Wed, Jun 12, 10:01 AM (87 days ago)
Ross Stores, Inc.'s Q1 2024 financial results show an 8.1% increase in sales to $4.86 billion, driven by the opening of 93 new stores and a 3% rise in comparable store sales. Net earnings rose 31% to $488 million, with diluted EPS up to $1.46 from $1.09 in Q1 2023. Cost of goods sold as a percentage of sales decreased by 140 basis points, and SG&A expenses fell by 65 basis points. Cash flow from operations was $368.9 million, down from $413.2 million in Q1 2023, mainly due to higher incentive compensation payments. The company repurchased 1.9 million shares for $262.5 million and paid $123.3 million in dividends. Ross Stores maintains $4.7 billion in cash and a $1.3 billion credit facility. Future growth is focused on opening approximately 90 new stores in fiscal 2024.