The company said net sales rose 6.1% to $9.91 billion in Q1 2024 (13 weeks), and same-store sales rose 2.4%. Operating profit was $546.1 million, down 26.3% from $740.9 million a year earlier.

1. 01

   The company said net sales rose 6.1% to $9.91 billion in Q1 2024 (13 weeks), and same-store sales rose 2.4%. Operating profit was $546.1 million, down 26.3% from $740.9 million a year earlier.

2. 02

   The company said gross profit as a percentage of net sales for Q1 was 30.2%, down 145 basis points from 31.6% a year earlier. It cited increased shrink and markdowns, a greater share of sales from consumables, and lower inventory markups as factors. SG&A as a percentage of net sales was 24.7%, up 97 basis points.

3. 03

   The company said net income for Q1 2024 was $363.3 million ($1.65 per diluted share), lower than $514.4 million ($2.34) a year earlier. It said cash generated from operating activities was $663.8 million, an increase of $472.7 million from a year earlier.

4. 04

   The company expects capital expenditures for 2024 of about $1.3 billion to $1.4 billion and plans to open about 730 new stores. It said about $1.38 billion remained under its share repurchase authorization, but it does not plan to repurchase shares during 2024.

Key figures

Quarter ended May 3, 2024

Revenue

$9.9B

Operating income

$546M

Net income

$363M

EPS

$1.65

Gross profit

$3.0B

Operating cash flow

$664M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.