ROST - Ross Stores Inc. (ROST) Q1 2024 Earnings Call Transcript
2024-05-23 19:25:29 ET
Ross Stores, Inc. (ROST)
Q1 2024 Earnings Conference Call
May 23, 2024, 04:15 PM 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
Lorraine Hutchinson - Bank of America
Michael Binetti - Evercore ISI
Matthew Boss - JPMorgan
Mark Altschwager - Baird
Chuck Grom - Gordon Haskett
Alex Straton - Morgan Stanley
Tracy Kogan - Citi
Adrienne Yih - Barclays
Bob Drbul - Guggenheim
Simeon Siegel - BMO Capital Markets
Brooke Roach - Goldman Sachs
Dana Telsey - Telsey Advisory Group
Aneesha Sherman - Bernstein
Laura Champine - Loop Capital Markets
Marni Shapiro - Retail Tracker
Presentation
Operator
Good afternoon, and welcome to the Ross Stores First 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 about 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 its 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 the company's fiscal 2023 Form 10-K and fiscal 2024 Form 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 President and 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 first quarter 2024 results, followed by our outlook for the second quarter and fiscal year. Afterwards, we'll be happy to respond to any questions you may have.
As noted in today's press release, though we had hoped to do better, first quarter sales were still in line with our guidance despite macroeconomic headwinds that continued to pressure our customers' discretionary spending. Earnings results for the period were better than expected, primarily due to lower expenses relative to our plan....
Ross Stores, Inc. (ROST) Q1 2024 Earnings Call Transcript