Ross Stores Reports Strong Fiscal 2024 Results

Ross Stores ( (ROST) ) has released its Q4 earnings. Here is a breakdown of the information Ross Stores presented to its investors.

Ross Stores, Inc., a leading off-price apparel and home fashion retailer in the United States, reported its financial results for the fourth quarter and fiscal year 2024, showcasing its strong market presence with over 2,186 locations across the country.

In its latest earnings report, Ross Stores announced a slight dip in fourth-quarter earnings per share to $1.79 compared to $1.82 the previous year, with net income also decreasing to $587 million. However, the fiscal year 2024 earnings per share saw a significant increase to $6.32 from $5.56 in the prior year, with net earnings rising to $2.1 billion on sales of $21.1 billion.

Key highlights from the report include a 3% increase in comparable store sales for both the fourth quarter and the fiscal year, a 10% increase in the quarterly cash dividend, and the repurchase of 7.3 million shares for $1.05 billion. The company also benefited from a one-time gain from the sale of a packaway facility, contributing to its operating margin.

Looking ahead, Ross Stores remains cautious due to external factors such as unseasonable weather and geopolitical uncertainties, which have impacted customer traffic. The company forecasts a potential decline in comparable store sales for the first quarter of fiscal 2025, with earnings per share projected to range between $1.33 and $1.47.

Despite the challenges, Ross Stores’ management remains optimistic about navigating the current environment, leveraging its experienced team and strategic initiatives to drive future growth while maintaining a commitment to returning excess cash to shareholders.