Ross Stores (NASDAQ:ROST) earnings for the retail company’s second quarter of 2020 have ROST stock heading higher after-hours Thursday. That’s due to its diluted earnings per share of 6 cents beating out Wall Street’s estimate for a 26-cent loss. Its revenue of $2.68 billion also blows past analysts’ estimate of $2.47 billion.
Here’s what else is worth mentioning from the most recent Ross Stores earnings report.
- Diluted per-share earnings are down 94.7% from $1.14 in the same period of the year prior.
- Revenue for the quarter comes in 32.7% lower than the $3.98 billion reported in the second quarter of 2019.
- The Ross Stores earnings report also has it bringing in a net income of $22.05 million.
- That’s a 94.7% decline compared to the company’s net income of $412.72 million reported during the same time last year.
Barbara Rentler, CEO of Ross Stores, said this about the earnings results.
“Comparable stores sales during the quarter were impacted by a number of factors. During the initial re-openings, sales were ahead of our conservative plans as we benefitted from pent-up demand and aggressive markdowns to clear aged inventory. In the weeks thereafter, trends were negatively impacted from depleted store inventory levels while we were ramping up our buying and distribution capabilities.”
Ross Stores isn’t providing guidance at this time due to the novel coronavirus. However, Rentler notes that the company hasn’t seen material changes in the first two weeks of Q3 when compared to Q2.
ROST stock was up slightly after markets closed on Thursday but closed out normal trading hours down 3.1%.
As of this writing, William White did not hold a position in any of the aforementioned securities.