The following is a summary of the Ross Stores, Inc. (ROST) Q3 2024 Earnings Call Transcript:
Financial Performance:
Ross reported a Q3 total sales increase to $5.1 billion, up from $4.9 billion last year, with comparable store sales up 1%.
Q3 operating margin improved to 11.9%, up from 11.2% last year.
Net income for the quarter rose to $489 million versus $447 million in the prior year.Earnings per share for Q3 were $1.48, up from $1.33 in the previous year.
Business Progress:
Added 43 new Ross and four dd's DISCOUNTS stores during Q3, and plan to close or relocate seven locations in Q4.
Total consolidated inventories at quarter end were up 9% versus last year.
Cosmetics, accessories, and children's merchandise areas along with California and Texas regions performed strongly.
Committed to improving merchandise execution across all categories.
Opportunities:
dd's DISCOUNTS continues to resonate with its shoppers, exceeding Ross' results in comparable gains, highlighting potential for further growth in the discount segment.
Risks:
Persistent high costs on necessities pressuring the discretionary spending of low-to-moderate income customers.
A combination of severe weather and unseasonably warm temperatures negatively impacted comps by about 1%.
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