Discount retailer, Ross Stores, Inc.(
) reported increased profits for the quarter, matching analysts
The Pleasanton, CA based company reported third quarter earnings
of $159.52 million, or 72 cents per share, up 9.7% from last years
earnings of $143.97 million, or 63 cents per share. Analysts
expected EPS of 72 cents.
Revenue came in at $2.26 billion, up from $2.05 billion last
year, and matching analysts estimates.
CEO and Chairman, Michael Balmuth commented, "our
better-than-expected results year-to-date were driven by our
ongoing ability to offer shoppers a fresh and exciting array of
compelling name brand bargains for the family and the home. In
addition, operating our stores on lower inventories while strictly
controlling expenses continues to enhance profit margins."
Ross also reported that its board approved a regular cash
dividend of 14 cents, which is set to be paid on December 28.
Looking ahead, the company expects to see Q4 earnings in the
range of $0.99 to $1.04 per share. Analysts see EPS reaching
Ross shares were down $1.34, or -2.44% during Thursday morning
trading. The stock is up 12.94% YTD.
The Bottom Line
Shares of Ross Stores (
) have a 1.02% dividend yield, based on last night's closing stock
price of $55.14. The stock has technical support in the $50-$51
price area. If the shares can firm up, we see overhead resistance
around the $60-$61 price levels.
Ross Stores, Inc.(
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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