Ross Slides After First-quarter Revenue Misses Estimates

By Sue ChangMarketsMarketWatch Pulse

Shares of Ross Stores Inc. skidded in Thursday's extended session after the discount retailer's quarterly revenue fell short of Wall Street's target. Ross reported its first-quarter earnings rose to $290.6 million, or 73 cents a share, from $282.2 million, or 69 cents a share, a year earlier. Revenue grew 5% to $3.09 billion while same-store sales increased 2% in the quarter. Analysts surveyed by FactSet had projected earnings of 73 cents a share on revenue of $3.12 billion. The company forecast earnings per share of 64 cents to 67 cents and same-store sales of 1% to 2% in the second quarter. For the full year, Ross projected EPS of $2.63 to $2.72. Ross shares slumped 7.2% in after-hours trading.

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