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Based in Canada
Company profile

Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets. The P&C business includes two retail and business banking operating segments, such as Canadian Personal and Commercial Banking (Canadian P&C), and the United States Personal and Commercial Banking (U.S. P&C). The Bank's Wealth Management business serves a range of client segments, from mainstream to ultra-high net worth and institutional, with an offering of wealth management products and services, including insurance. BMO Capital Markets is a North American-based financial services provider offering a range of products and services to corporate, institutional and government clients. The Bank has over 900 bank branches in Canada and the United States.

Closing Price
$132.21
Day's Change
-17.37 (-11.61%)
Bid
--
Ask
--
B/A Size
--
Day's High
142.10
Day's Low
131.50
Volume
(Heavy Day)
Volume:
29,753

10-day average volume:
17,448
29,753

Ross Stores Reports Second Quarter Results

4:01 pm ET August 20, 2020 (BusinessWire) Print

Ross Stores, Inc. (NASDAQ: ROST) today reported its 2020 second quarter and first half financial results. Both sales and earnings for these periods reflect the COVID-19 related closures of all Ross Dress for Less(R) and dd's DISCOUNTS(R) locations that began on March 20th and continued through a portion of the second quarter. The Company began a phased process of reopening its stores on May 14th, with the vast majority of its retail locations open and operating by the end of June.

For the 13 weeks ended August 1, 2020, the Company reported earnings per share of $0.06 on net income of $22.0 million. This compares to net income of $413 million or earnings per share of $1.14 last year. Total sales for the period were $2.7 billion, down from $4.0 billion in the second quarter of 2019. Comparable store sales were down 12% for reopened stores from the date of their reopening to the end of the fiscal quarter.

Second quarter 2020 results include a $174 million or $0.19 per share benefit related to the partial reversal of the inventory valuation reserve from the first quarter.

For the six months ended August 1, 2020, the Company reported a per share loss of $(0.81) versus earnings per share of $2.29 for the same period last year. The net loss for the first half of 2020 was $284 million compared to net income of $834 million in the prior year. Sales for the first six months of 2020 declined 42% to $4.5 billion.

Barbara Rentler, Chief Executive Officer, commented, "Comparable stores sales during the quarter were impacted by a number of factors. During the initial re-openings, sales were ahead of our conservative plans as we benefitted from pent-up demand and aggressive markdowns to clear aged inventory. In the weeks thereafter, trends were negatively impacted from depleted store inventory levels while we were ramping up our buying and distribution capabilities."

Ms. Rentler added, "Our operating margin for the period reflects the deleveraging effect from lower sales as our stores were only open on average for 75% of the quarter, and on the comparable store sales decline. Additional headwinds included COVID-19 related expenses and unfavorable timing of packaway-related costs. These items more than offset the benefit from the partial reversal of the inventory valuation charge taken last quarter as aged merchandise sold through much faster than we expected."

Looking ahead, Ms. Rentler said, "As we move into the third quarter, trends have not materially changed from the second quarter with comparable store sales for the first two and a half weeks trending down mid-teens versus last year. There remains significant uncertainty on how the pandemic will continue to evolve and affect consumer demand and the economy, and the potential exists for additional government mandated shutdowns if COVID-19 cases remain elevated or further increase. Given these risks, we will continue to plan and manage our business very cautiously. Due to the limited visibility we have on these risks, we are not providing sales or earnings guidance at this time."

The Company will host a conference call on Thursday, August 20, 2020 at 4:15 p.m. Eastern time to provide additional details concerning its second quarter results. A real-time audio webcast of the conference call will be available in the Investors section of the Company's website, located at www.rossstores.com. An audio playback will be available at 404-537-3406, PIN #1758324 until 8:00 p.m. Eastern time on August 27, 2020, as well as on the Company's website.

