Ross Stores, Inc. RUST Shares are trading higher Thursday after the company reported better-than-expected second-quarter results and raised its fiscal year earnings forecast, with the midpoint coming in above estimates. Here’s a look at the details of the report.
The details: Ross Stores reported quarterly GAAP earnings of $1.59 per share, beating analysts’ consensus estimates and representing an increase of 20.45% over the same period last year.
Quarterly revenue of $5.29 billion also came in above consensus estimates and represented a 7.13% increase year over year, with comparable store sales up 4% year over year.
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“Second quarter revenue and profit were above our expectations as our stronger value propositions resonated with our customers. Operating margin increased 115 basis points to 12.5% compared to the same period last year. Our year-over-year improvement in profitability benefited from higher revenue and lower selling and incentive costs, partially offset by lower trading margins, as expected,” said Barbara RentlerCEO of Ross Stores.
Outlook: Ross Stores expects third-quarter earnings in the range of $1.35 to $1.41 per share (compared to the estimate of $1.38 per share) and fourth-quarter earnings in the range of $1.60 to $1.67 per share.
ROST price promotion: According to Benzinga Pro, Ross Stores shares are up 5.72% in after-hours trading at $161.25 as of publication Thursday.
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Photo: Courtesy of Ross Stores, Inc.
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