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NEW YORK (TheStreet) -- Ross Stores (ROST) shares are down 1.16% to $100.43 in early market trading on Friday after the retailer reported its first quarter earnings results after the closing bell yesterday.

The stock was climbing in after-hours trading yesterday after the company beat analysts' first quarter earnings and revenue expectations, however the company also issued current quarter guidance below consensus estimates.

Ross Stores expects to see second quarter earnings between $1.19 and $1.24 per share, short of analysts $1.26 per share expectations for the quarter.

The company reported first quarter net income of $282.2 million, or $1.37 cents per share, topping analysts $1.28 cent per share expectations for the period by 9 cents. Revenue of $2.94 billion for the period also topped analyst expectations of $2.89 billion in revenue.

TheStreet Ratings team rates ROSS STORES INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate ROSS STORES INC (ROST) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. We feel its strengths outweigh the fact that the company shows low profit margins."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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