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Ross Stores Reports Q2 Earnings and Updates Fiscal 2024 Guidance
DUBLIN, Calif. – August 22, 2024 – Ross Stores, Inc. (Nasdaq: ROST) has reported solid earnings for the second quarter of 2024, reflecting the company's resilience and ability to deliver value to its customers despite a challenging economic environment. With a notable increase in net income and sales, Ross Stores continues to outperform expectations, while also providing updated guidance for the second half of fiscal 2024.
Q2 2024 Financial Highlights
Ross Stores demonstrated significant growth in the second quarter of 2024, with key metrics showing year-over-year improvements:
- Earnings per Share (EPS): $1.59, compared to $1.32 in the same period in 2023.
- Net Income: $527 million, up from $446 million in Q2 2023.
- Total Sales: $5.3 billion, a 7% increase from $4.9 billion in Q2 2023.
- Comparable Store Sales: Up 4% year-over-year.
For the first six months of fiscal 2024, Ross Stores achieved:
- Earnings per Share: $3.05, compared to $2.41 for the first half of 2023.
- Net Income: $1.0 billion, a substantial rise from $818 million in the first half of 2023.
- Sales Growth: Sales reached $10.1 billion, up from $9.4 billion in the same period last year.
- Comparable Store Sales: A 3% increase over the first half of 2023.
CEO Comments on Performance
Barbara Rentler, Chief Executive Officer of Ross Stores, expressed optimism about the company’s performance, stating, "Second quarter sales and earnings were above our expectations as our stronger value offerings resonated with our customers." She highlighted that operating margin had improved by 115 basis points, reaching 12.5%. This increase in profitability was driven by higher sales and reduced distribution and incentive costs, although merchandise margins were slightly lower than anticipated.
Share Repurchase and Dividend Program
Ross Stores remains committed to returning value to shareholders. During the second quarter of fiscal 2024, the company repurchased 1.8 million shares of common stock at a cost of $262 million. This is part of the company's larger repurchase program, which aims to buy back $1.05 billion in shares during fiscal 2024 under its two-year $2.1 billion authorization plan.
Additionally, Ross Stores continues to distribute dividends, contributing to shareholder value alongside its repurchase efforts.
Second Half and Fiscal 2024 Guidance
Looking ahead to the second half of 2024, Ross Stores is adopting a cautious outlook due to economic uncertainties affecting its low-to-moderate income customers. These customers face persistently high costs for necessities, which could pressure discretionary spending.
Sales and Earnings Projections
- Comparable Sales Growth: Ross is targeting a 2% to 3% comparable sales growth for both the third and fourth quarters of 2024. This follows gains of 5% and 7% in the respective quarters of 2023.
- Q3 2024 Earnings per Share: Projected to range from $1.35 to $1.41, compared to $1.33 in Q3 2023.
- Q4 2024 Earnings per Share: Expected to range from $1.60 to $1.67, down from $1.82 in Q4 2023, which included a $0.20 benefit from an additional 53rd week.
- Full-Year EPS: Earnings for the fiscal year ending February 1, 2025, are now projected to be between $6.00 and $6.13, compared to $5.56 last year.
Barbara Rentler emphasized that while challenges persist, Ross Stores remains committed to providing high-quality branded bargains, ensuring its customers can find value in the marketplace even amid economic pressures.
Source: ROST
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