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SEC Filings

10-Q
ROSS STORES INC filed this Form 10-Q on 12/12/2018
Entire Document
 


For the three and nine month periods ended October 28, 2017, approximately 14,600 and 446,500 weighted average shares were excluded from the calculation of diluted EPS because their effect would have been anti-dilutive for the periods presented.

The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations:

 
Three Months Ended
 
 
Nine Months Ended
Shares in (000s)
Basic EPS

 
Effect of
dilutive
common stock
equivalents

 
Diluted
EPS

 
 
Basic EPS

 
Effect of
dilutive
common
stock
equivalents

 
Diluted
EPS

November 3, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Shares
368,102

 
2,959

 
371,061

 
 
370,977

 
2,959

 
373,936

Amount
$
0.92

 
$
(0.01
)
 
$
0.91

 
 
$
3.09

 
$
(0.03
)
 
$
3.06

 
 
 
 
 
 
 
 
 
 
 
 
 
October 28, 2017
 
 
 
 
 
 
 
 
 
 
 
 
     Shares
379,432

 
2,700

 
382,132

 
 
382,959

 
2,864

 
385,823

     Amount
$
0.72

 
$

 
$
0.72

 
 
$
2.38

 
$
(0.02
)
 
$
2.36



Note E: Debt

Senior notes. Unsecured senior debt, net of unamortized discounts and debt issuance costs, consisted of the following:

($000)
 
November 3, 2018

 
February 3, 2018

 
October 28, 2017

6.38% Series A Senior Notes due 2018
 
$
84,997

 
$
84,973

 
$
84,964

6.53% Series B Senior Notes due 2021
 
64,937

 
64,922

 
64,917

3.375% Senior Notes due 2024
 
247,391

 
247,072

 
246,967

Total long-term debt
 
$
397,325

 
$
396,967

 
$
396,848

 
 
 
 
 
 
 
Less: current portion
 
84,997

 
84,973

 

Total due beyond one year
 
$
312,328

 
$
311,994


$
396,848



As of November 3, 2018, the Company had outstanding unsecured 3.375% Senior Notes due September 2024 (the “2024 Notes”) with an aggregate principal amount of $250 million. Interest on the 2024 Notes is payable semi-annually.

As of November 3, 2018, the Company also had outstanding two other series of unsecured senior notes in the aggregate principal amount of $150 million, held by various institutional investors. The Series A notes totaling $85 million are due in December 2018, and bear interest at 6.38%. The Series B notes totaling $65 million are due in December 2021, and bear interest at 6.53%. Borrowings under these senior notes are subject to certain financial covenants, including interest coverage and other financial ratios. As of November 3, 2018, the Company was in compliance with these covenants.

As of November 3, 2018, February 3, 2018, and October 28, 2017, total unamortized discount and debt issuance costs were $2.7 million, $3.0 million, and $3.2 million, respectively, and were classified as a reduction of Long-term debt.

The 2024 Notes, Series A, and Series B senior notes are all subject to prepayment penalties for early payment of principal.

The aggregate fair value of the three outstanding senior note issuances was approximately $402 million, $411 million, and $415 million as of November 3, 2018, February 3, 2018, and October 28, 2017, respectively. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance.

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