Ross Stores Q1 EPS $0.97 vs $1.34; cuts FY2022 outlook as sales decline 7%

ROSS STORES, INC.

2022-Q1 EPS reported $0.97 revenue$4,333,100,000

Q1 EPS $0.97 ($338M net income) vs $1.34 last year; includes $0.06 benefit from expense timing.
Q1 sales $4.3B, down from $4.5B; comparable store sales -7% on top of +13% prior year.
Operating margin 10.8% vs 14.2% due to lower sales, higher freight and wage costs.
Q2 guide: same store sales -4 to -6%, EPS $0.99-$1.07 vs $1.39.
FY2022 guide: comps -2 to -4%, EPS $4.34-$4.58 vs $4.87; cites inflation, geopolitical uncertainty.

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