Management Raised Full Year Guidance for Ross Stores (ROST)
TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy underperformed the Russell Midcap Growth Index and returned 13.66% (gross) and 13.44% (net) while the index return was - 14.55%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Mid Cap Growth Strategy featured stocks like Ross Stores, Inc. (NASDAQ:ROST) in the fourth quarter 2023 investor letter. Headquartered in Dublin, California, Ross Stores, Inc. (NASDAQ:ROST) is an off-price fashion and apparel retailer. On March 27, 2024, Ross Stores, Inc. (NASDAQ:ROST) stock closed at $147.19 per share. One-month return of Ross Stores, Inc. (NASDAQ:ROST) was -2.17%, and its shares gained 43.64% of their value over the last 52 weeks. Ross Stores, Inc. (NASDAQ:ROST) has a market capitalization of $49.554 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Ross Stores, Inc. (NASDAQ:ROST) in its fourth quarter 2023 investor letter:
"In Consumer-oriented sectors, we lean towards value-oriented or specialty retailers, franchise models, as well as premium brands. Also gaining 23% over the quarter was Ross Stores, Inc. (NASDAQ:ROST), an off-price retailer featuring apparel and home fashions. Third quarter results were solid as sales comparisons accelerated with higher levels of customer traffic across geographies. Management raised full-year guidance. We added to the position given our increased conviction at the start of the quarter."
A close-up of a mannequin outfitted with the company's latest collection of apparel.
Ross Stores, Inc. (NASDAQ:ROST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Ross Stores, Inc. (NASDAQ:ROST) was held by 50 hedge fund portfolios, compared to 54 in the previous quarter, according to our database.
We discussed Ross Stores, Inc. (NASDAQ:ROST) in another article and shared the list of best department store stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
