Ross Stores, Inc. (ROST) Expected to Announce Quarterly Sales of $3.54 Billion

Wall Street brokerages predict that Ross Stores, Inc. (NASDAQ:ROST) will announce sales of $3.54 billion for the current quarter, according to Zacks Investment Research. Seven analysts have issued estimates for Ross Stores’ earnings, with estimates ranging from $3.46 billion to $3.58 billion. Ross Stores reported sales of $3.31 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 6.9%. The business is expected to report its next quarterly earnings results on Thursday, May 17th.

According to Zacks, analysts expect that Ross Stores will report full year sales of $3.54 billion for the current fiscal year, with estimates ranging from $14.70 billion to $15.06 billion. For the next fiscal year, analysts expect that the company will post sales of $15.66 billion per share, with estimates ranging from $15.37 billion to $16.10 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Ross Stores.

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Ross Stores (NASDAQ:ROST) last announced its earnings results on Tuesday, March 6th. The apparel retailer reported $0.98 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.05. Ross Stores had a return on equity of 44.53% and a net margin of 9.64%. The company had revenue of $4.07 billion for the quarter, compared to analyst estimates of $3.95 billion.

ROST has been the topic of several recent analyst reports. BidaskClub raised Ross Stores from a “hold” rating to a “buy” rating in a research report on Wednesday, December 27th. Nomura reaffirmed a “buy” rating and set a $90.00 target price (up from $80.00) on shares of Ross Stores in a research report on Wednesday, January 17th. SunTrust Banks reaffirmed a “buy” rating on shares of Ross Stores in a research report on Friday, February 2nd. Jefferies Group set a $66.00 target price on Ross Stores and gave the company a “hold” rating in a research report on Saturday, November 18th. Finally, Cowen set a $78.00 target price on Ross Stores and gave the company a “buy” rating in a research report on Saturday, November 18th. Eight equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Ross Stores has a consensus rating of “Buy” and an average price target of $81.86.

In other news, Chairman Michael Balmuth sold 59,777 shares of the company’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $76.53, for a total value of $4,574,733.81. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Sharon D. Garrett sold 26,000 shares of the company’s stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $77.07, for a total value of $2,003,820.00. The disclosure for this sale can be found here. Insiders sold 94,364 shares of company stock worth $7,238,035 over the last three months. Corporate insiders own 2.30% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Cerebellum GP LLC purchased a new stake in shares of Ross Stores in the fourth quarter worth about $132,000. Zions Bancorporation boosted its stake in shares of Ross Stores by 338.9% in the third quarter. Zions Bancorporation now owns 2,120 shares of the apparel retailer’s stock worth $137,000 after buying an additional 1,637 shares during the last quarter. Sit Investment Associates Inc. boosted its stake in shares of Ross Stores by 255.1% in the fourth quarter. Sit Investment Associates Inc. now owns 1,900 shares of the apparel retailer’s stock worth $152,000 after buying an additional 1,365 shares during the last quarter. Harvest Fund Management Co. Ltd purchased a new stake in shares of Ross Stores in the fourth quarter worth about $159,000. Finally, Financial Gravity Companies Inc. purchased a new stake in shares of Ross Stores in the fourth quarter worth about $164,000. Hedge funds and other institutional investors own 89.58% of the company’s stock.

Shares of Ross Stores stock traded up $0.15 during trading hours on Tuesday, reaching $76.75. The company had a trading volume of 3,796,318 shares, compared to its average volume of 3,016,175. Ross Stores has a 12 month low of $52.85 and a 12 month high of $85.66. The firm has a market cap of $29,329.71, a price-to-earnings ratio of 21.62, a P/E/G ratio of 1.90 and a beta of 1.09. The company has a quick ratio of 0.78, a current ratio of 1.64 and a debt-to-equity ratio of 0.10.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Monday, March 19th will be issued a $0.225 dividend. The ex-dividend date is Friday, March 16th. This is a positive change from Ross Stores’s previous quarterly dividend of $0.16. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.17%. Ross Stores’s dividend payout ratio is currently 18.03%.

Ross Stores declared that its Board of Directors has authorized a share repurchase plan on Tuesday, March 6th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the apparel retailer to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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About Ross Stores

Ross Stores, Inc and its subsidiaries operate two brands of off-price retail apparel and home fashion stores-Ross Dress for Less (Ross) and dd’s DISCOUNTS. The Company is the off-price apparel and home fashion chain in the United States, with 1,340 locations in 36 states, the District of Columbia and Guam, as of January 28, 2017.

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