Summary by Moomoo AI
Ross Stores reported robust second quarter results with sales increasing 7.1% to $5.29 billion, driven by a 4% comparable store sales growth and 87 net new store openings. Net earnings rose 18% to $527.1 million, while diluted earnings per share increased 20.5% to $1.59 compared to $1.32 last year.The company demonstrated strong operational efficiency with cost of goods sold decreasing 60 basis points to 71.7% of sales, benefiting from lower distribution costs, buying costs, and domestic freight expenses. Selling, general and administrative expenses improved by 55 basis points to 15.8% of sales due to higher sales and lower incentive compensation.Looking ahead, Ross Stores remains on track to open approximately 90 new stores in fiscal 2024 and plans capital expenditures of $780 million, primarily for supply chain investments and new store growth. The company maintains a strong financial position with $4.7 billion in unrestricted cash and continues its shareholder returns through dividends and share repurchases, including a new $2.1 billion stock repurchase program through January 2026.
