Ross Stores Reports Q2 EPS Beat, Guidance Misses
2022.08.19 01:06
Ross Stores Reports Q2 EPS Beat, Guidance Misses
By Davit Kirakosyan
Ross Stores (NASDAQ:ROST) reported its Q2 results, with EPS of $1.11 coming in better than the consensus estimate of $1.01.
Revenue was $4.58 billion, compared to the consensus estimate of $4.63 billion. Comparable store sales declined 7% year-over-year.
“We are disappointed with our sales results, which were impacted by the mounting inflationary pressures our customers faced as well as an increasingly promotional retail environment. Earnings came in above our guidance range primarily due to lower incentive costs resulting from the below plan topline performance,” said Barbara Rentler, CEO of Ross Stores.
The company expects Q3/22 EPS in the range of $0.72-$0.83, compared to the consensus estimate of $1.07. For the full 2022-year, the company expects EPS in the range of $3.84-$4.12, compared to the consensus estimate of $4.36.
