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Why Ross Stores Surged Today
Off-price retailer Ross Stores (ROST - Free Report) reported Q3 results after the bell on Thursday, beating estimates on both the top and bottom lines. It marked the second consecutive earnings beat for Ross Stores, a Zacks Rank #3 (Hold), and the third over the past four quarters. With mixed third-quarter retail results, is ROST a buy?
ROST posted a profit of $1.00/share during the third quarter, which represented a 23.5% surprise versus the $0.81 consensus estimate. Revenues of $4.57 billion in the third quarter also beat estimates.
The company displayed confidence by raising its full-year profit outlook. ROST now expects 2022 EPS in a range of $4.21 to $4.34 per share, versus an earlier forecast range of $3.84 to $4.12 per share.
This year, Ross Stores has shown its ability to navigate a difficult market environment. Recently released October retail sales data pointed to continued growth and strong consumer spending. Shares soared to a high for the year this morning before pulling back, closing up about 10% on the day.