Shares of Ross Stores (ROST) - Get Report  were down 2.15% to $92.47 Friday following first-quarter revenue that missed Wall Street estimates.

The retailer reported earnings of $421.1 million, or $1.13 per share, topping analysts' estimates by 1 cent. Revenue for the period of $3.8 billion, however, fell short of analysts' $3.81 billion estimates. 

For the full year, the company expects to earn between $4.38 and $4.52 per share. Analysts polled by FactSet are expecting the company to report earnings of $4.52.

"For the first quarter, we delivered sales gains at the high end of our guidance as well as better-than-expected earnings per share growth despite continued underperformance in Ladies apparel," CEO Barbara Rentler said. "While operating margin of 14.1% was down from the prior year, it was above plan mainly due to higher merchandise margin. As expected, this improvement was more than offset by increases in freight and wage costs and the timing of packaway-related expenses that benefited the prior year period."

Analysts at Morgan Stanley maintained their overweight rating and $94 per share price target on the stock following the release.