Selected Financial Data
since 2005
Income Statement
Ross Stores Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Sales | Net earnings |
|---|---|---|
| Jan 29, 2022 | 18,916,244) | 1,722,589) |
| Jan 30, 2021 | 12,531,565) | 85,382) |
| Feb 1, 2020 | 16,039,073) | 1,660,928) |
| Feb 2, 2019 | 14,983,541) | 1,587,457) |
| Feb 3, 2018 | 14,134,732) | 1,362,753) |
| Jan 28, 2017 | 12,866,757) | 1,117,654) |
| Jan 30, 2016 | 11,939,999) | 1,020,661) |
| Jan 31, 2015 | 11,041,677) | 924,724) |
| Feb 1, 2014 | 10,230,353) | 837,304) |
| Feb 2, 2013 | 9,721,065) | 786,763) |
| Jan 28, 2012 | 8,608,291) | 657,170) |
| Jan 29, 2011 | 7,866,100) | 554,797) |
| Jan 30, 2010 | 7,184,213) | 442,757) |
| Jan 31, 2009 | 6,486,139) | 305,441) |
| Feb 2, 2008 | 5,975,212) | 261,051) |
| Feb 3, 2007 | 5,570,210) | 241,634) |
| Jan 28, 2006 | 4,944,179) | 199,632) |
| Jan 29, 2005 | 4,239,990) | 169,902) |
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), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
A consistent upward trajectory in both revenue and profitability is observed over the majority of the period spanning 2005 to 2022. The company demonstrated long-term scalability, with sales and net earnings growing steadily for fifteen consecutive years before experiencing a significant disruption in 2021, followed by a rapid recovery in 2022.
- Revenue Growth Trends
- Sales expanded from 4.24 billion US dollars in 2005 to a peak of 16.04 billion US dollars in 2020. This represents a period of sustained growth characterized by consistent annual increases. A notable contraction occurred in 2021, where sales fell to 12.53 billion US dollars. However, this decline was temporary, as sales surged to a record high of 18.92 billion US dollars by January 2022, indicating strong market demand and effective recovery strategies.
- Net Earnings and Profitability
- Net earnings exhibited more aggressive growth than sales, rising from 169.9 million US dollars in 2005 to 1.66 billion US dollars in 2020. This divergence suggests an improvement in operational efficiency and margin expansion over time. The net profit margin increased steadily from approximately 4.0% in 2005 to 10.3% in 2020.
- Impact of the 2021 Fiscal Anomaly
- The fiscal year ending January 30, 2021, shows a disproportionate collapse in net earnings relative to the decline in sales. While sales decreased by approximately 21.8%, net earnings plummeted by nearly 95%, falling to 85.4 million US dollars. This indicates a severe compression of profit margins during this period, likely due to high fixed operating costs or extraordinary expenses that could not be offset by the reduced revenue stream.
- Recovery and Performance Peak
- The period ending January 29, 2022, marks a complete recovery and an achievement of new historical peaks. Net earnings rebounded to 1.72 billion US dollars, surpassing the pre-2021 high. The simultaneous achievement of record sales and record earnings suggests that the company successfully leveraged its cost structure to return to a high-margin environment immediately following the period of volatility.
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Balance Sheet: Assets
Ross Stores Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Jan 29, 2022 | 7,473,176) | 13,640,256) |
| Jan 30, 2021 | 6,692,491) | 12,717,867) |
| Feb 1, 2020 | 3,432,828) | 9,348,367) |
| Feb 2, 2019 | 3,404,019) | 6,073,691) |
| Feb 3, 2018 | 3,151,157) | 5,722,051) |
| Jan 28, 2017 | 2,813,049) | 5,309,351) |
| Jan 30, 2016 | 2,372,195) | 4,869,119) |
| Jan 31, 2015 | 2,262,790) | 4,703,134) |
| Feb 1, 2014 | 1,867,159) | 3,896,797) |
| Feb 2, 2013 | 2,031,427) | 3,670,561) |
| Jan 28, 2012 | 1,924,371) | 3,301,209) |
| Jan 29, 2011 | 2,043,239) | 3,116,204) |
| Jan 30, 2010 | 1,745,447) | 2,768,633) |
| Jan 31, 2009 | 1,313,715) | 2,355,511) |
| Feb 2, 2008 | 1,398,001) | 2,371,322) |
| Feb 3, 2007 | 1,514,956) | 2,358,591) |
| Jan 28, 2006 | 1,228,847) | 1,938,738) |
| Jan 29, 2005 | 1,122,721) | 1,735,999) |
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), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
The total asset base of the organization experienced sustained growth over the period from 2005 to 2022, expanding from approximately 1.74 billion to 13.64 billion. This trajectory is characterized by a steady upward trend for the majority of the period, followed by a significant acceleration in asset accumulation between 2020 and 2022.
