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Ross Stores (NASDAQ: ROST) reported its first quarter earnings for the 13 weeks ending May 4, 2024, with earnings per share (EPS) of $1.46 and net earnings of $488 million. This marks a significant increase compared to the previous year's EPS of $1.09 and net income of $371 million. The company's sales grew by 8% to $4.9 billion, and comparable sales rose by 3%.
The operating margin improved to 12.2%, up from 10.1% in the last year's first quarter, attributed to lower distribution, incentive, and freight costs. Ross Stores repurchased 1.9 million shares for $262 million under a new $2.1 billion buyback authorization approved in March 2024.
Looking ahead, Ross Stores forecasts comparable store sales to rise 2% to 3% for the second quarter ending August 3, 2024, with EPS projected to be between $1.43 to $1.49. For fiscal 2024, EPS is expected to range from $5.79 to $5.98, up from $5.56 in fiscal 2023.
Ross Stores (NASDAQ: ROST) announced a regular quarterly cash dividend of $0.3675 per common share, payable on June 28, 2024, to stockholders of record as of June 11, 2024.
Ross Stores operates the largest off-price apparel and home fashion chain in the U.S. with 1,775 Ross Dress for Less locations and 352 dd’s DISCOUNTS stores. The company reported fiscal 2023 revenues of $20.4 billion. Ross offers name brand and designer products at discounts of 20% to 70% off regular prices.
Ross Stores, Inc. (NASDAQ: ROST) will announce its first quarter 2024 earnings on May 23, 2024. The company, with fiscal 2023 revenues of $20.4 billion, operates Ross Dress for Less and dd's DISCOUNTS stores across the US.
