Ross Stores, Inc. (ROST), a leading off-price apparel and home fashion retailer, reported a strong first quarter for the fiscal year 2024, with total sales increasing by 8% to reach $4.9 billion.
The company experienced a 3% rise in comparable store sales and a significant jump in earnings per share, which stood at $1.46 compared to $1.09 in the same period of the previous year.
The company's performance was bolstered by robust sales in accessories and children's merchandise, as well as exceptional growth in the California and Pacific Northwest regions. dd's DISCOUNTS, a subsidiary of Ross Stores, outperformed the parent brand, reflecting the company's successful efforts in tailoring their assortments to diverse customer preferences in newer markets. Key Takeaways Total sales grew by 8% to $4.
9 billion, and comparable store sales increased by 3%. Earnings per share rose to $1.46 from $1.
09 in the same quarter last year. Accessories and children's merchandise, along with California and the Pacific Northwest, were top performers. dd's DISCOUNTS outpaced Ross in sales growth.
Ross Stores plans to open about 90 new stores, including 75 Ross and 15 dd's locations. Inventory levels were up by 10% from last year. Q2 comparable sales are expected to increase by 2% to 3%, with earnings per share projected at $1.
43 to $1.49. Full-year comparable store sales are forecasted to rise by 2% to 3%, with earnings per share anticipated to be between $5.
79 and $5.98. Company Outlook Ross Stores.
