$ROST (-2,55聽%) | Ross Stores Q3 Earnings Highlights:
馃敼 Adjusted EPS: $1.48 (Est. $1.40) 馃煝; UP +11% YoY
馃敼 Revenue: $5.07B (Est. $5.15B) 馃槕; UP +3% YoY
馃敼 Comparable Store Sales: +1% YoY
Q4 Guidance:
馃敼 Revenue: $5.97B (Est. $5.97B) 馃煛
馃敼 Adjusted EPS: $1.57-$1.64 (Est. $1.67) 馃敶
馃敼 Comps: +2% to +3%
FY24 Guidance:
馃敼 EPS: $6.10-$6.17 (Est. $6.00-$6.13) 馃煝; UP +10-11% YoY
Key Metrics:
馃敼 Operating Margin: 11.9% (Est. 11.1%) 馃煝; UP from 11.2% last year
馃敼 Merchandise Inventory: $2.86B; UP +9% YoY
Business Highlights:
馃敻 Cost savings from lower freight, incentive, and distribution expenses supported margins.
馃敻 Hurricanes and unseasonably warm weather impacted sales performance.
Capital Allocation:
馃敼 Share Repurchases: 1.8M shares for $262M in Q3; on track for $1.05B in FY24 repurchases under the $2.1B two-year program.
馃敼 Quarterly Dividend: $0.34 per share.
Management Commentary:
馃敻 CEO Barbara Rentler:
"Sales slowed from earlier 2024 gains due to high costs pressuring discretionary spending and execution challenges in merchandising."
馃敻 "Margins exceeded expectations, reflecting operational efficiencies."