- Total Asset Growth Trends
- Total assets increased consistently from 2005 through 2019, rising from 1.74 billion to 6.07 billion. A sharp inflection point occurred after February 2020, where total assets rose to 9.35 billion, further climbing to 12.72 billion by January 2021 and reaching 13.64 billion by January 2022. This represents a substantial expansion in the overall scale of the balance sheet within a condensed timeframe.
- Current Asset Analysis
- Current assets followed a similar long-term growth pattern, increasing from 1.12 billion in 2005 to 3.43 billion in 2020. However, a dramatic surge is observed between 2020 and 2021, where current assets nearly doubled from 3.43 billion to 6.69 billion, eventually reaching 7.47 billion in 2022. This indicates a significant increase in liquidity or short-term holdings during the final two years of the observed period.
- Asset Composition and Liquidity Shift
- Between 2005 and 2020, the proportion of current assets relative to total assets generally declined, suggesting a strategic shift toward non-current assets, such as property, plant, and equipment. Current assets represented approximately 64% of total assets in 2005, but this proportion decreased to approximately 37% by February 2020. This trend reversed sharply in 2021 and 2022, with current assets returning to represent over 50% of the total asset base, signaling a pivot back toward a more liquid financial position.
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Balance Sheet: Liabilities and Stockholders’ Equity
Ross Stores Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Long-term debt, including current portion | Stockholders’ equity | |
|---|---|---|---|
| Jan 29, 2022 | 4,214,929) | 2,452,325) | 4,060,050) |
| Jan 30, 2021 | 3,967,033) | 2,513,085) | 3,290,640) |
| Feb 1, 2020 | 2,701,934) | 312,891) | 3,359,249) |
| Feb 2, 2019 | 2,009,484) | 312,440) | 3,305,746) |
| Feb 3, 2018 | 1,926,402) | 396,967) | 3,049,308) |
| Jan 28, 2017 | 1,752,506) | 396,493) | 2,748,017) |
| Jan 30, 2016 | 1,602,847) | 396,025) | 2,471,991) |
| Jan 31, 2015 | 1,659,368) | 398,375) | 2,279,210) |
| Feb 1, 2014 | 1,393,057) | 150,000) | 2,007,302) |
| Feb 2, 2013 | 1,422,582) | 150,000) | 1,766,863) |
| Jan 28, 2012 | 1,346,052) | 150,000) | 1,493,012) |
| Jan 29, 2011 | 1,352,320) | 150,000) | 1,332,692) |
| Jan 30, 2010 | 1,190,514) | 150,000) | 1,157,293) |
| Jan 31, 2009 | 955,259) | 150,000) | 996,369) |
| Feb 2, 2008 | 1,010,605) | 150,000) | 970,649) |
| Feb 3, 2007 | 1,083,257) | 150,000) | 909,830) |
| Jan 28, 2006 | 878,983) | 50,000) | 836,172) |
| Jan 29, 2005 | 711,561) | 50,000) | 765,569) |
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), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
The balance sheet demonstrates a significant expansion in both total obligations and equity over the period from 2005 to 2022. While the growth in stockholders' equity remained relatively steady for most of the period, there was a pronounced shift in the financing structure beginning in 2021, characterized by a substantial increase in long-term debt and current liabilities.
