Discount department store chain Ross Stores has reported its comparable store sales for the first half (H1) of FY2023 increased by 3%, compared with a decline of 7% in the same period in FY2022.

During the six months ending 29 July 2023, the retailer generated $9.4bn in sales, up from $8.9bn in the prior-year period.

Ross Stores posted net income of $818m in H1 FY2023, up from $723m a year ago, and its earnings per share (EPS) for the period were $2.41 against $2.08 in the same period in FY2022.

In the second quarter (Q2) of FY2023, the retailer saw its sales grow to $4.9bn from $4.6bn in Q2 FY2022.

The company’s comparable store sales increased 5% in Q2 FY2023 against a decline of 7% in the prior-year quarter.

Ross Stores reported net income of $446m, up from $385m during the quarter.

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Its EPS for the 13 weeks were $1.32, against $1.11 in Q2 FY2022.

Ross Stores chief executive officer Barbara Rentler said: “We are pleased with our second quarter results, with both sales and earnings well above our expectations. Along with easing inflationary pressures, customers responded well to our improved value offerings throughout our stores. Second quarter operating margin was flat to last year at 11.3%.

“During the second quarter, we repurchased 2.2 million shares of common stock for an aggregate price of $230m. As previously announced, we expect to buy back $950m of common stock this year under our two-year $1.9bn repurchase programme that extends through fiscal 2023.”

The retailer expects comparable store sales to grow 23% in the third quarter 2023 and up 1% to 2% in the fourth quarter.

Ross Stores also expects same store sales to grow by 2–3% for the full year 2023.