Ross Stores (ROST) Rallies On Solid Q3 Earnings, Raised View

Ross Stores, Inc. ROST reported solid third-quarter fiscal 2017 results, wherein both the top and bottom lines topped estimates and improved year over year. Further, earnings came ahead of the company’s projection despite the tough year-over-year comparisons, volatile retail environment and the impact of two major hurricanes during the quarter.

Driven by the continuation of trends witnessed in the third quarter, the company raised its sales view for the fiscal fourth quarter. Also, a sturdy year-to-date performance and robust fiscal fourth-quarter projections encouraged management to perk up its earnings view for fiscal 2017.

Consequently, shares of Ross Stores jumped 8.1% in the after-hours session yesterday. Moreover, the stock has gained 19.5% in the last three months, outperforming the industry’s 6% upside.

Ross Store posted earnings of 72 cents a share that surpassed its guidance range of 64-67 cents and the Zacks Consensus Estimate of 67 cents. Earnings also improved 16.1% from 62 cents reported in the prior-year period.

Ross Stores, Inc. Price, Consensus and EPS Surprise