Ross Stores, Inc. Stock Fell More than 5% on Weak Q2 Earnings Outlook
Ross Stores, Inc. (NYSE:ROST) reported its latest quarterly earnings results after the bell Thursday, which beat analysts’ expectations but shares fell on a weak earnings outlook for its next quarter.
The footwear company announced earnings of $418 million, or $1.10 per share for its first quarter of fiscal 2018. The figure was ahead of its year-ago earnings of $321 million, or 82 cents per share, while also beating analysts’ earnings expectations of $1.07 per share, according to data compiled by FactSet.
Ross Stores also reported revenue of $3.6 billion, a 9% increase compared to the year-ago period, while also topping the Wall Street consensus estimate of $3.5 billion, according to data compiled by FactSet. The company posted same-stores sales growth of 3% compared to the year-ago quarter, which was better than analysts’ projections of a 2.9% gain.
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For its second quarter, the company predicts sales to be up between 1% and 2% compared to the year-ago quarter. For that period, Ross Stores’ outlook calls for earnings to be in the range of 95 cents per share to 99 cents per share, which is below the consensus estimate that analysts project of $1.03 per share, according to data compiled by FactSet.
Wall Street also sees sales as being around $3.65 billion for the period, per FactSet.
ROST shares were down more than 5.6% after the bell Thursday on its weak quarterly guidance, despite gaining about 0.4% during regular trading hours.
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