Summary by Moomoo AI
Ross Stores reported Q2 FY2024 earnings per share of $1.59 on net income of $527 million, up from $1.32 and $446 million in Q2 FY2023. Total sales increased 7% to $5.3 billion, with comparable store sales up 4% YoY. For H1 FY2024, EPS reached $3.05 on net income of $1.0 billion, compared to $2.41 and $818 million in H1 FY2023. Sales grew to $10.1 billion, with comparable store sales up 3%.The company projects Q3 and Q4 comparable sales growth of 2-3%. Q3 EPS is forecast at $1.35-$1.41, while Q4 EPS is expected to be $1.60-$1.67. For FY2024, Ross Stores raised its EPS guidance to $6.00-$6.13, up from $5.56 in FY2023. The company remains on track to repurchase $1.05 billion in common stock during FY2024.CEO Barbara Rentler noted that stronger value offerings resonated with customers, but cautioned about persistent high costs pressuring discretionary spending among low-to-moderate income customers. The company plans to focus on providing quality branded bargains to maximize market share gains in the uncertain environment.
