Ross Stores, a leading off-price retailer in the U.S., reported a record-breaking first quarter on May 24, 2023. The company achieved an adjusted earnings per share of $2.02, surpassing the Zacks Consensus Estimate of $1.70 by 18.9%, and a 37% increase from the previous year. Revenues reached $6.01 billion, reflecting a year-over-year growth of 21%, accompanied by a 17% increase in comparable-store sales, the best in the company’s 40-year history.
Under CEO Jim Conroy, Ross Stores opened 17 new locations last quarter, with plans for approximately 110 more by fiscal 2026. The company has raised its full-year earnings outlook to a range of $7.50 to $7.74 per share, indicating a 13-17% growth from the prior year’s $6.61. The stock is currently ranked #1 (Strong Buy) by Zacks, supported by robust earnings momentum and a positive industry outlook.
As of now, Ross Stores’ shares have increased by about 27% year-to-date, significantly outperforming the broader Retail and Wholesale sector, bolstered by a strong buying model that capitalizes on manufacturer overruns and inventory.
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