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.
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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.