Ross Stores(US:ROST) ZACKS·2025-05-23 14:05Core Insights - Ross Stores, Inc. reported strong first-quarter results for fiscal 2024, with both net sales and earnings exceeding expectations and showing year-over-year growth [1][4][5] Financial Performance - Earnings per share reached $1.47, surpassing the Zacks Consensus Estimate of $1.43 and slightly above the previous year's $1.46 [4] - Total sales amounted to $4,985 million, reflecting a 3% increase year over year and exceeding the Zacks Consensus Estimate of $4,970 million [5] - The cost of goods sold (COGS) was $3.6 billion, up 2.6% year over year, with COGS as a percentage of sales at 71.8%, a slight decrease of 10 basis points from the previous year [6] - Gross profit increased by 2.6% year over year to $1.4 billion, with a gross margin of 28.2%, up 10 basis points from the year-ago quarter [7] - Operating income rose 2.6% year over year to $606.5 million, maintaining an operating margin of 12.2% [7] Cash and Shareholder Returns - The company ended the quarter with cash and cash equivalents of $3.7 billion and long-term debt of $1 billion, with total shareholders' equity at $5.5 billion [9] - In the first quarter, Ross Stores repurchased 2 million shares for $263 million, part of a $2.1 billion buyback program [10] Expansion Plans - Ross Stores opened 16 new Ross stores and three dd's DISCOUNTS locations in the first quarter, with plans to open approximately 90 new stores in total for the year [11] Future Outlook - The company is cautious about the near term due to macroeconomic uncertainties, particularly inflation and trade policies, leading to the withdrawal of full-year sales and earnings guidance [12][13] - For the second quarter, comparable store sales are expected to be flat to up 3%, with earnings per share projected between $1.40 and $1.55, reflecting a potential negative impact from tariffs [14]