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- Ross Stores Inc ROST reported second-quarter FY21 sales growth of 78.9% year-on-year, to $4.80 billion, beating the analyst consensus of $4.45 billion. Sales improved 20.7%, and comparable-store sales rose 15% compared to pre-COVID Q2 FY19.
- EPS of $1.39 beat the analyst consensus of $0.93.
- Total costs and operating expenses totaled $4.14 billion, up 57.8% Y/Y and up 20.8% from Q2 FY19.
- Operating margin versus 2019 improved to 14.1% as leverage from the robust sales gains was partially offset by the expected expense pressures from higher freight, wage, and COVID-related costs.
- The company held $5.6 billion in cash and equivalents as of July 31, 2021.
- Net cash provided by operating activities for the six months totaled $1.3 billion.
- Ross Stores' quarterly cash dividend of $0.285 per share is payable on September 30, 2021, to stockholders of record as of September 7, 2021.
- Outlook: Ross Stores sees Q3 FY21 EPS of $0.61 - $0.69 versus consensus of $0.93.
- It forecast Q3 same-store sales to be up 5% - 7%.
- For FY21, it expects EPS to $4.20 - $4.38 (prior $3.93 - $4.20) versus consensus of $4.35. FY21 Comparable store sales gain of 10% - 11%.
- Price Action: ROST shares traded lower by 4.01% at $121.50 in premarket on the last check Friday.
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