Ross Stores Issues Conservative Guidance As Inflation Weighs on Consumers

Seeking Alpha03-06

Ross Stores (NASDAQ:ROST) shares are drifting lower in after-hours trading after the off-price retailer issued conservative guidance as the lingering inflationary environment continues to pressure low...

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Both beat expectations by 17 cents and $210M, respectively. Results were impacted by an extra week in 2023 which added 20 cents per share to EPS and $308M in sales.With the help of a 7% gain in same store sales and lower freight costs, the company’s operating margin widened by 165 basis points to 12.4%.On the balance sheet, cash and cash equivalents increased by 7% to $4.87B. Inventory increased 8% to $2.19B.For the first quarter ending May 4, the company expects a profit of $1.29 to $1.35 per share with comparable same store sales expected to increase by 2% - 3%. This compares to $1.09 in the same quarter last year but is below estimates for $1.26 EPS.For 2024, earnings are expected to be between $5.64 to $5.89 per share versus $5.56 in 2023. This is below the estimated $5.91. 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