"We are pleased with the record sales and earnings we delivered in the fourth quarter and the 2012 fiscal year, especially considering they were achieved on top of strong multi-year gains," said Michael Balmuth, vice chairman and CEO of the Pleasanton-based company.
"Results for both periods benefited from our ongoing ability to deliver compelling bargains on a wide assortment of exciting name brand fashions for the family and the home to today's value-focused consumers," he added.
Balmuth said that strong operating cash flows during 2012 continued to provide the resources to make capital investments in new store growth and infrastructure, as well as fund the completion of the company's prior stock repurchase program and ongoing dividends. A total of 7.5 million shares of common stock were repurchased during fiscal 2012, for an aggregate purchase price of $450 million, completing the two-year, $900-million repurchase program announced in early 2011.
Looking ahead, Balmuth said, "We plan to stay intently focused on our core off-price mission of consistently delivering great bargains to our customers. This continues to be the key to maximizing our opportunities for growth in sales and profits over both the short and the long term."