Ross Stores Earnings: ROSS Stock Dips on Q1 Earnings Beat
Ross Stores (NASDAQ:ROST) reported its quarterly earnings results late today, bringing in a profit that was stronger than what analysts called for and increased when compared to the same period a year ago, while revenue also increased year-over-year yet ROST stock took a hit after hours on Thursday.
The Dublin, Calif.-based department stores business said that for its first quarter of the fiscal year, it brought in net income of $421 million, or $1.15 per share, which is 0.7% higher than its net income from the year-ago quarter, which tallied up to $418 million, or $1.11 per share.
Ross Stores added that its earnings were stronger than what the Wall Street consensus estimate called for, as analysts who were surveyed by FactSet predicted the business would bring in earnings of $1.11 per share. The company added that its sales were up to $3.8 billion from $3.6 billion during the same period a year ago, meeting analysts’ expectations, according to data compiled by FactSet.
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For its second quarter of the fiscal 2019, the business calls for earnings between $1.06 to $1.11 per share, while same-store sales are slated to gain about 1% to 2% during the three-month period. For the fiscal year, Ross Stores is calling for earnings of $4.38 to $4.52 per share.
Analysts surveyed by FactSet predict the company will bring in second-quarter earnings of $1.14 per share, as well as fiscal 2019 earnings of $4.52 per share.
ROST stock fell 3.3% after hours.
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