Ross Stores (ROST) Q4 2025 earnings summary

Executive summary

• Q4 and full-year 2024 results were at the high end of expectations, with strong holiday sales and positive customer response to branded assortments.

• Fiscal 2024 net earnings rose to $2.1 billion on sales of $21.1 billion, up from $1.9 billion and $20.4 billion in fiscal 2023, with EPS increasing to $6.32 from $5.56 year-over-year.

• New CEO Jim Conroy emphasized continuity in brand and merchandising strategies, with a focus on evolutionary improvements and enhanced marketing.

• dd's DISCOUNTS outperformed Ross for Q4 and the year, with plans to rebuild the store growth pipeline.

• Both Q4 and full year results included a $0.14 per share one-time benefit from the sale of a packaway facility.

Financial highlights

• Q4 sales reached $5.9B, up 3% in comparable store sales on top of a 7% gain last year; net income was $587M vs. $610M prior year.

• Full-year sales were $21.1B, up from $20.4B; net income rose to $2.1B from $1.9B; EPS was $6.32, up from $5.56.

• Q4 EPS was $1.79 vs. $1.82 last year, with a one-time $0.14/share benefit from a facility sale.

• Q4 2024 operating margin was 12.4%, flat year-over-year; facility sale contributed 105 bps to margin.

• Fiscal 2024 operating income was $2.59B, up from $2.31B in 2023.

Outlook and guidance

• Q1 2025 comparable store sales expected to be down 3% to flat; EPS guidance of $1.33–$1.47 vs. $1.46 last year.

• Full-year 2025 same-store sales planned to be down 1% to up 2%; EPS projected at $5.95–$6.55 vs. $6.32 in 2024.

• Operating margin for 2025 expected at 11.5%–12.2%, compared to 12.2% in 2024.

• 90 new stores planned for 2025, with 80 Ross and 10 dd's DISCOUNTS.

• Management taking a cautious approach due to softening sales trends and macroeconomic/geopolitical uncertainty.