|Bid||93.56 x 800|
|Ask||94.19 x 800|
|Day's Range||91.87 - 96.69|
|52 Week Range||56.30 - 124.16|
|Beta (5Y Monthly)||0.81|
|PE Ratio (TTM)||20.41|
|Earnings Date||Aug 20, 2020|
|Forward Dividend & Yield||1.14 (1.18%)|
|Ex-Dividend Date||Mar 16, 2020|
|1y Target Est||101.46|
TJX Cos. says that the early results from the reopening of more than 1,600 stores around the world have been positive, giving analysts reason to believe that if the price is right, shoppers will head back to stores after the coronavirus pandemic. The TJX (TJX) portfolio includes T.J. Maxx and Marshalls stores.
The U.S. death toll from the coronavirus that causes COVID-19 edged closer to 100,000 on Friday, as the news emerged that the Centers for Disease Control and Prevention has been combining the results of two different types of tests for the illness in a move that has been sharply criticized by health experts.
Stocks edged down Friday morning as ongoing signs of the economic damage from the coronavirus pandemic compounded with fears of rising U.S.-China tensions. A slew of quarterly corporate earnings results came in mixed.
Ross Stores (ROST) Q1 results were affected by temporary store closures due to the COVID-19 crisis as well as operating loss. Also, it withdrew second-quarter and fiscal 2020 views.
Before we get started, on behalf of Ross Stores, I would like to note that the comments made on this call may contain forward-looking statements regarding expectations about future operations and financial results, including store openings and reopenings and other matters that are based on the Company's current forecast of aspects of its future business. Now I would like to turn the call over to Barbara Rentler, Chief Executive Officer. Joining me on our call today are Michael Hartshorn, Group President and Chief Operating Officer; Travis Marquette, Group Senior Vice President and Chief Financial Officer; and Connie Kao, Vice President, Investor Relations.
Ross Stores (ROST) delivered earnings and revenue surprises of -2800.00% and -11.77%, respectively, for the quarter ended April 2020. Do the numbers hold clues to what lies ahead for the stock?
Ross Stores closed its 1,566 Ross Dress for Less and 266 dd’s Discounts locations in March as states began limiting non-essential retail to curb the spread of Covid-19. The company said it already has re-opened 700 stores.
Ross Stores earnings fell far short of views, after off-price rival TJX missed Q1 estimates but said said sales at reopened stores have been strong so far.
Shares of Ross Stores Inc. fell more than 3% in the extended session Thursday after the retailer reported a surprise first-quarter loss and sales that were below Wall Street expectations. Ross said it lost $306 million, or 87 cents a share, in the quarter, versus earnings of $421 million, or $1.15 a share, in the prior-year period. Sales fell to $1.8 billion from $3.8 billion a year ago. Ross said that since most of its stores were open for less than seven weeks of the 13-week period, it was not reporting same-store sales. Analysts polled by FactSet had expected earnings of 13 cents a share on sales of $2.2 billion in the quarter. "Our first-quarter results reflect the unprecedented impact the COVID-19 pandemic has had on our business," Chief Executive Barbara Rentler said in a statement. The company began reopening some of its stores last week depending on location, and about 700 stores have reopened since. "We have a deep bench of proven and experienced leaders throughout the business as well as a very strong financial foundation with over $3.0 billion in liquidity, which in addition to our cash balances includes a new $500 million revolving credit facility," Rentler said. "All of this makes us confident in our ability to successfully navigate through these challenging times." The company also did not provide full-year or second-quarter guidance due to the "lack of visibility created by COVID-19 and the unknown extent of the impact the virus will have on consumer demand and store productivity." Ross shares ended the regular trading day up 6.6%.
Ross Stores, Inc. (NASDAQ: ROST) today reported its financial results for the fiscal 2020 first quarter. Both sales and earnings reflect the closure of all Ross Dress for Less® and dd’s DISCOUNTS® locations starting on March 20th through the quarter end due to the ongoing spread of COVID-19 throughout the United States.
Wall Street's main indexes eased on Thursday from more than two-month highs hit in the previous session, as growing Sino-U.S. tensions and concerns about a rebound from a coronavirus-led economic slump hit sentiment. The three indexes have risen in four of the past five sessions, but have lost steam amid mixed headlines on progress in developing a coronavirus vaccine and a return of U.S.-China trade tensions to the forefront. U.S. Secretary of State Mike Pompeo on Wednesday again criticized Beijing's handling of the outbreak and a Chinese official said the country will not flinch from any escalation in tensions.
Stocks in the Nasdaq Composite (NASDAQINDEX: ^IXIC) were down slightly more than broader-based indexes, with the Composite dropping almost 1% shortly after 11:45 a.m. EDT. The Nasdaq 100 Index was similarly down by nearly 1%. Among notable stocks in the Nasdaq 100, Ross Stores (NASDAQ: ROST) saw a nice gain as investors hoped that the discount apparel retailer would be able to follow in the footsteps of one of its closest industry peers.
The S&P 500 index was largely unchanged on Thursday as growing U.S.-China trade tensions and concerns about a rebound from a coronavirus-led economic slump were offset by an upbeat outlook from retailer TJX. The discount chain's shares jumped 7.6% to a more than two-month high and were the biggest boost to the benchmark S&P 500 after it flagged strong sales at its stores that had reopened post-coronavirus lockdowns.
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Retail stocks' results are expected to reflect soft demand for non-essentials and discretionary items, offset by the increased stock-piling trend of essential goods, medicines and food in March.
Off-price retail, which had been an analyst and consumer favorite before the coronavirus pandemic, is now facing near-term headwinds, Wells Fargo says. The off-price category includes T.J. Maxx parent TJX Cos. , Ross Stores Inc. and Burlington Stores Inc. , which announced right before the nationwide stay-at-home orders that it would shut down its e-commerce site. "[I]nvestor conversations have turned much more cautious, as bears have begun to think more about the near-term issues and how challenging the next three-to-six months could be for off-price (lack of e-commerce, stores that rely on heavy traffic)," analysts led by Ike Boruchow wrote. Still, the category has benefits, including the "massive inventory dislocations" that the past months of apparel shopping decline will create. Retail sales fell 16.4% in April with sales plunging 79% at clothing stores. "While we remain very favorable on all three names into 2021, we highlight Burlington as the best way to play the space - best positioned from an inventory/liquidity standpoint, while their larger stores and less 'peak' traffic dynamics should make it easier to mitigate near-term comp challenges," Wells Fargo wrote. Wells Fargo rates all three companies overweight/buy with a $225 price target for Burlington, $110 price target for Ross Stores and $65 price target for T.J. Maxx. Burlington stock is up nearly 6% in Monday trading and up 7.5% over the past year. Ross shares have rallied 5.5% on Monday and are down 7.4% for the last 12 months. And TJX stock has gained 5% on Monday and is down 6.5% for the past year. The S&P 500 index is up 3.5% for the past 12 months.
Ross Stores' (ROST) first-quarter fiscal 2020 results are expected to reflect the impacts of store closures and higher costs due to the coronavirus pandemic.
A deluge of retail earnings and the Federal Reserve will be in focus in the week ahead.
Former Chairman & CEO of Toys 'R' Us and current CEO of Storch Advisors Jerry Storch joins Yahoo FInance’s Seana Smith to discuss the worse than expected drop in April’s retail sales and which sectors have been especially hard.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Ross Stores, Inc. New York, May 14, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Ross Stores, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Burlington Coat Factory Warehouse Corp and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.