Discount retailer, Ross Stores, Inc.(ROST) reported increased profits for the quarter, matching analysts estimates.
The Pleasanton, CA based company reported third quarter earnings of $159.52 million, or 72 cents per share, up 9.7% from last years earnings of $143.97 million, or 63 cents per share. Analysts expected EPS of 72 cents.
Revenue came in at $2.26 billion, up from $2.05 billion last year, and matching analysts estimates.
CEO and Chairman, Michael Balmuth commented, “our better-than-expected results year-to-date were driven by our ongoing ability to offer shoppers a fresh and exciting array of compelling name brand bargains for the family and the home. In addition, operating our stores on lower inventories while strictly controlling expenses continues to enhance profit margins.”
Ross also reported that its board approved a regular cash dividend of 14 cents, which is set to be paid on December 28.
Looking ahead, the company expects to see Q4 earnings in the range of $0.99 to $1.04 per share. Analysts see EPS reaching $1.04.
Ross shares were down $1.34, or -2.44% during Thursday morning trading. The stock is up 12.94% YTD.
The Bottom Line
Shares of Ross Stores (ROST) have a 1.02% dividend yield, based on last night’s closing stock price of $55.14. The stock has technical support in the $50-$51 price area. If the shares can firm up, we see overhead resistance around the $60-$61 price levels.
Ross Stores, Inc.(ROST) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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