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Ross Stores Inc. (ROST+0.40%) has submitted its Form 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports sales of $5.071 billion for the three months ended November 2, 2024, a 3.0% increase from $4.925 billion in the same period the previous year. This growth is attributed to the opening of 80 net new stores and a 1% increase in comparable store sales.
Net earnings for the quarter were $488.8 million, compared to $447.3 million in the previous year. Earnings per share for the quarter were $1.48, up from $1.33 in the previous year.
Cost of goods sold for the quarter was $3.634 billion, representing 71.7% of sales, compared to 72.4% in the same quarter of the previous year. This decrease in cost ratio is attributed to lower buying costs and distribution costs.
Selling, general, and administrative expenses for the quarter were $832.9 million, representing 16.4% of sales, compared to 16.5% in the previous year. The decrease is primarily due to lower incentive compensation expenses.
The company reported an interest income, net of $42.5 million for the quarter, compared to $43.3 million in the previous year, primarily due to decreased interest income from lower interest rates.
Ross Stores opened 47 new stores in the third quarter of fiscal 2024, bringing the total number of stores to 2,192 as of November 2, 2024.
Cash provided by operating activities was $1.474 billion for the nine months ended November 2, 2024. Cash used in investing and financing activities was $514.1 million and $1.481 billion, respectively.
The company repurchased 5.5 million shares of common stock for $787.5 million under its stock repurchase program during the nine months ended November 2, 2024.
Ross Stores declared a quarterly cash dividend of $0.3675 per common share, payable on December 31, 2024.
The filing also notes the appointment of James G. Conroy as the next Chief Executive Officer, effective February 2, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ross Stores Inc. quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.