Ross Stores Stock Gains On Solid Q3 Earnings, Raised FY23 Forecast
Portfolio Pulse from Ryan Gustafson
Ross Stores, Inc. (NASDAQ:ROST) reported Q3 earnings of $1.33 per share, beating estimates of $1.21 and showing a 33% increase from the previous year. Revenue was $4.92 billion, exceeding expectations of $4.82 billion. The company raised its FY23 EPS forecast from $5.15-$5.26 to $5.30-$5.36, while maintaining Q4 sales guidance. CEO Barbara Rentler highlighted strong sales, an improved operating margin of 11.2%, and favorable customer response to value offerings. After-hours trading saw ROST shares rise by 5.47% to $126.72.
November 16, 2023 | 9:48 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Ross Stores exceeded Q3 earnings and revenue estimates, with a significant year-over-year increase. The company raised its FY23 EPS forecast and maintained Q4 guidance, reflecting confidence despite macroeconomic concerns. Shares rose 5.47% after-hours.
The positive earnings report and raised full-year forecast indicate strong company performance and management confidence, which typically lead to a positive short-term impact on the stock price. The after-hours trading already reflects this optimism, suggesting a likely continuation of the upward trend in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100