Ross Stores Lifts Q4, FY22 Outlook

(RTTNews) - While reporting its results for the third quarter, Ross Stores Inc. (ROST) lifted its outlook for the fourth quarter and full year 2022.

For the fourth quarter, the company now expects earnings of $1.13 to $1.26 per share, up from prior outlook of $1.04 to $1.21 per share. The company now expects fourth-quarter same store sales to be flat to down 2%, this compares to previous outlook of same store sales to be down 4% to 7%.

Looking forward to full year 2022, the company now expects earnings per share of $4.21 to $4.34, up from previous outlook of $3.84 to $4.12per share.

Analysts polled by Thomson Reuters currently estimate earnings of $1.13 and $4.01 per share for the fourth-quarter and full year 2022, respectively.

Looking ahead, CEO Barbara Rentler said, "We continue to expect a very promotional holiday selling season and ongoing inflationary headwinds to pressure our low-to-moderate income customers. That said, we face our easiest sales and earnings comparisons in the fourth quarter and are raising our guidance given our third quarter sales momentum and improved holiday assortments."

ROST closed Thursday's trading at $97.93, up $1.43 or 1.48%, on the Nasdaq. The stock further gained $12.32 or 12.58% in the after-hours trading.