Ross Stores ROST reports 4Q results on Thursday, March 17 before the market opens. Since mgmt updated guidance to $1.36-$1.37 based on above plan comps, Goldman expects the print to be a non-event with EPS of $1.37. It also expects reiteration of their previously announced FY2011 EPS guidance of $4.90- $5.10, which calls for 6%-10% EPS growth.
Goldman hosted meetings at ROST headquarters with SVP & CFO John Call. Management outlined balanced headwinds/tailwinds facing the company's gross margins, suggesting top-line growth will be the key factor in driving upside to their FY2011 EPS guidance provided in Feb.
Key risks to the target price include macro induced SSS volatility and inventory overages.
Goldman Sachs has a $69 PT and Neutral rating on ROST
ROST shares are trading lower at $71.39
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