US retailer Ross Stores’ sales rise to $4.9 bn in Q3 FY23


US-based discount retail chain Ross Stores has reported sales of $4.9 billion for the third quarter of fiscal 2023 (Q3 FY23), an increase from the $4.6 billion reported in the same period last year. This growth is attributed to a 5 per cent gain in comparable store sales, indicating strong consumer demand and effective business strategies.

Earnings per share for Q3 FY23 were reported at $1.33, marking an increase from $1 per share for Q3 FY22. This rise in earnings per share reflects the company’s improved profitability during this period. Net income also saw a notable increase, rising to $447 million compared to $342 million in the previous year, the company said in a media release.

American discount retail chain Ross Stores’ Q3 FY23 sales increased to $4.9 billion, up from $4.6 billion last year, with a 5 per cent increase in comparable store sales.
Earnings per share in Q3 FY24 improved to $1.33, and net income grew to $447 million.
For the first nine months of FY23, sales reached $14.4 billion, reflecting continued growth.

Looking at the nine-month period ending October 28, 2023, Ross Stores reported earnings per share of $3.74 on net earnings of $1.3 billion. This performance is an improvement over the $3.08 per share on net income of $1.1 billion for the same period in 2022. Sales for the first nine months of 2023 were reported at $14.4 billion, with a 4 per cent increase in comparable store sales over the prior year.

“We are pleased that both sales and earnings outperformed our expectations for the quarter as customers responded favourably to the terrific values we offered throughout our stores. Operating margin for the period was 11.2 per cent, up from 9.8 per cent last year, as leverage from the same store sales gain and lower freight costs was partially offset by higher incentives and store wages,” said Barbara Rentler, chief executive officer.

Fibre2Fashion News Desk (DP)

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