Ross Stores, Inc. (NASDAQ:ROST) stock was on the rise today following the release of its earnings report for the second quarter of 2017.
During its second quarter of the year, Ross Stores, Inc. reported earnings per share of 82 cents. This is an increase over its earnings per share of 71 cents from the same time last year. It was also good news for ROST stock by beating out Wall Street’s earnings per share estimate of 77 cents for the quarter.
Revenue of $3.43 billion in the second quarter of 2017 was a also a boon to ROST stock. This comes in higher than Ross Stores, Inc.’s revenue of $3.18 billion from the second quarter of 2016. It also came in above analysts’ revenue estimate of $3.37 billion for the second quarter of the year.
Ross Stores, Inc. reported net income of $316 million in its second quarter of 2017. The retail company reported a net income of $281 million in its second quarter of the previous year.
“We expect to buy back a total of $875 million in common stock during fiscal 2017 under the two-year $1.75 billion authorization approved by our Board of Directors in February of this year,” Barbara Rentler, CEO of Ross Stores, Inc., said in a statement.
ROST stock also got a boost from the company’s increased outlook for the full year of 2017. Ross Stores, Inc. is expecting earnings per share for the year to range from $3.16 to $3.23. This represents a 12% to 14% increase over its earnings per share in 2016. Wall Street is looking for the company to report earnings per share of $3.17 for the full year of 2017.
ROST stock was up 9% as of noon Friday, but is down 10% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
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