Ross Stores (NASDAQ:ROST) earnings for first quarter of 2020 have ROST stock down after-hours Thursday. That comes after reporting diluted losses per share of 87 cents. That’s nowhere close to Wall Street’s diluted earnings per share (EPS) estimate of 6 cents. When it comes to revenue, the company’s $1.84 billion doesn’t meet analysts’ estimates of $2.12 billion.
Let’s take a deeper dive into the most recent Ross Stores earnings report below.
- Diluted per-share losses are a major decline compared to diluted EPS of $1.15 in the same period of the year prior.
- Revenue comes in 51.6% lower than the $3.8 billion reported during the first quarter of 2019.
- The Ross Stores earnings report also has it bringing in a net loss of $305.84 million.
- That’s a massive drop net to the company’s net income of $421.14 million reported in the same time last year.
Barbara Rentler, CEO of Ross Stores, said this about the earnings report:
“Our first quarter results reflect the unprecedented impact the COVID-19 pandemic has had on our business, which led to the closure of all stores and our first quarterly operating loss in more than 30 years. Operating margin for the period was negatively affected by the significant revenue decline from stores being closed for approximately half of the quarter and the aforementioned one-time, non-cash inventory valuation charge.”
Ross Stores isn’t offering guidance for Q2 or the full year of 2020. The company attributes this to the economic turmoil caused by the novel coronavirus. This has it following a similar trend to many other companies.
ROST stock was down nearly 3% after markets closed on Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.