Ross Stores (NASDAQ:ROST), the owner of the Ross Dress For Less discount department store chain, saw its stock rising thanks to better-than-expected financials, as its customers “responded well to improved value offerings” amidst the easing inflationary pressures.
Ross Stores (NASDAQ:ROST) reported earnings of $1.32 per share, compared to $1.11 a year earlier and expectations of $1.16. Revenue came in at $4.9 billion, up from $4.6 billion and compared to projections of $4.75 billion.
Shares in Ross Stores rose US$5.84 or 5.17% to trade at US$118.90 in early premarket dealing.
“We are pleased with our second quarter results, with both sales and earnings well above our expectations,” CEO Barbara Rentler said. “Along with easing inflationary pressures, customers responded well to our improved value offerings throughout our stores.”
Looking ahead, Ross Stores projects third-quarter earnings per share between $1.16 and $1.21 per share, up from $1 a year earlier.
For the full year, the company expects earnings in the range of $5.15 to $5.26 per share, compared to $4.38 in 2022.
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