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Off-price retailer Ross Stores ROST reported Q3 results after the bell on Thursday, beating estimates on both the top and bottom lines. It marked the second consecutive earnings beat for Ross Stores, a Zacks Rank #3 (Hold), and the third over the past four quarters. With mixed third-quarter retail results, is ROST a buy?
ROST posted a profit of $1.00/share during the third quarter, which represented a 23.5% surprise versus the $0.81 consensus estimate. Revenues of $4.57 billion in the third quarter also beat estimates.
The company displayed confidence by raising its full-year profit outlook. ROST now expects 2022 EPS in a range of $4.21 to $4.34 per share, versus an earlier forecast range of $3.84 to $4.12 per share.
This year, Ross Stores has shown its ability to navigate a difficult market environment. Recently released October retail sales data pointed to continued growth and strong consumer spending. Shares soared to a high for the year this morning before pulling back, closing up about 10% on the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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