Ross Stores (ROST) Tops Q3 EPS by 6c
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EPS Growth %: +23.9%
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Provision for taxes on earnings: 141.72M
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Ross Stores (NASDAQ: ROST) reported Q3 EPS of $0.93, $0.06 better than the analyst estimate of $0.87. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $2.55 billion. Fiscal 2014 third quarter sales increased 8% to $2.599 billion, with comparable store sales up 4% over the prior year.
Ross Stores sees Q4 2014 EPS of $1.05-$1.09, versus the consensus of $1.10. The Company continues to project comparable store sales up 1% to 2%.
Barbara Rentler, Chief Executive Officer, commented, "We are pleased with the better-than-expected sales and earnings we achieved in the third quarter. These results were driven by our ongoing ability to deliver compelling bargains to our customers, which drove above-plan sales gains and strong merchandise gross margins. Operating margin for the quarter grew 55 basis points due to a 40 basis point improvement in cost of goods sold and a 15 basis point decline in selling, general and administrative expenses."
Ms. Rentler continued, "We remain committed to enhancing stockholder returns through our share repurchase and dividend programs. During the first nine months of fiscal 2014, we repurchased 5.9 million shares of common stock for an aggregate price of $418 million. We remain on track to repurchase a total of $550 million in common stock in 2014, which would complete the two-year $1.1 billion stock repurchase authorization announced at the beginning of last year."
For earnings history and earnings-related data on Ross Stores (ROST) click here.
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