Ross Stores (NASDAQ:ROST) Announces Quarterly Earnings Results

Ross Stores (NASDAQ:ROSTGet Rating) posted its earnings results on Thursday. The apparel retailer reported $1.00 EPS for the quarter, beating the consensus estimate of $0.81 by $0.19, RTT News reports. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.37 billion. Ross Stores had a return on equity of 36.36% and a net margin of 7.97%. The business’s quarterly revenue was down .2% on a year-over-year basis. During the same period last year, the company earned $1.09 earnings per share. Ross Stores updated its Q4 guidance to $1.13-1.26 EPS and its FY23 guidance to $4.21-4.34 EPS.

Ross Stores Price Performance

Shares of ROST traded up $1.43 during mid-day trading on Thursday, hitting $97.93. 4,217,516 shares of the company were exchanged, compared to its average volume of 3,111,580. The stock has a market cap of $33.99 billion, a price-to-earnings ratio of 23.26, a price-to-earnings-growth ratio of 2.33 and a beta of 0.97. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.17 and a current ratio of 1.92. Ross Stores has a 1-year low of $69.24 and a 1-year high of $119.98. The company has a 50 day moving average of $89.63 and a 200-day moving average of $85.64.

Ross Stores Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Tuesday, December 6th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.27%. Ross Stores’s payout ratio is 29.45%.

Hedge Funds Weigh In On Ross Stores

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fairfield Bush & CO. acquired a new position in Ross Stores in the first quarter valued at $87,000. Federated Hermes Inc. raised its position in Ross Stores by 16.1% during the third quarter. Federated Hermes Inc. now owns 1,178 shares of the apparel retailer’s stock worth $99,000 after acquiring an additional 163 shares during the last quarter. Covestor Ltd raised its position in Ross Stores by 117.3% during the first quarter. Covestor Ltd now owns 1,706 shares of the apparel retailer’s stock worth $154,000 after acquiring an additional 921 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Ross Stores during the first quarter worth about $200,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Ross Stores in the first quarter valued at approximately $230,000. Hedge funds and other institutional investors own 87.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ROST. Morgan Stanley lifted their target price on Ross Stores from $118.00 to $119.00 and gave the company an “overweight” rating in a research report on Tuesday, October 25th. Robert W. Baird boosted their target price on Ross Stores from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Friday, August 19th. UBS Group boosted their target price on Ross Stores from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, August 19th. Barclays boosted their price objective on Ross Stores from $85.00 to $98.00 and gave the company an “overweight” rating in a research note on Monday, August 22nd. Finally, Loop Capital boosted their price objective on Ross Stores from $80.00 to $85.00 in a research note on Friday, August 19th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Ross Stores currently has a consensus rating of “Moderate Buy” and a consensus price target of $102.78.

Ross Stores Company Profile

(Get Rating)

Ross Stores, Inc, together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brand names. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.

Recommended Stories

Earnings History for Ross Stores (NASDAQ:ROST)

Receive News & Ratings for Ross Stores Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ross Stores and related companies with MarketBeat.com's FREE daily email newsletter.