Ross Stores Reports Lower Than Expected Guidance, Sending Shares Lower

Shares of Ross Stores (ROST) ended Friday's trading day down 4.5 percent, making it TheStreet's Move of the Day. The retailer reported first-quarter earnings after the closing bell on Thursday. Earnings per share came in at $1.37 per share, compared to $1.15 during the same quarter last year, and ahead of the $1.28 analysts polled by Thomson Reuters were looking for. As for the top line, revenue rose 10 percent to $2.94 billion, ahead of forecasts of $2.89 billion. During the quarter, the retailer also repurchased 1.7 million shares totaling $176 million. But shares slumped as the company reported disappointing guidance. Ross Stores expects second-quarter earnings to range from $1.19 to $1.24, falling short of the $1.26 Wall Street was looking for. The company said comparable store sales should increase 2 percent to 3 percent for second quarter 'We are pleased with our better-than-expected sales and earnings in the first quarter. Our results continue to benefit from value-focused customers responding favorably to our fresh and exciting assortments of name brand bargains,' said CEO Barbara Rentler. TheStreet's Scott Gamm has details from New York.