Ross Stores Inc. will execute a 2-for-1 stock split in the form of a dividend to shareholders.
The Dublin, Calif.-based off-price retailer will pay a 100 percent dividend on June 11 to stockholders of record on April 22.
The split would expand the number of diluted shares outstanding to about 413.4 million from 206.7 million, where they stood at the end of the fourth quarter on Jan. 31.
The company had previously authorized a $1.4 billion, two-year stock repurchase program, above the previous $1.1 billion authorization completed in January.
Last year, Ross expanded its net income 9.2 percent to $924.7 million, or $4.42 a diluted share, as revenues increased 7.9 percent to $11.04 billion. Same-store sales increased 3 percent.
Shares Tuesday hit a 52-week high of $108.91 as Nasdaq trading opened and are up more than 13 percent since the start of the year.