The company said total revenue for the quarter ended May 4, 2024 was $24.5 billion, down 3.1% from the comparable prior-year period, and operating income was $1.3 billion, down 2.4%. Comparable sales fell 3.7%.

1. 01

   The company said total revenue for the quarter ended May 4, 2024 was $24.5 billion, down 3.1% from the comparable prior-year period, and operating income was $1.3 billion, down 2.4%. Comparable sales fell 3.7%.

2. 02

   The company said its gross margin rate for the quarter was 27.7%, up from 26.3% in the prior-year period, and its SG&A expense rate was 21.1%, up from 19.8% a year earlier. It cited lower sales, investments in team member pay and benefits, and higher marketing activities as factors behind the higher SG&A rate.

3. 03

   The company said operating cash flow for the quarter was $1.1 billion, compared with $1.3 billion in the comparable prior-year period. It cited higher incentive compensation and other payments as the reasons for the decrease, which were partially offset by the net impact of inventory and accounts payable activity.

4. 04

   The company said it paid dividends of $508 million ($1.10 per share) in the quarter, up 1.9% per share from $1.08 per share a year earlier. It also said it did not repurchase any shares during the quarter.

Key figures

Quarter ended May 4, 2024

Revenue

$24.5B

Operating income

$1.3B

Net income

$942M

EPS

$2.03

Operating cash flow

$1.1B

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.