Ross Stores (NASDAQ: ROST) shares rose around 8% after-hours following the company’s reported strong Q4 results, with EPS of $1.04 coming in better than the consensus estimate of $0.98.

Despite the negative impact from the surge in Omicron cases during the peak holiday selling period and ongoing supply chain issues, the company achieved strong Q4 revenue of $5.02 billion, compared to the consensus estimate of $4.97 billion.

The company’s Board of Directors has authorized a two-year share repurchase program of $1.9 billion of its common stock, which replaces the $850 million remaining under the prior share repurchase authorization announced in May 2021. Furthermore, the Board of Directors increased the company’s quarterly cash dividend by 9% to $0.31 per share, which is payable on March 31 to stockholders of record as of March 15.

According to Barbara Rentler, CEO of Ross Stores, the company expects comparable store sales for fiscal 2022 to be flat to up 3%, compared to a 13% gain in 2021. EPS for the year is expected to range from $4.71 to $5.12, compared to $4.87 in 2021.

For Q1/22, the company expects comparable store sales to be down 2% to down 4%. Quarterly EPS is expected to range from $0.93 to $0.99, compared to $1.34 in the prior-year period, as the company faces larger headwinds from higher freight and wage costs early in 2022.