Earnings Summary: Highlights of Ross Stores’ Q1 2024 results

Ross Stores Inc. (NASDAQ: ROST), which operates a chain of off-price apparel and home accessories stores, has announced results for the first quarter of 2024.

• April-quarter net income increased to $488 million or $1.46 per share from $371 million or $1.09 per share in the same period last year
• The company reported total sales of $4.86 billion for the first quarter, compared to $4.49 billion a year earlier
• Operating margin increased by 205 basis points to 12.2% in Q1 from 10.1% in the first quarter of 2023
• During the quarter, the company repurchased1.9 million shares of its common stock for about $262 million
• For the second quarter, the company expects comparable store sales to increase by 2-3%
• Q2 earnings per share is projected to be in the range of $1.43 to $1.49, vs. $1.32 in the prior year period
• For the full fiscal year, the company forecasts earnings per share to be in the range of $5.79 to $5.98, vs. $5.56 in fiscal 2023