ROSS Stores, Inc. Q1 FY2024 results: revenue $4.9 billion, up 8.1% on the year

ROSS Stores, Inc. (ROST) reported revenue of $4.9 billion for Q1 FY2024, the quarter ended 4 May 2024, up 8.1% on the same quarter a year earlier. Net income was $488 million, up 31.5% on the year, and diluted earnings per share $1.46. The figures are the company's own, from the 10-Q it filed with the SEC on 12 June 2024.

Revenue$4.9 billionup 8.1%

Net income$488 millionup 31.5%

Diluted EPS$1.46

QuarterQ1 FY2024ended 4 May 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	4,858	6,023	n/a	n/a
Cost of revenue	3,491	4,375	n/a	n/a
Gross profit	1,367	1,647	n/a	n/a
Gross margin	28.1%	27.3%	n/a
Selling, general and administrative	776	903	n/a	n/a
Operating income	591	796	n/a	n/a
Operating margin	12.2%	13.2%	n/a
Pre-tax income	637	796	n/a	n/a
Income tax	149	187	n/a	n/a
Effective tax rate	23.4%	23.4%	n/a
Net income	488	610	n/a	n/a
Net margin	10.0%	10.1%	n/a
Diluted EPS	$1.46	$1.82	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	369	949	n/a	n/a
Capital expenditure	136	222	n/a	n/a
Free cash flow	233	726	n/a	n/a
Free cash flow margin	4.8%	12.1%	n/a
Depreciation and amortisation	109	119	n/a	n/a
Share-based compensation	40.4	34.1	n/a	n/a
Buybacks	262	247	n/a	n/a
Dividends paid	123	113	n/a	n/a
Dividend per share	$0.37	$0.34	n/a	n/a
Diluted shares, weighted	334m	337m	n/a	n/a
Shares outstanding at period end	334m	335m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	14,492	14,300	n/a	n/a
Cash and equivalents	4,654	4,872	n/a	n/a
Receivables	165	131	n/a	n/a
Inventory	2,462	2,192	n/a	n/a
Long-term debt	2,462	2,461	n/a	n/a
Operating lease liabilities	2,693	2,603	n/a	n/a
Shareholders' equity	4,948	4,871	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,925	6,023	4,858	5,288	5,071	5,912	4,985	5,529	5,601	6,635	6,010	6,265
Cost of revenue	3,564	4,375	3,491	3,792	3,634	4,344	3,581	4,002	4,032	4,831	4,231	4,145
Gross profit	1,361	1,647	1,367	1,496	1,437	1,569	1,404	1,527	1,568	1,804	1,780	2,120
Gross margin	28%	27%	28%	28%	28%	27%	28%	28%	28%	27%	30%	34%
SG&A	810	903	776	836	833	838	797	889	920	990	976	1,016
Operating income	593	796	591	659	604	731	606	638	648	814	804	1,104
Operating margin	12%	13%	12%	12%	12%	12%	12%	12%	12%	12%	13%	18%
Pre-tax income	593	796	637	703	647	771	641	671	682	848	837	1,135
Tax rate	25%	23%	23%	25%	24%	24%	25%	24%	25%	24%	22%	25%
Net income	447	610	488	527	489	587	479	508	512	646	650	851
Net margin	9%	10%	10%	10%	10%	10%	10%	9%	9%	10%	11%	14%
Diluted EPS	$1.33	$1.82	$1.46	$1.59	$1.48	$1.79	$1.47	$1.56	$1.58	$2.00	$2.02	$2.66
Operating cash flow	449	949	369	592	513	883	410	668	827	1,122	836	876
Capital expenditure	177	222	136	197	180	206	207	202	209	201	209	251
Free cash flow	272	726	233	395	333	677	202	467	618	921	627	624
Buybacks	239	247	262	262	262	262	263	262	262	262	319	319
Dividends paid	113	113	123	122	122	121	133	132	132	131	144	143
Shares outstanding	337m	335m	334m	332m	330m	329m	327m	326m	324m	322m	321m	320m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 4 May 2024, filed 12 June 2024, accession 0000745732-24-000035: the filing on EDGAR. All of ROSS Stores, Inc.'s filings: EDGAR company page.

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