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Ross Stores, Inc. (NASDAQ:ROST) shares are trading higher Friday after the company reported better-than-expected third quarter financial results on Thursday and raised its outlook.
ROST is poised for potential breakout. View the charts here.
What To Know: Ross reported earnings per share of $1.58, beating the consensus estimate of $1.41. In addition, the company reported revenue of $5.60 billion, beating the consensus estimate of $5.41 billion.
Comparable store sales rose 7% and total sales increased 10% from last year. CEO Jim Conroy highlighted strong customer engagement driven by brand-name merchandise and a new marketing campaign, noting broad-based sales growth across categories and regions. Operating margin came in at 11.6%.
Q4 Outlook: The company raised its GAAP earnings per share guidance from between $1.74 and $1.81 to between $1.77 and $1.85, versus the consensus estimate of $1.79.
FY25 Outlook: Ross increased its GAAP earnings per share guidance from between $6.08 to $6.21 to between $6.38 to $6.46, versus the consensus estimate of $6.23.
Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.
See Also: Zoom Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
ROST Price Action: At the time of writing, Ross shares are trading 5.91% higher at $169.98, according to data from Benzinga Pro.
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