Ross Stores(ROST) - 2025 Q1 - Quarterly Results

Financial Performance - Earnings per share for Q1 2024 were $1.46, up from $1.09 in Q1 2023, with net earnings of $488 million compared to $371 million last year[1] - Sales for Q1 2024 increased by 8% to $4.9 billion, compared to $4.5 billion in the same period last year, with comparable sales up 3%[1] - Operating margin improved to 12.2%, a rise of 205 basis points from 10.1% in the previous year, driven by lower distribution and freight costs[2] - Net earnings for the three months ended May 4, 2024, were $487,990, compared to $371,191 for the same period in 2023, representing a 31.5% increase[12] - Fiscal 2024 earnings per share guidance is now projected to be between $5.79 and $5.98, compared to $5.56 for the previous fiscal year[4] Shareholder Actions - The company repurchased 1.9 million shares for $262 million under a $2.1 billion buyback program, aiming to buy back $1.05 billion in total during fiscal 2024[2] - Dividends paid increased to $123,298 from $114,794, marking a 7.3% increase[12] Inventory and Assets - Merchandise inventory increased to $2.46 billion from $2.24 billion year-over-year[10] - Merchandise inventory increased by $269,479, compared to an increase of $218,240 in the prior year, indicating a 23.5% rise[12] - Total assets as of May 4, 2024, were $14.49 billion, an increase from $13.62 billion as of April 29, 2023[10] Liabilities and Cash Flow - Current liabilities rose to $4.89 billion from $3.78 billion in the previous year[10] - Net cash provided by operating activities decreased to $368,921 from $413,152, a decline of 10.7% year-over-year[12] - Cash used in investing activities was $136,249, down from $167,253, reflecting an 18.6% decrease[12] - Net cash used in financing activities rose to $450,033 from $380,635, an increase of 18.3%[12] - Total cash, cash equivalents, and restricted cash at the end of the period was $4,718,080, up from $4,477,505, a growth of 5.4%[12] Store Operations - The company operates 2,127 stores as of May 4, 2024, up from 2,034 stores a year earlier[8] - For Q2 2024, comparable store sales are projected to increase by 2% to 3%, with earnings per share expected to be between $1.43 and $1.49[4] Compensation and Payables - Stock-based compensation rose to $40,447 from $33,063, a 22.5% increase year-over-year[12] - Accounts payable increased significantly to $179,376 from $46,577, indicating a 284.5% rise[12] - Interest paid remained constant at $40,158 for both periods, showing no change[12]