Ross Stores, Inc. (NASDAQ:ROST) Q2 2024 Earnings Conference Call August 22, 2024 4:15 AM ET
Company Participants
Barbara Rentler - Chief Executive Officer
Adam Orvos - Executive Vice President & Chief Financial Officer
Michael Hartshorn - Group President & Chief Operating Officer
Conference Call Participants
Matthew Boss - JPMorgan
Chuck Grom - Gordon Haskett
Mark Altschwager - Baird
Paul Lejuez - Citi
Michael Binetti - Evercore ISI
Alex Straton - Morgan Stanley
Lorraine Hutchinson - Bank of America
Dana Telsey - Telsey Advisory Group
Brooke Roach - Goldman Sachs
Robert Drbul - Guggenheim
Adrienne Yih - Barclays
Irwin Boruchow - Wells Fargo
Marni Shapiro - Retail Tracker
John Kernan - TD Cowen
Aneesha Sherman - Bernstein
Corey Tarlowe - Jefferies
Jay Sole - UBS
Laura Champine - Loop Capital Markets
Operator
Good afternoon, and welcome to the Ross Stores Second Quarter 2024 Earnings Release Conference Call. The call will begin 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, the 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 the 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 in the company's fiscal 2023 Form 10-K and fiscal 2024 Form 10-Q and 8-Ks on file with the SEC.
And now I'd like to turn the call over to Barbara Rentler, Chief Executive Officer.
Barbara Rentler
Good afternoon. Joining me on our call today are Michael Hartshorn, Group's President, Chief Operating Officer; Adam Orvos, Executive Vice President and Chief Financial Officer; and Connie Kao, Group Vice President, Investor Relations. We'll begin our call today with a review of our second quarter 2024 results, followed by our outlook for the second half and full fiscal year. Afterwards, we'll be happy to respond to any questions you may have.
As noted in today's press release, second quarter sales and earnings were above our expectations as our stronger value offerings resonated with our customers. Operating margin improved versus last year, increasing 115 basis points to 12.5%. Total sales for the period grew 7% to $5.3 billion, up from $4.9 billion last year with comparable store sales up 4%.