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)