Q4 2024 Ross Stores Inc Earnings Call Transcript
Key Points
- Fourth-quarter sales and earnings results were at the high end of expectations, driven by improved assortments and strong execution during the holiday season.
- Earnings per share for fiscal 2024 increased to $6.32 from $5.56 in the prior year, with net income rising to $2.1 billion.
- Comparable store sales for fiscal 2024 grew by 3%, building on a 5% gain in fiscal 2023.
- The company repurchased 7.3 million shares for $1.05 billion in fiscal 2024, reflecting a commitment to returning excess cash to shareholders.
- Ross Stores Inc (ROST) plans to open approximately 90 new locations in 2025, indicating continued expansion and growth potential.
- Earnings per share for the fourth quarter slightly decreased to $1.79 from $1.82 in the previous year.
- Sales trends began softening in January and February 2025, attributed to unseasonable weather and macroeconomic volatility.
- Operating margin for the fourth quarter was flat compared to last year, with declines in merchandise margin and unfavorable timing of packaway-related costs.
- The company expects comparable store sales for the first quarter of 2025 to be down 3% to flat, indicating cautious expectations.
- Ross Stores Inc (ROST) faces potential headwinds from domestic freight costs and macroeconomic uncertainties impacting consumer confidence.
Good afternoon, and welcome to the Ross Store's fourth-quarter and fiscal 2024 earnings release conference call. The call will be given with prepared comments by management followed by a question-and-answer session. (Operator Instructions)
Before we get started, on behalf of Ross Stores, I would like to note that the comments made on this call will contain forward-looking statements regarding expectations about future growth and financial results, including sales and earnings forecasts, new store openings, and other matters that are based on the company's current forecast of aspects of its future business. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical performance or current expectations. Risk factors are included in today's press release, and the company's fiscal 2023 Form 10-K and fiscal 2024 Form 10-Qs and 8-Ks on file with the SEC.
And now, I'd like to turn the call over to Connie Kao, Group Vice President of Investor Relations.
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