Forward-Looking Statements: This press release contains forward-looking statements regarding new store growth, and other financial results in future periods that are subject to risks and uncertainties which could cause our actual results to differ materially from management's current expectations. The words "plan," "expect," "target," "anticipate," "estimate," "believe," "forecast," "projected," "guidance," "outlook," "looking ahead," and similar expressions identify forward-looking statements. Risk factors for Ross Dress for Less(R) ("Ross") and dd's DISCOUNTS(R) include without limitation, the uncertainties and potential for further significant business disruptions arising from the recent and ongoing COVID-19 pandemic, including potential distribution center and store closures and restrictions on customer access; changes in the level of consumer spending on or preferences for apparel and home-related merchandise; impacts from the macro-economic environment, financial and credit markets, geopolitical conditions, unemployment levels or public health issues (such as pandemics) that affect consumer confidence and consumer disposable income; our need to effectively manage our inventories, markdowns, and inventory shortage to achieve planned gross margin; competitive pressures in the apparel or home-related merchandise retailing industry; issues from selling and importing merchandise produced in other countries and from supply chain disruptions in other countries, including due to the COVID-19 closures; unseasonable weather that may affect shopping patterns and consumer demand for seasonal apparel and other merchandise, and may result in temporary store closures and disruptions in deliveries of merchandise to our stores; market availability, quantity, and quality of attractive brand name merchandise at desirable discounts and our buyers' ability to purchase merchandise that enables us to offer customers a wide assortment of merchandise at competitive prices; potential information or data security breaches, including cyber-attacks on our transaction processing and computer information systems, which could result in theft or unauthorized disclosure of customer, credit card, employee, or other private and valuable information that we handle in the ordinary course of our business; potential disruptions in our supply chain or information systems; issues involving the quality, safety, or authenticity of products we sell, which could harm our reputation, result in lost sales, and/or increase our costs; an adverse outcome in various legal, regulatory, or tax matters; damage to our corporate reputation or brands; our need to continually attract, train, and retain associates to execute our off-price strategies; effectively advertise and market our business; changes in U.S. tax, tariff, or trade policy regarding apparel and home-related merchandise produced in other countries that could adversely affect our business; volatility in revenues and earnings; an additional pandemic, natural or man-made disaster in California or in another region where we have a concentration of stores, offices, or a distribution center; unexpected issues or costs from expanding in existing markets and entering new geographic markets; obtaining acceptable new store sites with favorable consumer demographics; and maintaining sufficient liquidity to support our continuing operations, new store openings and reopenings, and ongoing capital expenditure plans. Other risk factors are set forth in our SEC filings including without limitation, the Form 10-K for fiscal 2019, and fiscal 2020 Form 10-Q and 8-Ks on file with the SEC. The factors underlying our forecasts are dynamic and subject to change. As a result, our forecasts speak only as of the date they are given and do not necessarily reflect our outlook at any other point in time. We do not undertake to update or revise these forward-looking statements.

Ross Stores, Inc. is an S&P 500, Fortune 500, and NASDAQ 100 (ROST) company headquartered in Dublin, California, with fiscal 2019 revenues of $16.0 billion. Currently, the Company operates Ross Dress for Less(R) ("Ross"), the largest off-price apparel and home fashion chain in the United States with 1,566 locations in 39 states, the District of Columbia, and Guam. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 266 dd's DISCOUNTS(R) in 20 states that feature a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day.

 
                                                                                                                                                                                                         Ross Stores, Inc.
                                                                                                                                                                                          Condensed Consolidated Statements of Operations
                                                                                                                                                                           
                                                                                                                                                                                                   
         Three Months Ended                  Three Months Ended            Three Months Ended       Three Months Ended       Three Months Ended     Three Months Ended                                             Three Months Ended                                              Six Months Ended                                                         Six Months Ended
----------------------------------- ----------------------------------- ------------------------ ------------------------ ------------------------ -------------------- ----------------------------------------------------------------------------------------------------------------------------- -----------------------------------------------------------------------------------------------------------------------------
($000, except stores and per share data, unaudited)                                                                                                   August 1, 2020             August 1, 2020            August 3, 2019                       August 3, 2019                      August 1, 2020                       August 1, 2020                      August 3, 2019                       August 3, 2019
----------------------------------------------------------------------------------------------------------------------------------------------     -------------------- ------------------------------  -------------------- -------------------------------------------------   -------------------- -------------------------------------------------   -------------------- -------------------------------------------------
                                                                                                                                                                           
