We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Why Ross Stores Surged Today
Off-price retailer Ross Stores (ROST - Free Report) 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.