Ross Stores Inc.
) touched a new 52-week high of $70.86 on Friday, Aug 23, and
eventually closed trade at $69.86. The stock gathered momentum
from the company's robust second-quarter fiscal 2013 results and
impressive growth initiatives. This specialty retailer amassed a
year-to-date return of 29.0%.
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The average volume of shares traded over the last 3 months was
approximately 1,400.9K. Moreover, the company currently trades at
a forward P/E of 17.8x, a 6.7% discount to the peer group average
of 19.08x. The last traded price is 1.0% below the Zacks
Consensus average analyst price target of $70.56. Additionally,
the company's long-term estimated EPS growth rate is 12.2%.
Investors are optimistic about this Zacks Rank #2 (Buy) stock as
it reported second-quarter fiscal 2013 earnings of 98 cents per
share, surging 21.0% from the year-ago quarter and surpassing the
Zacks Consensus Estimate of 93 cents. The year-over-year
improvement was driven by strong organic growth and higher
Ross Stores' sustained focus on top-line growth and profitability
through strategic expansion in the existing markets that are most
productive, and full implementation of micro-merchandising tools
bode well for the future. Going forward, the company remains
committed to opening new stores and maximizing shareholder value,
based on its strong balance sheet.
Further, effective inventory management and strategic investments
in merchandize organization will enhance the company's long-term
growth prospects and profitability.
Apart from Ross Stores, other retail stocks such as
Green Mountain Coffee Roasters, Inc.
Best Buy Co., Inc.
Pinnacle Foods Inc.
) achieved new 52-week highs of $85.95, $35.68 and $27.81,
respectively, on Aug 23, 2013.