ROSS STORES Reports Second Quarter Earnings Results for FY2024
August 19, 2023
🌥️Earnings Overview
ROSS STORES ($NASDAQ:ROST) reported its earnings for the second quarter of FY2024, ending July 31 2023, on August 17 2023. Total revenue was USD 4934.9 million, which represented a 7.7% year-over-year increase. Net income amounted to USD 446.3 million, showing an impressive 16.1% growth compared to the same period of the previous year.
Stock Price
The company’s stock opened at $115.8 and closed at $113.1, showing a decrease of 1.9% from the previous closing price of 115.2. This decrease in the stock’s price indicates that investors are cautious about the company’s performance and future prospects in the coming quarters. This increase was largely driven by an increase in grocery sales, as well as stronger performance from home and apparel categories. Despite this decline, ROSS STORES is confident about its performance in the next quarters and is focused on providing customers with quality products and services at competitive prices. Overall, ROSS STORES’ second quarter earnings report shows a mixed performance. Despite an increase in sales, the company reported a decrease in its net income compared to the previous year. This indicates that investors are cautious and taking a wait-and-see approach to investing in ROSS STORES.
However, the company is confident about its performance in the coming quarters and is focused on continuing to provide customers with quality products and services. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ross Stores. More…
| Total Revenues | Net Income | Net Margin |
| 19.21k | 1.61k | 8.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ross Stores. More…
| Operations | Investing | Financing |
| 2.86k | -774.18 | -1.41k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ross Stores. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 13.99k | 9.53k | 12.65 |
Key Ratios Snapshot
Some of the financial key ratios for Ross Stores are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 14.5% | 43.2% | 10.9% |
| FCF Margin | ROE | ROA |
| 10.9% | 30.3% | 9.3% |
Analysis
GoodWhale conducted an analysis of ROSS STORES‘s wellbeing and our observations indicate that the company is in good shape. Our Star Chart shows that ROSS STORES has a high health score of 9/10 when it comes to its cashflows and debt- it is capable of paying off debt and funding future operations. We also noted that ROSS STORES is strong in asset, dividend, and profitability, and medium in growth. All in all, ROSS STORES is a “rhino” company, meaning that it has achieved moderate revenue or earnings growth. This type of company may be attractive for investors who are looking for stability and a steady stream of income. ROSS STORES is a dependable choice for anyone wanting to invest in a reliable company with a strong balance sheet. With strong assets, dividends, and profitability, investors can be confident that their money is being put to good use. We believe ROSS STORES is a sound investment for those seeking stability and consistent returns. More…
Peers
Though it may not seem like it at first, the retail industry is actually fiercely competitive. This is especially true for those in the discount retail sector, where companies like Ross Stores Inc. must compete with the likes of Burlington Stores Inc, Kohl’s Corp, and Chiyoda Co Ltd. In order to stay ahead, Ross Stores Inc. has to offer low prices and a good selection of merchandise.
– Burlington Stores Inc ($NYSE:BURL)
Burlington Stores Inc is an American off-price department store retailer, headquartered in Burlington, New Jersey. It was founded in 1972 and has grown to operate over 700 stores in 45 states and Puerto Rico. The company offers a wide variety of merchandise, including clothing, shoes, accessories, home décor, and more. Burlington Stores Inc has a market cap of 9.89B as of 2022. The company’s return on equity is 28.14%. Burlington Stores Inc is a publicly traded company on the New York Stock Exchange (NYSE) under the ticker symbol “BURL.”
– Kohl’s Corp ($NYSE:KSS)
Kohl’s Corp is a publicly traded company with a market cap of 3.66B as of 2022. The company has a return on equity of 16.46%. Kohl’s Corp is a retail company that operates department stores in the United States. The company was founded in 1962 and is headquartered in Menomonee Falls, Wisconsin.
– Chiyoda Co Ltd ($TSE:8185)
Chiyoda Co Ltd is a Japanese engineering company. The company has a market cap of 26.54B as of 2022 and a Return on Equity of -2.63%. The company provides engineering, procurement, and construction services for the oil, gas, chemicals, power, and other industries.
Summary
ROSS STORES saw strong performance in its second quarter of FY2024, ending July 31 2023, with total revenue increasing by 7.7% year-over-year to USD 4934.9 million. Net income came in at USD 446.3 million, up 16.1% year-over-year. This impressive growth is certainly encouraging for investors considering the company’s stock.
Furthermore, ROSS STORES has been able to sustain its positive momentum despite the pandemic, suggesting that the company may continue to post solid performance in the future. Long-term investors may find ROSS STORES a compelling investment opportunity at its current price.
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