Ross Stores Q1 EPS $1.46 beats prior year $1.09; FY24 EPS guidance raised to $5.79-$5.98

ROSS STORES, INC.

2024-Q1 EPS reported $1.46 revenue$4,858,067,000

Q1 net earnings $488M, EPS $1.46 vs $371M, $1.09; sales $4.9B (+8% YoY).
Operating margin 12.2% up 205 bps YoY driven by lower distribution, incentive, freight costs.
Repurchased 1.9M shares for $262M in Q1; on track for $1.05B buyback in FY24.
Q2 guidance: comps +2-3%, EPS $1.43-$1.49.
FY24 comps unchanged +2-3%; EPS raised to $5.79-$5.98 (excl $0.20 53rd wk benefit).

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