Ross Stores Inc. (ROST:NSD) Announce Annual Profit Forecast on Upbeat Quarterly Results

Ross Stores Q4 earnings predictions

Ross Stores Inc Stock Forecast:

According to 21 analysts, the average target price for Ross Stores Inc (ROST:NSD) over the next 12 months is USD 118.18. The average analyst rating for the company is Strong Buy. Stock Target Advisor‘s analysis suggests a Slightly Bullish outlook for ROST, based on 9 positive signals and 5 negative signals. Currently, ROST’s stock price is USD 105.38. Over the past week, the stock price has increased by +2.78%, over the past month by +1.63%, and over the last year by +13.56%.

Analysts Coverage Change:

  • Robert W. Baird & Co. maintains an “Outperform” rating for Ross Stores Inc. and lowers the target price to $125 from $130.
  • UBS maintains a “Sell” rating for (ROST:NSD) and raises the target price to $78 from $77.
  • TD Cowen maintains a “Market Perform” rating and raises the target price to $105 from $102.

Ross Stores Inc. News:

In a time of economic uncertainty and rising inflation, off-price retailers have emerged as winners in the retail industry. Ross Stores Inc, a prominent player in the off-price sector, recently announced its upbeat quarterly results, prompting the company to raise its annual profit forecast. The company’s success can be attributed to budget-conscious consumers who are increasingly turning to affordable shopping options and the reduction in freight costs.

Sticky inflation, a term used to describe sustained high prices, has compelled consumers to cut back on spending for higher-priced goods. This shift in consumer behavior has proved advantageous for retailers like Ross Stores and Burlington Stores, which offer products at affordable prices. As a result, these companies have experienced an uptick in sales as budget-conscious customers flock to their stores.

Ross Stores Inc now anticipates a 2023 profit per share ranging from $4.77 to $4.99, surpassing its previous forecast of $4.65 to $4.95. The company’s first-quarter profit per share of $1.09 exceeded analysts’ average estimate of $1.06 per share, demonstrating its ability to outperform market expectations. Additionally, same-store sales rose by 1% during the first quarter, surpassing estimates of a 0.4% increase.

However, despite its strong performance, Ross Stores Inc’s second-quarter earnings per share projection of $1.07 to $1.14 fell short of analyst estimates of $1.25. This more conservative outlook suggests that the company may face some headwinds in the coming months. It remains to be seen how Ross Stores Inc will navigate these challenges and continue to capitalize on the demand for affordable retail options.

 

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