8%	7%	9%	8%	9%	9%	10%	10%	10%	10%	10%	10%	9%	9%	10%	11%	14%
Diluted EPS	$1.09	$1.05	$0.97	$1.11	$1.00	$1.31	$1.09	$1.32	$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	158	235	-416	360	529	1,217	413	703	449	949	369	592	513	883	410	668	827	1,122	836	876
Capital expenditure	123	180	110	133	175	236	167	196	177	222	136	197	180	206	207	202	209	201	209	251
Free cash flow	34.8	55.3	-526	227	354	981	246	507	272	726	233	395	333	677	202	467	618	921	627	624
Buybacks	241	233	240	235	244	231	234	230	239	247	262	262	262	262	263	262	262	262	319	319
Dividends paid	101	101	109	108	107	107	115	114	113	113	123	122	122	121	133	132	132	131	144	143
Shares outstanding	354m	352m	350m	348m	345m	343m	341m	339m	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	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-Q for the period ended 30 October 2021, filed 8 December 2021: the filing.