Ross Stores Q2 EPS $1.11 down 20%; comps -7%; cuts FY2022 guidance to $3.84-$4.12

ROSS STORES, INC.

2022-Q2 EPS reported $2.08 revenue$8,916,109,000

Q2 EPS $1.11 vs $1.39 last year; net income $385M vs $494M.
Sales $4.6B, -4% YoY; comparable store sales -7% on top of +15% prior year.
Operating margin 11.3% vs 14.1%, hurt by deleveraging, higher markdowns, freight costs.
Repurchased 2.9M shares for $235M in Q2; FY2022 buyback plan $950M.
FY2022 EPS guided $3.84-$4.12 (vs $4.87); Q3 EPS $0.72-$0.83; Q4 $1.04-$1.21.

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