Sales                                                                                                                                                                 $                    $  2,684,712                    $                    $ 3,979,869                      $                    $ 4,527,385                      $                    $ 7,776,511  
                                                                                                                                                                           
Costs and Expenses
Cost of goods sold                  Cost of goods sold                  Cost of goods sold                                                              2,080,120     2,843,850       3,970,111       5,545,518  
Selling, general and administrative Selling, general and administrative Selling, general and administrative                                               519,495       591,970         934,800       1,150,220  
Interest expense (income), net      Interest expense (income), net      Interest expense (income), net                                                     28,855        (4,782                    )        35,521         (10,417                    )
                                                                                                                                                   -------------------- -------------------- ---------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total costs and expenses            Total costs and expenses            Total costs and expenses Total costs and expenses Total costs and expenses      2,628,470     3,431,038       4,940,432       6,685,321  
                                                                                                                                                                           
Earnings (loss) before taxes                                                                                                                               56,242       548,831        (413,047 )                        1,091,190  
Provision (benefit) for taxes on earnings (loss)                                                                                                           34,195       136,110        (129,252 )                          257,327  
                                                                                                                                                   -------------------- -------------------- ---------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net earnings (loss)                                                                                                                                                   $                    $     22,047                    $                    $   412,721                      $                    $  (283,795 )                                       $                    $   833,863  
                                                                                                                                                   ==================== ==================== ========== ==================== ==================== ========= ==================== ==================== ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                                                           
Earnings (loss) per share
Basic                               Basic                               Basic                                                                                         $                    $       0.06                    $                    $      1.15                      $                    $     (0.81 )                                       $                    $      2.31  
Diluted                             Diluted                             Diluted                                                                                       $                    $       0.06                    $                    $      1.14                      $                    $     (0.81 )                                       $                    $      2.29  
                                                                                                                                                                                                                                                       
----------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------- ------------------------------------------------------------------------ ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                           
Weighted average shares outstanding (000)
Basic                               Basic                               Basic                                                                             352,276       359,794         352,239         361,439  
Diluted                             Diluted                             Diluted                                                                           354,232       362,074         352,239         364,007  
                                                                                                                                                                                                                                                       
----------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------- ------------------------------------------------------------------------ ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                           
Store count at end of period                                                                                                                                1,832         1,772           1,832           1,772  
                                                                                                                                                                                                                                                       
----------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------- ------------------------------------------------------------------------ ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                        Ross Stores, Inc.
                                                                                                              Condensed Consolidated Balance Sheets
                                                                         
                                                                         
($000, unaudited)                                                                                                                                        August 1, 2020             August 1, 2020            August 3, 2019             August 3, 2019
-------------------------------------------------------------------------------------------------------------------------------------------------     -------------------- ------------------------------  -------------------- ------------------------------
Assets
                                                                         
Current Assets
Cash and cash equivalents           Cash and cash equivalents           Cash and cash equivalents                                                                        $                    $  3,793,043                    $                    $  1,382,025
Accounts receivable                 Accounts receivable                 Accounts receivable                                                                  162,723        130,439
Merchandise inventory               Merchandise inventory               Merchandise inventory                                                              1,117,983      1,835,869
Prepaid expenses and other          Prepaid expenses and other          Prepaid expenses and other                                                           273,612        167,585
                                                                                                                                                      -------------------- -------------------- ---------- -------------------- -------------------- ----------
Total current assets                Total current assets                Total current assets      Total current assets      Total current assets           5,347,361      3,515,918
                                                                         
Property and equipment, net                                                                                                                                2,706,105      2,505,040
Operating lease assets                                                                                                                                     3,053,735      2,932,199
Other long-term assets                                                                                                                                       215,044        198,790
                                                                                                                                                      -------------------- -------------------- ---------- -------------------- -------------------- ----------
Total assets                                                                                                                                                             $                    $ 11,322,245                    $                    $  9,151,947
                                                                                                                                                      ==================== ==================== ========== ==================== ==================== ==========
                                                                         
