Ross Stores reported Q3 FY2024 earnings per share of $1.48, up from $1.33 YoY, with net income rising to $489 million from $447 million. Sales increased to $5.1 billion from $4.9 billion, though comparable store sales grew only 1%. Operating margin improved to 11.9% from 11.2%, driven by lower incentive, freight, and distribution costs.The company faced challenges including slower business momentum compared to H1 2024, with management citing suboptimal merchandising execution and weather disruptions from hurricanes. For the first nine months, sales reached $15.2 billion with comparable store sales up 3%, while EPS reached $4.53 versus $3.74 last year.Looking ahead, Ross maintains Q4 comparable store sales growth forecast of 2-3% and projects Q4 EPS of $1.57-$1.64. The company updated full-year FY2024 EPS guidance to $6.10-$6.17, compared to $5.56 in FY2023. During Q3, the company repurchased 1.8 million shares for $262 million, maintaining its $1.05 billion buyback target for fiscal 2024.

Ross Stores reported Q3 FY2024 earnings per share of $1.48, up from $1.33 YoY, with net income rising to $489 million from $447 million. Sales increased to $5.1 billion from $4.9 billion, though comparable store sales grew only 1%. Operating margin improved to 11.9% from 11.2%, driven by lower incentive, freight, and distribution costs.The company faced challenges including slower business momentum compared to H1 2024, with management citing suboptimal merchandising execution and weather disruptions from hurricanes. For the first nine months, sales reached $15.2 billion with comparable store sales up 3%, while EPS reached $4.53 versus $3.74 last year.Looking ahead, Ross maintains Q4 comparable store sales growth forecast of 2-3% and projects Q4 EPS of $1.57-$1.64. The company updated full-year FY2024 EPS guidance to $6.10-$6.17, compared to $5.56 in FY2023. During Q3, the company repurchased 1.8 million shares for $262 million, maintaining its $1.05 billion buyback target for fiscal 2024.