Name: Ross Stores Inc. (NASDAQ:ROST) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Ross Stores Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Oct 29, 2022	Jul 30, 2022	Apr 30, 2022	Jan 29, 2022	Oct 30, 2021	Jul 31, 2021	May 1, 2021	Jan 30, 2021	Oct 31, 2020	Aug 1, 2020	May 2, 2020	Feb 1, 2020	Nov 2, 2019	Aug 3, 2019	May 4, 2019	Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016
Sales	4,565,489)	4,583,009)	4,333,100)	5,020,649)	4,574,541)	4,804,974)	4,516,080)	4,249,671)	3,754,509)	2,684,712)	1,842,673)	4,413,445)	3,849,117)	3,979,869)	3,796,642)	4,107,388)	3,549,608)	3,737,926)	3,588,619)	4,067,806)	3,328,894)	3,431,603)	3,306,429)	3,510,158)	3,086,687)	3,180,917)	3,088,995)
Cost of goods sold	(3,424,046)	(3,399,535)	(3,196,446)	(3,773,636)	(3,326,004)	(3,410,871)	(3,198,396)	(3,157,044)	(2,711,419)	(2,080,120)	(1,889,991)	(3,224,237)	(2,766,432)	(2,843,850)	(2,701,668)	(2,989,744)	(2,547,331)	(2,666,983)	(2,522,219)	(2,922,582)	(2,369,148)	(2,420,942)	(2,329,966)	(2,539,563)	(2,206,092)	(2,251,845)	(2,176,205)
Gross profit (loss)	1,141,443)	1,183,474)	1,136,654)	1,247,013)	1,248,537)	1,394,103)	1,317,684)	1,092,627)	1,043,090)	604,592)	(47,318)	1,189,208)	1,082,685)	1,136,019)	1,094,974)	1,117,644)	1,002,277)	1,070,943)	1,066,400)	1,145,224)	959,746)	1,010,661)	976,463)	970,595)	880,595)	929,072)	912,790)
Selling, general and administrative	(693,367)	(667,063)	(669,496)	(755,867)	(725,761)	(717,788)	(675,053)	(690,624)	(877,857)	(519,495)	(415,305)	(601,879)	(604,605)	(591,970)	(558,250)	(575,969)	(561,577)	(554,581)	(524,423)	(553,306)	(517,297)	(498,276)	(474,819)	(493,802)	(490,171)	(469,511)	(436,924)
Operating earnings (loss)	448,076)	516,411)	467,158)	491,146)	522,776)	676,315)	642,631)	402,003)	165,233)	85,097)	(462,623)	587,329)	478,080)	544,049)	536,724)	541,675)	440,700)	516,362)	541,977)	591,918)	442,449)	512,385)	501,644)	476,793)	390,424)	459,561)	475,866)
Interest income (expense), net	2,802)	(10,667)	(17,696)	(17,828)	(18,744)	(18,707)	(19,049)	(19,152)	(28,740)	(28,855)	(6,666)	3,287)	4,402)	4,782)	5,635)	5,313)	2,953)	1,393)	503)	(386)	(1,780)	(2,341)	(3,169)	(3,755)	(4,156)	(4,213)	(4,364)
Earnings (loss) before taxes	450,878)	505,744)	449,462)	473,318)	504,032)	657,608)	623,582)	382,851)	136,493)	56,242)	(469,289)	590,616)	482,482)	548,831)	542,359)	546,988)	443,653)	517,755)	542,480)	591,532)	440,669)	510,044)	498,475)	473,038)	386,268)	455,348)	471,502)
(Provision) benefit for taxes on earnings (loss)	(108,842)	(121,227)	(111,017)	(106,496)	(119,002)	(163,350)	(147,103)	(144,871)	(5,296)	(34,195)	163,447)	(134,483)	(111,550)	(136,110)	(121,217)	(105,295)	(105,545)	(128,351)	(124,228)	(140,785)	(166,220)	(193,505)	(177,457)	(172,470)	(141,722)	(173,442)	(180,868)
Net earnings (loss)	342,036)	384,517)	338,445)	366,822)	385,030)	494,258)	476,479)	237,980)	131,197)	22,047)	(305,842)	456,133)	370,932)	412,721)	421,142)	441,693)	338,108)	389,404)	418,252)	450,747)	274,449)	316,539)	321,018)	300,568)	244,546)	281,906)	290,634)

Revenue trends demonstrate a consistent long-term growth trajectory interrupted by a severe short-term contraction in early 2020. Sales grew steadily from approximately 3.1 billion USD in early 2016 to a peak of over 4.4 billion USD by February 2020. A significant decline occurred on May 2, 2020, with sales dropping to 1.84 billion USD, followed by a rapid V-shaped recovery that pushed quarterly revenues to a new peak of 5.02 billion USD by January 2022.

Gross Profitability and Margin Stability: Gross profit maintained a stable upward trend in alignment with sales growth until the second quarter of 2020, where a gross loss of 47.3 million USD was recorded. Following this anomaly, gross profit recovered and exceeded pre-pandemic levels, peaking at 1.39 billion USD in July 2021. The cost of goods sold consistently represents the largest expenditure, scaling proportionally with revenue, which indicates a relatively stable gross margin percentage over the analyzed period.
Operating Expense Analysis: Selling, general, and administrative (SG&A) expenses exhibited gradual growth from 2016 through 2019. A notable disruption occurred in October 2020, where SG&A expenses spiked to 877.9 million USD, the highest in the dataset. This increase coincided with a period of operational recovery, suggesting intensified spending on logistics, safety protocols, or restructuring. Post-2020, SG&A expenses stabilized between 660 million and 750 million USD.
Operating and Net Earnings Volatility: Operating earnings remained positive and grew steadily until the May 2020 deficit of 462.6 million USD. The recovery phase saw operating earnings rebound to levels between 400 million and 676 million USD. Net earnings mirrored this volatility, experiencing a sharp loss of 305.8 million USD in May 2020, followed by a surge to 494.3 million USD by July 2021. The latter period reflects an improved capacity to convert sales into net profit compared to the 2016-2018 baseline.
Interest and Tax Dynamics: Interest income and expenses underwent a significant shift. Between 2016 and 2017, the company faced modest net interest expenses. In 2018 and 2019, this transitioned into net interest income. However, starting in May 2020, a substantial increase in interest expenses was observed, peaking at 28.9 million USD in August 2020, likely reflecting increased borrowing to maintain liquidity during the downturn. Tax provisions generally fluctuated in line with taxable income, including a tax benefit of 163.4 million USD during the net loss quarter of May 2020.

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Ross Stores Inc. (NASDAQ:ROST)

Income StatementQuarterly Data

Income Statement
Quarterly Data