Liabilities and Stockholders' Equity
                                                                         
Current Liabilities
Accounts payable                    Accounts payable                    Accounts payable                                                                                 $                    $  1,009,704                    $                    $  1,359,829
Accrued expenses and other          Accrued expenses and other          Accrued expenses and other                                                           557,475        474,273
Current operating lease liabilities Current operating lease liabilities Current operating lease liabilities                                                  579,277        549,841
Accrued payroll and benefits        Accrued payroll and benefits        Accrued payroll and benefits                                                         204,109        295,465
Short-term debt                     Short-term debt                     Short-term debt                                                                      802,507              -
                                                                                                                                                      -------------------- -------------------- ---------- -------------------- -------------------- ----------
Total current liabilities           Total current liabilities           Total current liabilities Total current liabilities Total current liabilities      3,153,072      2,679,408
                                                                                    
                                                                                    
Long-term debt                                                                                                                                             2,286,295        312,665
Non-current operating lease liabilities                                                                                                                    2,601,254      2,496,230
Other long-term liabilities                                                                                                                                  258,869        227,842
Deferred income taxes                                                                                                                                        155,556        139,538
                                                                                    
Commitments and contingencies
                                                                                    
Stockholders' Equity                                                                                                            2,867,199      3,296,264
                                                                                                                                                      -------------------- -------------------- ---------- -------------------- -------------------- ----------
Total liabilities and stockholders' equity                                                                                                    $                    $ 11,322,245                    $                    $  9,151,947
                                                                                                                                                      ==================== ==================== ========== ==================== ==================== ==========
                                                                                                                                                     
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------- --------------------------------
                                                                                                                                                                                                                           Ross Stores, Inc.
                                                                                                                                                                                                            Condensed Consolidated Statements of Cash Flows
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                            
                              Six Months Ended                                                            Six Months Ended                                                Six Months Ended                                    Six Months Ended                                    Six Months Ended                    Six Months Ended                                                         Six Months Ended
--------------------------------------------------------------------------- --------------------------------------------------------------------------- --------------------------------------------------- --------------------------------------------------- --------------------------------------------------- -------------------- -----------------------------------------------------------------------------------------------------------------------------
($000, unaudited)                                                                                                                                                                                                                                           August 1, 2020                                      August 1, 2020       August 3, 2019                                      August 3, 2019
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------ ----------------------------------------------------
                                                                                                                                                                                                                                                                                          
