Ross Stores, Inc. (ROST)
Compared to Estimates, Ross Stores (ROST) Q1 Earnings: A Look at Key Metrics
While the top- and bottom-line numbers for Ross Stores (ROST) give a sense of how the business performed in the quarter ended April 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Ross Stores, Inc. (ROST) Q1 2024 Earnings Call Transcript
Ross Stores, Inc. (NASDAQ:ROST ) Q1 2024 Earnings Conference Call May 23, 2024 4:15 PM ET Company Participants Barbara Rentler - Chief Executive Officer Adam Orvos - Executive Vice President & Chief Financial Officer Michael Hartshorn - Group President & Chief Operating Officer Conference Call Participants Lorraine Hutchinson - Bank of America Michael Binetti - Evercore ISI Matthew Boss - JPMorgan Mark Altschwager - Baird Chuck Grom - Gordon Haskett Alex Straton - Morgan Stanley Tracy Kogan - Citi Adrienne Yih - Barclays Bob Drbul - Guggenheim Simeon Siegel - BMO Capital Markets Brooke Roach - Goldman Sachs Dana Telsey - Telsey Advisory Group Aneesha Sherman - Bernstein Laura Champine - Loop Capital Markets Marni Shapiro - Retail Tracker Operator Good afternoon, and welcome to the Ross Stores First Quarter 2024 Earnings Release Conference Call. The call will begin with prepared comments by management, followed by a question-and-answer session.
Ross Stores (ROST) Tops Q1 Earnings and Revenue Estimates
Ross Stores (ROST) came out with quarterly earnings of $1.46 per share, beating the Zacks Consensus Estimate of $1.34 per share. This compares to earnings of $1.09 per share a year ago.
Ross Stores COO: Shoppers' Cost-Cutting Behaviors Fuel Off-Priced Retail Growth
With consumers cutting back on discretionary spending while trading down to value-focused merchants, Ross Stores is seeing these belt-tightening behaviors prove to be a mixed bag.
Ross Stores beats quarterly estimates on steady demand for discounted products
Ross Stores on Thursday posted first-quarter results above Wall Street estimates and raised its annual profit forecast, as shoppers pivot to off-price retailers prompted by sticky inflation that have squeezed their budgets.
Ross Stores raises profit forecast, even as higher prices hit lower-income shoppers
Shares of Ross Stores Inc. rallied in extended trading Thursday after the discount clothing chain raised its full-year profit forecast, even as higher prices continue to hit its low- to middle-income shoppers.
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Panagora Asset Management Inc. Raises Stock Holdings in Ross Stores, Inc. (NASDAQ:ROST)
Panagora Asset Management Inc. grew its holdings in Ross Stores, Inc. (NASDAQ:ROST – Free Report) by 1.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,067 shares of the apparel retailer’s stock after buying an additional 336 shares during the quarter. Panagora Asset Management Inc.’s holdings in Ross Stores were worth $3,469,000 as of its most recent SEC filing. A number of other institutional investors and hedge funds have also made changes to their positions in the business. Geneos Wealth Management Inc. increased its stake in Ross Stores by 52.9% during the 4th quarter. Geneos Wealth Management Inc. now owns 240 shares of the apparel retailer’s stock worth $33,000 after buying an additional 83 shares in the last quarter. Clearstead Advisors LLC increased its position in shares of Ross Stores by 458.0% during the third quarter. Clearstead Advisors LLC now owns 279 shares of the apparel retailer’s stock worth $32,000 after purchasing an additional 229 shares in the last quarter. Rock Creek Group LP acquired a new position in Ross Stores in the 3rd quarter valued at $35,000. McGlone Suttner Wealth Management Inc. acquired a new stake in shares of Ross Stores in the fourth quarter valued at about $51,000. Finally, Mendota Financial Group LLC acquired a new position in shares of Ross Stores in the 4th quarter valued at $61,000. 86.86% of the stock is currently owned by hedge funds and other institutional investors. Insider Buying and Selling at Ross Stores In related news, COO Michael J. Hartshorn sold 21,056 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $145.14, for a total value of $3,056,067.84. Following the completion of the transaction, the chief operating officer now directly owns 114,488 shares in the company, valued at $16,616,788.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Michael J. Hartshorn sold 21,056 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $145.14, for a total transaction of $3,056,067.84. Following the completion of the transaction, the chief operating officer now owns 114,488 shares of the company’s stock, valued at $16,616,788.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Brian R. Morrow sold 10,734 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $146.00, for a total value of $1,567,164.00. Following the completion of the transaction, the chief marketing officer now directly owns 62,711 shares in the company, valued at $9,155,806. The disclosure for this sale can be found here. In the last three months, insiders sold 71,097 shares of company stock worth $10,396,178. Insiders own 2.10% of the company’s stock. Ross Stores Price Performance Shares of NASDAQ ROST opened at $132.33 on Monday. The company’s fifty day moving average is $138.07 and its two-hundred day moving average is $137.33. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.24 and a current ratio of 1.77. The firm has a market capitalization of $44.56 billion, a P/E ratio of 23.80, a PEG ratio of 1.88 and a beta of 1.06. Ross Stores, Inc. has a one year low of $99.00 and a one year high of $151.12. Ross Stores (NASDAQ:ROST – Get Free Report) last posted its quarterly earnings results on Tuesday, March 5th. The apparel retailer reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.19. The company had revenue of $6.02 billion during the quarter, compared to the consensus estimate of $5.81 billion. Ross Stores had a net margin of 9.20% and a return on equity of 41.15%. The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the firm earned $1.31 EPS. Analysts forecast that Ross Stores, Inc. will post 5.88 EPS for the current fiscal year. Ross Stores declared that its board has approved a stock buyback program on Tuesday, March 5th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the apparel retailer to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued. Ross Stores Increases Dividend The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.3675 dividend. This is a boost from Ross Stores’s previous quarterly dividend of $0.34. This represents a $1.47 annualized dividend and a yield of 1.11%. The ex-dividend date was Thursday, March 14th. Ross Stores’s payout ratio is presently 26.44%. Wall Street Analyst Weigh In ROST has been the topic of a number of recent analyst reports. UBS Group upped their target price on shares of Ross Stores from $142.00 to $145.00 and gave the company a “neutral” rating in a research report on Wednesday, March 6th. Citigroup lifted their target price on shares of Ross Stores from $147.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. TD Cowen raised their price target on Ross Stores from $144.00 to $169.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 6th. Telsey Advisory Group reiterated a “market perform” rating and issued a $160.00 price objective on shares of Ross Stores in a report on Friday. Finally, Jefferies Financial Group raised their target price on Ross Stores from $135.00 to $147.00 and gave the company a “hold” rating in a report on Wednesday, March 6th. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $155.11. View Our Latest Stock Report on ROST Ross Stores Company Profile (Free Report) Ross Stores, Inc, together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.
Here's How Ross Stores (ROST) is Placed Ahead of Q1 Earnings
Ross Stores' (ROST) Q1 results are expected to reflect continued gains from robust customer demand across both banners and recovery from supply-chain headwinds in the retail industry.
