Ross 2010 Annual Report Download - page 52

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50
Note J: Litigation, Claims, and Assessments
Like many California retailers, the Company has been named in class action lawsuits regarding wage and hour claims. Class
action litigation involving allegations that hourly associates have missed meal and/or rest break periods, as well as allegations of
unpaid overtime wages to store managers and assistant store managers at Company stores under state law remains pending as
of January 29, 2011.
The Company is also party to various other legal proceedings arising in the normal course of business. Actions fi led against
the Company include commercial, product, customer, intellectual property, and labor and employment-related claims, including
lawsuits in which plaintiffs allege that the Company violated state or federal laws. Actions against the Company are in various
procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties.
In the opinion of management, the resolution of pending class action litigation and other currently pending legal proceedings is
not expected to have a material adverse effect on the Company’s fi nancial condition, results of operations, or cash fl ows.
Note K: Quarterly Financial Data (Unaudited)
Summarized quarterly fi nancial information for fi scal 2010 and 2009 is presented in the tables below.
Year ended January 29, 2011:
Quarter Ended
($000, except per share data) May 1, 2010 July 31, 2010 October 30, 2010 January 29, 2011
Sales $ 1,934,778 $ 1,911,760 $ 1,874,320 $ 2,145,242
Cost of goods sold 1,406,082 1,395,785 1,365,513 1,562,355
Selling, general and administrative 294,472 303,402 312,277 319,624
Interest expense, net 2,388 2,436 2,232 2,513
Total costs and expenses 1,702,942 1,701,623 1,680,022 1,884,492
Earnings before taxes 231,836 210,137 194,298 260,750
Provision for taxes on earnings 89,489 80,861 72,920 98,954
Net earnings $ 142,347 $ 129,276 $ 121,378 $ 161,796
Earnings per share — basic1 $ 1.19 $ 1.09 $ 1.04 $ 1.40
Earnings per share — diluted1 $ 1.16 $ 1.07 $ 1.02 $ 1.37
Dividends declared per share on
common stock $ — $ 0.16 $ 0.16 $ 0.382
1 Quarterly EPS results may not equal full year amounts due to rounding.
2 Includes $.16 per share dividend declared in November 2010 and $.22 per share dividend declared in January 2011.