“The tax rate is projected to be about 25% and diluted shares outstanding are expected to be approximately 337 million.”

In context

“updated guidance range is an estimated benefit to earnings per share of approximately $0.16 from the 53rd week in fiscal 2023. Now let's turn to our guidance assumptions for the third quarter of 2023. Total sales are forecast to increase 4% to 6% versus the prior year. We expect to open 51 stores during the quarter, including 43 Ross and 8 dd's locations. Operating margin for the third quarter is planned to be in the 10.3% to 10.5% range versus 9.8% in 2022 as the benefit from lower ocean and domestic freight costs more than offset an increase in other expenses, primarily related to incentive compensation and store wages. Net interest income is estimated to be approximately $34 million versus $2.8 million last year as we continue to benefit from higher interest rates on our cash balance. The tax rate is projected to be about 25% and diluted shares outstanding are expected to be approximately 337 million. Now I will turn the call over to Barbara for closing comments. Barbara Rentler: Thank you, Adam. While we are pleased with our above-plan results in the second quarter, the macroeconomic, geopolitical and retail environments remain uncertain. Moving forward, we remain keenly focused on delivering the most compelling bargains possible as our customer is more motivated than ever to seek the best branded value as prolonged inflation remains an issue. We will also carefully manage our expenses and inventory to maximize our potential for both sales and earnings growth. Longer term, we believe the rigorous execution of our off-price business model will allow us to consistently deliver solid results. At this point, we'd like to open up the call and respond to any questions you may have. Operator”