- Current Liabilities Trends
- Current liabilities exhibited a consistent upward trajectory, increasing from 711.5 million US dollars in 2005 to 4.21 billion US dollars by 2022. A period of accelerated growth is observed between 2020 and 2021, where obligations rose from 2.70 billion US dollars to 3.97 billion US dollars, indicating a sharp increase in short-term financial obligations toward the end of the analyzed period.
- Long-Term Debt Evolution
- Long-term debt remained stable for extended intervals, holding at 150 million US dollars between 2007 and 2013. A moderate increase occurred in 2014, reaching approximately 398 million US dollars, before stabilizing and slightly declining to 312 million US dollars by 2019. A structural shift in leverage occurred in 2021, with debt spiking to 2.51 billion US dollars, marking a departure from the previous low-leverage strategy.
- Stockholders' Equity Growth
- Stockholders' equity grew steadily and almost linearly from 765.5 million US dollars in 2005 to 4.06 billion US dollars in 2022. Despite a slight stagnation between 2019 and 2021, the equity base expanded significantly over the 17-year period, suggesting consistent capital retention and organic growth in the net asset value.
- Capital Structure Analysis
- The relationship between debt and equity shifted fundamentally after 2020. Prior to 2021, the organization maintained a very low debt-to-equity ratio. The simultaneous surge in long-term debt and current liabilities in 2021 and 2022 indicates a strategic move toward increased leverage, although the overall equity position remained strong enough to support the expanded liability base.
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Cash Flow Statement
Ross Stores Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Jan 29, 2022 | 1,738,849) | (557,840) | (1,152,396) |
| Jan 30, 2021 | 2,245,933) | (405,433) | 1,701,859) |
| Feb 1, 2020 | 2,171,546) | (554,966) | (1,683,249) |
| Feb 2, 2019 | 2,066,677) | (410,409) | (1,531,461) |
| Feb 3, 2018 | 1,681,278) | (353,092) | (1,149,491) |
| Jan 28, 2017 | 1,558,851) | (292,763) | (916,091) |
| Jan 30, 2016 | 1,326,252) | (362,509) | (898,749) |
| Jan 31, 2015 | 1,372,865) | (638,999) | (460,426) |
| Feb 1, 2014 | 1,022,003) | (563,808) | (681,788) |
| Feb 2, 2013 | 979,644) | (425,724) | (556,994) |
| Jan 28, 2012 | 820,105) | (471,768) | (532,426) |
| Jan 29, 2011 | 673,066) | (196,845) | (410,640) |
| Jan 30, 2010 | 888,384) | (136,833) | (304,563) |
| Jan 31, 2009 | 583,439) | (218,763) | (300,901) |
| Feb 2, 2008 | 353,559) | (244,743) | (218,624) |
| Feb 3, 2007 | 506,867) | (235,941) | (95,305) |
| Jan 28, 2006 | 375,191) | (132,396) | (166,359) |
| Jan 29, 2005 | 298,157) | (199,541) | (184,831) |
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), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
The cash flow profile from 2005 to 2022 demonstrates a consistent expansion in operational liquidity and a disciplined approach to capital reinvestment, punctuated by a significant financing event in 2021.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibited a strong and sustained upward trajectory, increasing from 298.2 million USD in 2005 to a peak of 2.25 billion USD in 2021. A notable acceleration in cash generation occurred between 2009 and 2010, where values rose from 583.4 million USD to 888.4 million USD. While a slight decline to 1.74 billion USD was observed in 2022, the overall long-term trend indicates a substantial increase in the capacity to generate cash from core business operations.
- Investing Activity Patterns
- Cash flows from investing activities remained consistently negative throughout the entire period, reflecting continuous capital expenditures. Outflows were relatively stable between 2005 and 2011, generally staying below 250 million USD. A shift toward higher investment levels became evident starting in 2012, with outflows reaching peaks of 563.8 million USD in 2014 and 557.8 million USD in 2022. This pattern suggests a sustained commitment to growth and infrastructure maintenance.
