Ross Stores, Inc. (NASDAQ:ROST) reported on its third quarter late Thursday, exceeding analysts’ guidance.
The retailer unveiled earnings of 72 cents per share, coming in ahead of analysts’ expectations of 67 cents per share, according to Zacks Investment Research. The figure came in ahead of the year-ago profit by 16%.
Ross Stores also garnered revenue of $3.33 billion, beating the Wall Street consensus estimate of $3.27 billion, per Zacks. The figure marked an 8% gain year-over-year.
The company also saw its comparable stores pop 4% compared to the year-ago period, while net earnings rose from $245 million to $275 million.
Ross Stores also sees its fourth quarter as being more successful, with sales increasing by between 2% and 3%, while earnings will be in the range of roughly 88 cents to 92 cents per share.
“Our third quarter sales and earnings outperformed our expectations despite being up against our toughest prior year comparisons and two major hurricanes during the quarter,” CEO Barbara Rentler said in a statement.
For the fiscal year 2017, Ross Stores sees its earnings as being in the range of $3.24 to $3.28 per share. Sales have been better year-to-date by 8% year-over-year to $10.1 billion, while earnings have been at $2.36 per share.
“Operating margin of 13.3% was better-than-expected, mainly due to a combination of higher merchandise margin and leverage on above-plan sales,” Rentler continued.
ROST shares surged more than 7% after the close of the market.
