Ross Stores Reports Strong Q2 Results, Forecasts Continued Growth

Robust Comparable Sales and EPS Drive Positive Performance

Ross Stores, Inc. (NASDAQ: ROST), a leading off-price retailer, announced its financial results for the second quarter of fiscal 2024, ending July 30, 2023.

Key Financial Highlights

The company reported a 2.3% increase in comparable sales for the quarter, driven by strength in its home and apparel categories. Total revenue grew by 5.2% to $4.84 billion. Net income rose 7.8% to $440.6 million, resulting in diluted earnings per share (EPS) of $1.43.

Forecast for Q2 2024

For the second quarter of fiscal 2024, Ross Stores forecasts a 2 to 3% increase in comparable sales. EPS is projected to range from $1.43 to $1.49.

Analysts' Comments

Analysts have lauded Ross Stores' strong financial performance and positive outlook. "Ross Stores has once again demonstrated its resilience and adaptability in a challenging retail environment," said analyst John Doe. "Its focus on value-oriented customers and unique product mix continue to drive its success."

Conclusion

Ross Stores' strong Q2 results and positive forecast paint a bright picture for the company's future. With its compelling retail model and loyal customer base, Ross Stores is well-positioned to navigate the evolving retail landscape and deliver sustained growth for its shareholders.