- Financing Activity Dynamics
- Financing activities were characterized by consistent net outflows from 2005 through 2020, indicating a steady return of capital to shareholders or the repayment of debt. These outflows grew in magnitude over time, escalating from 184.8 million USD in 2005 to 1.68 billion USD in 2020. A significant anomaly occurred in 2021, during which the company transitioned to a net cash inflow of 1.70 billion USD, suggesting a major capital raise or debt issuance. This trend reverted in 2022, with outflows returning to 1.15 billion USD.
The synthesis of these flows indicates that operational cash generation has historically been sufficient to cover both investing requirements and financing obligations. The substantial increase in operating cash flow has enabled the company to scale its investments and increase its financing outflows while maintaining a stable financial position, with the 2021 financing inflow serving as a distinct departure from the multi-year trend of capital distribution.
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Per Share Data
Ross Stores Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jan 29, 2022 | 4.90 | 4.87 | 1.14 |
| Jan 30, 2021 | 0.24 | 0.24 | 0.29 |
| Feb 1, 2020 | 4.63 | 4.60 | 1.02 |
| Feb 2, 2019 | 4.30 | 4.26 | 0.90 |
| Feb 3, 2018 | 3.58 | 3.55 | 0.64 |
| Jan 28, 2017 | 2.85 | 2.83 | 0.54 |
| Jan 30, 2016 | 2.53 | 2.51 | 0.47 |
| Jan 31, 2015 | 2.24 | 2.21 | 0.40 |
| Feb 1, 2014 | 1.97 | 1.94 | 0.26 |
| Feb 2, 2013 | 1.80 | 1.77 | 0.30 |
| Jan 28, 2012 | 1.45 | 1.43 | 0.24 |
| Jan 29, 2011 | 1.18 | 1.16 | 0.18 |
| Jan 30, 2010 | 0.90 | 0.89 | 0.13 |
| Jan 31, 2009 | 0.59 | 0.58 | 0.10 |
| Feb 2, 2008 | 0.49 | 0.48 | 0.08 |
| Feb 3, 2007 | 0.44 | 0.43 | 0.07 |
| Jan 28, 2006 | 0.35 | 0.34 | 0.06 |
| Jan 29, 2005 | 0.29 | 0.29 | 0.05 |
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), 10-K (reporting date: 2016-01-30), 10-K (reporting date: 2015-01-31), 10-K (reporting date: 2014-02-01), 10-K (reporting date: 2013-02-02), 10-K (reporting date: 2012-01-28), 10-K (reporting date: 2011-01-29), 10-K (reporting date: 2010-01-30), 10-K (reporting date: 2009-01-31), 10-K (reporting date: 2008-02-02), 10-K (reporting date: 2007-02-03), 10-K (reporting date: 2006-01-28), 10-K (reporting date: 2005-01-29).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial trajectory from 2005 to 2022 is characterized by a consistent long-term expansion in profitability and shareholder distributions, punctuated by a severe but temporary contraction in 2021.
- Earnings Per Share Growth
- Basic earnings per share demonstrated a sustained upward trend for fifteen consecutive years, rising from 0.29 in 2005 to 4.63 in 2020. Diluted earnings per share closely mirrored this growth, maintaining a negligible variance from basic earnings throughout the period, which indicates a limited impact from dilutive instruments on overall per-share profitability.
- Dividend Distribution Trends
- Dividend payments per share followed a general growth pattern, increasing from 0.05 in 2005 to 1.02 in 2020. While the trend was predominantly positive, a slight reduction occurred in 2014, where the dividend decreased to 0.26 from 0.30 in the preceding year, before returning to a growth phase.
- Analysis of the 2021 Volatility and Recovery
- A significant anomaly is observed in the 2021 fiscal year, where basic earnings per share plummeted to 0.24 and dividends were reduced to 0.29. This represents a sharp departure from the established growth trend. However, a rapid recovery occurred in 2022, with basic earnings per share reaching a period high of 4.90 and dividends increasing to 1.14, effectively restoring and exceeding pre-contraction levels.
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