Ross Stores (ROST) Q1 Earnings Beat, Sales Miss Hurts Stock
Zacks Investment Research | May 24, 2019 08:35AM ET
Ross Stores, Inc. (NASDAQ:ROST) has reported strong first-quarter fiscal 2019 results, wherein earnings beat estimates while sales missed. The company’s operating profit margin continued to be impacted by higher freight costs. Further, it expects headwinds related to higher freight costs to persist in fiscal 2019.
Shares of Ross Stores declined nearly 3% in the after-hours session. This decline may be attributed to lower-than-expected sales due to issues in the ladies apparel category and continued soft margins. However, this Zacks Rank #3 (Hold) stock has surged 13.6% year to date, underperforming the industry ’s 16.4% growth.
Q1 Highlights
Ross Stores posted earnings of $1.15 per share, which beat the Zacks Consensus Estimate of $1.12 and surpassed the company’s guidance of $1.05-$1.11. Further, earnings increased nearly 3.6% from $1.11 reported in the prior-year period.
Ross Stores, Inc. Price, Consensus and EPS Surprise
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