“The tax rate is projected to be about 24% to 25% and diluted shares outstanding are expected to be approximately $332 million.”

In context

“pared to 11.3% last year, which benefited by 25 basis points from the 53rd week. This year-over-year change also includes the benefit of anniversarying higher incentive costs in 2023, given our outperformance. In addition, for fiscal 2024, we expect merchandise margins to be pressured as we plan to offer even more brands that are sharply priced to deliver the strong value proposition that our customers expect from us. For 2024, we expect to open approximately 90 new locations, comprised of about 75 Ross and 15 dd's DISCOUNTS. These openings do not include our plans to close or relocate about 10 to 15 older stores. Net interest income is estimated to be $143 million. Depreciation amortization expense inclusive of stock-based amortization is forecast to be about $610 million for the year. The tax rate is projected to be about 24% to 25% and diluted shares outstanding are expected to be approximately $332 million. In addition, capital expenditures for 2024 are planned to be approximately $840 million as we make further investments in our stores, supply chain and merchant processes to support our long-term growth and to increase efficiencies throughout the business. Let's turn now to our guidance for the first quarter. We are planning comparable store sales for the 13 weeks ending May 4, 2024, to be up 2% to 3% versus a 1% gain in last year's first quarter. If sales perform in line with this range, we expect earnings per share for the first quarter of 2024 to be $1.29 to $1.35 versus $1.09 last year. The operating statement assumptions that support our first quarter guidance include the following: total sales are planned to be up 6% to 8% versus last year's first quarter. We would then expect firs”