Ross Stores (ROST) Stock Continues to Gain After Earnings Beat
NEW YORK (TheStreet) -- RossStores (ROST) - Get Report stock is jumping 8.68% to $50.21 on heavy trading volume on Friday, after the retailer's 2015 third quarter earnings results beat analysts' expectations.
Before the market open on Thursday, the Dublin, CA-based off-price retailer reported earnings of 53 cents per share. Revenue climbed by 7% year-over-year to $2.8 billion for the quarter.
Analysts surveyed by Thomson Reuters expected the company to report earnings of 50 cents per share on revenue of $2.76 billion.
"In the upcoming fourth quarter, we face challenging prior year comparisons, ongoing uncertainty in the macro-economic environment, and a holiday season that will be highly promotional," CEO Barbara Rentler said in a statement on Thursday.
Additionally, Ross Stores raised its 2015 earnings projections to $2.45 per share to $2.48 per share, versus its previous estimate of $2.40 per share to $2.45 per share.
So far today, 5.14 million shares of Ross Stores have traded, versus its 30-day average of 3.05 million shares.
Separately, TheStreet Ratings team rates ROSS STORES INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
We rate ROSS STORES INC (ROST) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, increase in net income and notable return on equity. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: ROST
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