Ross Stores, Inc. ROST shares are trading higher in the after-hours session Thursday after the company reported second-quarter earnings.
What To Know: Ross Stores reported quarterly earnings of $1.32 per share, which beat the analyst consensus estimate of $1.16, an 18.92% increase over earnings of $1.11 per share from the same period last year. The company reported quarterly sales of $4.90 billion, which beat the analyst consensus estimate of $4.75 billion, a 6.92% increase over sales of $4.58 billion in the same period last year.
Comparable store sales were up 5% versus a 7% decline in the second quarter of 2022.
The company expects third-quarter earnings per share to be in a range between $1.16 and $1.21, versus the $1.16 estimate.
Fourth-quarter earnings per share are estimated to be in a range between $1.58 and $1.64, up from $1.31 year-over-year.
"We are pleased with our second quarter results, with both sales and earnings well above our expectations. Along with easing inflationary pressures, customers responded well to our improved value offerings throughout our stores. Second quarter operating margin was flat to last year at 11.3%," said CEO Barbara Rentler.
"During the second quarter, we repurchased 2.2 million shares of common stock for an aggregate price of $230 million. As previously announced, we expect to buy back $950 million of common stock this year under our two-year $1.9 billion repurchase program that extends through fiscal 2023."
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ROST Price Action: Shares of ROST were up 4.97% at $118.68 in the after-hours session at the time of publication, according to Benzinga Pro.
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