Cash Flows From Operating Activities
Net (loss) earnings                                                                                                                                                                                                                                                        $                    $  (283,795                    )                    $                    $   833,863  
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities:
Depreciation and amortization                                               Depreciation and amortization                                               Depreciation and amortization                                                                                                                                     179,626         166,898  
Stock-based compensation                                                    Stock-based compensation                                                    Stock-based compensation                                                                                                                                           46,897          44,613  
Deferred income taxes                                                       Deferred income taxes                                                       Deferred income taxes                                                                                                                                               5,877          21,868  
Change in assets and liabilities:                                           Change in assets and liabilities:                                           Change in assets and liabilities:
Merchandise inventory                                                       Merchandise inventory                                                       Merchandise inventory                               Merchandise inventory                               Merchandise inventory                                     714,356         (85,427                    )
Other current assets                                                        Other current assets                                                        Other current assets                                Other current assets                                Other current assets                                      (51,924                    )       (55,309                    )
Accounts payable                                                            Accounts payable                                                            Accounts payable                                    Accounts payable                                    Accounts payable                                         (289,710                    )       187,050  
Other current liabilities                                                   Other current liabilities                                                   Other current liabilities                           Other current liabilities                           Other current liabilities                                 (44,671                    )        (8,529                    )
Income taxes                                                                Income taxes                                                                Income taxes                                        Income taxes                                        Income taxes                                             (145,001                    )       (31,193                    )
Operating lease assets and liabilities, net                                 Operating lease assets and liabilities, net                                 Operating lease assets and liabilities, net         Operating lease assets and liabilities, net         Operating lease assets and liabilities, net                 5,569           8,276  
Other long-term, net                                                        Other long-term, net                                                        Other long-term, net                                Other long-term, net                                Other long-term, net                                       35,197           1,353  
                                                                                                                                                                                                                                                                                                                    -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net cash provided by operating activities                                   Net cash provided by operating activities                                   Net cash provided by operating activities           Net cash provided by operating activities           Net cash provided by operating activities                 172,421       1,083,463  
                                                                                                                                                                                                                                                                                                                    -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                          
Cash Flows From Investing Activities
Additions to property and equipment                                                                                                                                                                                                                                          (250,047                    )      (250,314                    )
Proceeds from investments                                                                                                                                                                                                                                                 -             517  
                                                                                                                                                                                                                                                                                                                    -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net cash used in investing activities                                       Net cash used in investing activities                                       Net cash used in investing activities               Net cash used in investing activities               Net cash used in investing activities                    (250,047                    )      (249,797                    )
                                                                                                                                                                                                                                                                                                                    -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                          
Cash Flows From Financing Activities
Net proceeds from issuance of short-term debt                                                                                                                                                                                                                                           805,601               -  
Payments of short-term debt                                                                                                                                                                                                                                            (3,094                    )             -  
Net proceeds from issuance of long-term debt                                                                                                                                                                                                                                         1,976,030               -  
Payments of debt issuance cost                                                                                                                                                                                                                                            (3,254                    )             -  
Issuance of common stock related to stock plans                                                                                                                                                                                                                                            11,075          10,906  
Treasury stock purchased                                                                                                                                                                                                                                           (32,346                    )       (52,349                    )
Repurchase of common stock                                                                                                                                                                                                                                          (132,467                    )      (640,259                    )
Dividends paid                                                                                                                                                                                                                                          (101,414                    )      (186,642                    )
                                                                                                                                                                                                                                                                                                                    -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Net cash provided by (used in) financing activities                         Net cash provided by (used in) financing activities                         Net cash provided by (used in) financing activities Net cash provided by (used in) financing activities Net cash provided by (used in) financing activities     2,520,131        (868,344                    )
                                                                                                                                                                                                                                                                                                                    -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                          
Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents                                                                                                                                                                                                                             2,442,505         (34,678                    )
                                                                                                                                                                                                                                                                                          
Cash, cash equivalents, and restricted cash and cash equivalents:
Beginning of period                                                         Beginning of period                                                         Beginning of period                                 Beginning of period                                 Beginning of period                                     1,411,410       1,478,079  
                                                                                                                                                                                                                                                                                                                    -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
End of period                                                               End of period                                                               End of period                                       End of period                                       End of period                                                          $                    $ 3,853,915                      $                    $ 1,443,401  
                                                                                                                                                                                                                                                                                                                    ==================== ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                           
Reconciliations:
Cash and cash equivalents                                                   Cash and cash equivalents                                                   Cash and cash equivalents                                                                                                                                                      $                    $ 3,793,043                      $                    $ 1,382,025  
Restricted cash and cash equivalents included in prepaid expenses and other Restricted cash and cash equivalents included in prepaid expenses and other Restricted cash and cash equivalents included in prepaid expenses and other                                                                                        10,348          11,048  
Restricted cash and cash equivalents included in other long-term assets     Restricted cash and cash equivalents included in other long-term assets     Restricted cash and cash equivalents included in other long-term assets                                                                                            50,524          50,328  
                                                                                                                                                                                                                                                                                                                    -------------------- -------------------- --------- -------------------- -------------------- -------------------- --------- --------------------
Total cash, cash equivalents, and restricted cash and cash equivalents:                                                                                                                                                                                                                                                        $                    $ 3,853,915                      $                    $ 1,443,401  
                                                                                                                                                                                                                                                                                                                    ==================== ==================== ========= ==================== ==================== ==================== ========= ====================
                                                                                                                                                                                                                                                           
Supplemental Cash Flow Disclosures
Interest paid                                                                                                                                                                                                                                                        $                    $    10,069                      $                    $     6,341  
Income taxes paid                                                                                                                                                                                                                                                        $                    $     9,872                      $                    $   266,653  

View source version on businesswire.com: https://www.businesswire.com/news/home/20200820005763/en/

SOURCE: Ross Stores, Inc.

Travis Marquette
Group Senior Vice President,
Chief Financial Officer
(925) 965-4550


Connie Kao
Vice President, Investor Relations
(925) 965-4668
connie.kao@ros.com
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