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Ross Stores Stock Falls On Weak Q3 Outlook

Ross Stores Stock Falls On Weak Q3 Outlook
  • Ross Stores Inc (NASDAQ: ROSTreported 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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