Ross Stores ( (ROST) ) has released its Q3 earnings. Here is a breakdown of the information Ross Stores presented to its investors.
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Ross Stores, Inc. is the largest off-price apparel and home fashion chain in the United States, operating under the Ross Dress for Less and dd’s DISCOUNTS brands, offering significant savings on name-brand and designer items across its 2,192 locations.
In its latest earnings report, Ross Stores announced an increase in earnings per share for the third quarter of 2024, reaching $1.48 compared to $1.33 in the previous year. Despite an increase in net income to $489 million and sales rising to $5.1 billion, the company expressed disappointment in sales performance due to external factors like high costs for consumers and adverse weather conditions.
Key financial highlights included a slight growth in comparable store sales by 1% and an improvement in operating margin to 11.9% from the previous year’s 11.2%. Ross Stores also repurchased 1.8 million shares for $262 million, continuing their fiscal 2024 stock repurchase program worth $1.05 billion.
Looking forward, Ross Stores anticipates a 2% to 3% increase in comparable store sales for the fourth quarter of 2024, with earnings per share expected to be between $1.57 and $1.64. The company remains optimistic about its ability to drive profitable growth through compelling value offerings despite ongoing economic challenges.
