American retailer Ross Stores' sales up 7% to $10.1 bn in H1 FY24

23 Aug '24

2 min read

American retailer Ross Stores' sales up 7% to $10.1 bn in H1 FY24

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Insights

Ross Stores reported H1 FY24 sales of $10.1 billion, up 7 per cent from last year, driven by a 3 per cent increase in comparable store sales.
Net income reached $1 billion with EPS of $3.05, significantly higher than H1 FY23.
In Q2 FY24, Ross Stores reported a 7 per cent sales increase to $5.3 billion, with EPS of $1.59 on net income of $527 million.

Ross Stores, Inc, a leading US-based off-price retailer, has reported sales of $10.1 billion for the first half of fiscal 2024 (H1 FY24), marking a 7 per cent increase from $9.4 billion in the same period of the previous year. This growth was bolstered by a 3 per cent increase in comparable store sales.

The company’s net income for H1 FY24 reached $1 billion, with earnings per share (EPS) of $3.05. These figures represent a significant improvement compared to the first half of fiscal 2023, where Ross Stores reported net earnings of $818 million and EPS of $2.41, the company said in a media release.

In the second quarter of fiscal 2024 (Q2 FY24), covering the 13 weeks ended 3 August 2024, Ross Stores continued to deliver strong results. The company reported earnings per share of $1.59 on net income of $527 million, up from $1.32 per share on net income of $446 million for the same period in 2023.

Total sales for the second quarter increased by 7 per cent, reaching $5.3 billion, compared to $4.9 billion in the second quarter of fiscal 2023. Comparable store sales for the quarter were up 4 per cent.

“Second quarter sales and earnings were above our expectations as our stronger value offerings resonated with our customers. Operating margin increased 115 basis points to 12.5 per cent compared to the prior year period. Our improved profitability relative to last year benefited from higher sales, and lower distribution and incentive costs that were partially offset, as expected, by lower merchandise margins,” said Barbara Rentler, chief executive officer.

Fibre2Fashion News Desk (DP)

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