Categories Earnings, Retail

Ross Stores beats Q3 estimates; updates guidance

Ross Stores Inc. (NASDAQ: ROST) beat revenue and earnings estimates for the third quarter of 2019. The stock inched up by 1% in aftermarket hours on Thursday.

Net sales rose 8% to $3.8 billion versus the year-ago period, surpassing forecasts of $3.7 billion. Comparable store sales rose 5%.

Net earnings grew to $371 million from $338 million in the prior year. EPS totaled $1.03, up from $0.91 last year and above estimates of $0.97.

Barbara Rentler, CEO, said, “As we enter this year’s holiday season, we are up against multiple years of strong comparable store sales gains. In addition, we expect another fiercely competitive retail landscape, along with ongoing uncertainty surrounding the macro-economic and political environment.”

At the end of the quarter, the company had 1,810 stores open.

For the fourth quarter of 2019, Ross expects comparable store sales gains of 1-2%. EPS is expected to be $1.20-1.25. The company raised its fiscal year 2019 earnings guidance to a range of $4.52-4.57 versus the prior outlook of $4.41-4.50.

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Also Read:  Newmont Corporation (NEM): Q4 2019 Earnings Snapshot

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