Ross Stores Earnings: Here’s Why Shares are Up Now
Ross Stores Inc. (NASDAQ:ROST) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 1.43%.
Ross Stores Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 20.99% to $0.98 in the quarter versus EPS of $0.81 in the year-earlier quarter.
Revenue: Rose 8.98% to $2.55 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Ross Stores Inc. reported adjusted EPS income of $0.98 per share. By that measure, the company beat the mean analyst estimate of $0.93. It beat the average revenue estimate of $2.52 billion.
Quoting Management: Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, “We are pleased with our better-than-expected results for the second quarter and first six months of 2013, which were mainly driven by above-plan sales and merchandise gross margin. Our performance for both the quarter and year-to-date periods continues to benefit from the solid execution of our core off-price strategy of delivering compelling name brand bargains to today’s value-focused consumers.”
Key Stats (on next page)…