Common-Size Income Statement
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Ross Stores Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).
- Sales and Cost of Goods Sold
- Sales consistently represent 100% throughout the periods, serving as a baseline for other ratios. The cost of goods sold (COGS) as a percentage of sales remained relatively stable around the 71% to 72% range from 2017 through 2020, with a notable spike to 78.51% in 2021, before decreasing back to 72.47% in 2022. This spike indicates a temporary increase in product or procurement costs during 2021.
- Gross Profit
- Gross profit margins mirrored trends in COGS, remaining fairly stable between 28% and 29% from 2017 to 2020. The gross profit percentage sharply dropped to 21.49% in 2021, coinciding with the increased COGS, and rebounded to 27.53% in 2022. This suggests that the company faced margin pressure in 2021 but managed a recovery the following year.
- Selling, General and Administrative Expenses
- SG&A expenses as a percentage of sales varied moderately, ranging approximately from 14.46% to 14.79% between 2017 and 2020. There was a significant increase to 19.98% in 2021, closely following the gross profit decline, before moderating to 15.20% in 2022. The peak in 2021 reflects elevated operating costs or investments that year, which subsequently decreased.
- Operating Earnings
- Operating earnings as a percentage of sales showed a steady decline from 14.49% in 2018 to 13.38% in 2020, followed by a dramatic fall to 1.51% in 2021, corresponding to the earlier noted trends in gross profit and SG&A expenses. Operating earnings then rose substantially to 12.33% in 2022, indicating a partial restoration of profitability at the operating level.
- Interest Expense and Net Interest Income
- Total interest expense generally remained low, below 0.15% of sales through most years, although it increased sharply to 0.7% in 2021 and then declined to 0.4% in 2022. Interest income fluctuated without a clear trend, reaching a peak of 0.18% in 2019 and then tapering to zero by 2022. Net interest (income/expense) shifted from slightly negative values in earlier years to a more negative impact in 2021 (-0.67%) before recovering somewhat in 2022 (-0.39%). The year 2021 marks a period with a notably higher interest burden, likely related to financing changes or higher debt levels.
- Earnings Before Taxes and Net Earnings
- Earnings before taxes followed a pattern consistent with operating earnings, falling from around 14% in 2018 to less than 1% in 2021, before rebounding to nearly 12% in 2022. The provision for taxes decreased substantially in 2021, aligned with the reduced pre-tax earnings, and increased again by 2022. Net earnings as a percentage of sales peaked at 10.59% in 2019, declined slightly through 2020, then declined dramatically to 0.68% in 2021 before partially recovering to 9.11% in 2022. This indicates overall earnings strength with a significant but temporary setback in 2021.