ROST May 2024 140.000 call

Ross Stores boosts full-year earnings forecast, stock pops

Ross Stores (ROST) posted better-than-expected first quarter earnings and raised its full-year earnings guidance. For Q1, the discount retailer posted earnings per share of $1.46 compared to a $1.35 estimate. Revenue of $4.86 billion was about in line with Wall Street expectations of $4.82 billion. Ross Stores also raised its full-year earnings forecast to a range of $5.79 to $5.98 per share, up from $5.64 to $5.89. However, in the release, CEO Barbara Rentler says, “Ongoing uncertainty in today’s macroeconomic and geopolitical environments, including prolonged inflation, continue to squeeze our low-to-moderate income customers’ purchasing power." Yahoo Finance's Julie Hyman and Josh Lipton break down the results. For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime. This post was written by Stephanie Mikulich.