Ross Stores, Inc. (ROST) Q4 2022 Earnings Call Transcript

Ross Stores, Inc. (NASDAQ:ROST) Q4 2022 Earnings Conference Call February 28, 2023 4:15 AM ET

Company Participants

Barbara Rentler - Chief Executive Officer

Michael Hartshorn - Group President and Chief Operating Officer

Adam Orvos - Executive Vice President and Chief Financial Officer

Connie Kao - Group Vice President, Investor Relations

Conference Call Participants

Lorraine Hutchinson - Bank of America

Matthew Boss - JPMorgan

Mark Altschwager - Baird

Paul Lejuez - Citigroup

Michael Binetti - Credit Suisse

Alex Straton - Morgan Stanley

Jesse Sobelson - Wells Fargo

Adrienne Yih - Barclays

Chuck Grom - Gordon Haskett

Brooke Roach - Goldman Sachs

Dana Telsey - The Telsey Group

Simeon Siegel - BMO Capital Markets

Jay Sole - UBS

Laura Champine - Loop Capital

Aneesha Sherman - Bernstein

Corey Tarlowe - Jefferies

Operator

Good afternoon, and welcome to the Ross Stores Fourth Quarter and Fiscal 2022 Earnings Release Conference Call. The call will begin with prepared comments by management followed by a question-and-answer session. [Operator Instructions]

Before we get started, on behalf of Ross Stores, I would like to note that the comments made on this call will contain forward-looking statements regarding expectations about future growth and financial results, including sales and earnings forecasts, new store openings and other matters that are based on the company's current forecast of aspects of its future business. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical performance or current expectations. Risk factors are included in today's press release and the company's fiscal 2021 Form 10-K and fiscal 2022 Form 10-Qs and 8-Ks on file with the SEC.

And now, I'd like to turn the call over to Barbara Rentler, Chief Executive Officer.

Barbara Rentler

Joining me on our call today are Michael Hartshorn, Group President and Chief Operating Officer; Adam Orvos, Executive Vice President and Chief Financial Officer; and Connie Kao, Group Vice President, Investor Relations.

We'll begin our call today with a review of our fourth quarter and 2022 performance, followed by our outlook for 2023. Afterwards, we'll be happy to respond to any questions you may have.

As noted in today's press release, during a very competitive holiday season, our fourth quarter sales and earnings results exceeded our guidance due to customer’s positive response to our improved assortment and stronger value offerings.

Earnings per share for the fourth quarter were $1.31 on net income of $447 million. These results compare to earnings per share of $1.04 on net earnings of $367 million for the 13 weeks ended January 29, 2022.