Ross Stores Inc. (NASDAQ: ROST), which operates a chain of off-price apparel and home accessories stores, on Thursday announced results for the first quarter of 2023.
- Net income for the first quarter of 2023 was $1.09 per share or $371 million, compared to $0.97 per share or $338 million last year
- First-quarter sales came in at $4.5 billion, up from $4.3 billion recorded in the prior-year period
- Comparable store sales increased 1% year-over-year during the three-month period
- Operating margin for the period was 10.1%, down from 10.8% in the same period of 2022
- During the first quarter, the company repurchased 2.2 million shares for an aggregate price of $234 million
- The management expects that comparable store sales would be relatively flat in the second quarter of 2023
- The company projects earnings per share in the range of $1.07 to $1.14 for the July quarter
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