Adam M. Orvos
Chief Financial Officer at Ross Stores
Thank you, Jim. As previously mentioned, comparable-store sales rose 3% for the quarter, generated by both higher traffic and average size of the basket. 4th-quarter operating margin of 12.4% was flat to last year and included a 105 basis-point benefit from the facility sale. Cost-of-goods-sold deleveraged by 80 basis-points in the quarter. Merchandise margin declined by 85 basis-points as planned due to the increased mix of quality branded assortments.
Occupancy deleveraged by 45 basis-points as we anniversaried the extra week last year. Distribution costs were flat as unfavorable timing of packaway related costs offset improved productivity. Domestic freight leveraged by 30 basis-points while buying improved by-20 basis-points, mainly due to lower incentives. SG&A for the period leveraged by 80 basis-points, primarily due to the facility sale. Now let's discuss our outlook for fiscal 2025, starting with the first-quarter. While we were pleased with our 2024 results, including the holiday selling period, sales trends began softening later in January and into February. We believe that a combination of unseasonable weather and heightened volatility in the macroeconomic and geopolitical environments has negatively impacted customer traffic. Given the lack of visibility we have on these external factors, we believe it is prudent to take a cautious approach in forecasting our business, especially as we start the year.
As a result, we expect comparable-store sales for the 13 weeks ending May 3, 2025 to be down 3% to flat and earnings per share of $1.33 to $1.47 versus $1.46 last year. The operating statement assumptions that support our first-quarter guidance include the following. Total sales are planned to be down 1% to up 3% versus last year's first-quarter. If same-store sales perform in-line with our plan, operating margin for the first-quarter is expected to be in the range of 11.4% to 12.1% compared to 12.2% last year. The expected decrease mainly reflects our forecast for sales deleverage and unfavorable timing of packaway related costs.
Merchandise margin is also expected to be down slightly in the first-quarter. We plan to add 19 new stores consisting of 16 ROS and three DDs discounts during the period. Net interest income is estimated to be $35 million, our tax-rate is expected to be approximately 24% to 25% and weighted-average diluted shares outstanding are forecast to be about $328 million. Turning to our full-year guidance assumptions for 2025. For the 52 weeks ending, 31, 2026, and while we hope to do better, we are planning same-store sales to be down 1% to up 2%.
Based on these assumptions, fiscal 2025 earnings per share are projected to be $5.95 to $6.55 compared to $6.32 for fiscal 2024. As previously mentioned, last year's results included a per share benefit of $0.14 from the facility sale. Total sales are planned to be up 1% to up 5% for the year. If same-store sales perform in-line with our plan, operating margin for the full-year is expected to be in the range of 11.5% to 12.2% compared to 12.2% in 2024, which benefited by 30 basis-points from the facility sale. Excluding this one-time gain, our operating margin forecast reflects sales deleverage and higher distribution costs as well as lower incentive compensation expenses as we anniversary higher incentive costs in 2024.
In addition, we expect merchandise margin to be relatively neutral for fiscal 2025. Example, for 2025, we expect to open approximately 90 new locations comprised of about 80 Ross and 10 DDs. These openings do not include our plans to close or relocate about 10 to 15 older stores. Net interest income is estimated to be $127 million. Depreciation and amortization expense, inclusive of stock-based amortization are forecasted to be about $690 million for the year. The tax-rate is projected to be about 24% to 25% and weighted-average diluted shares outstanding are expected to be around $325 million.
In addition, capital expenditures for 2025 Are planned to be approximately $855 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. Now I will turn the call-back to Jim for closing comments.