Ross Stores, Inc. saw it stock rise on Friday after it posted an earnings report for its 2017 second quarter. During the fiscal second quarter, Ross Stores posted per share earnings of 82 cents. That represented an increase in its per share earnings of 71 cents for the same period one year ago.
It was good new as well for ROST stock as it beat out the per share earnings expected on Wall Street of 77 cents during the quarter.
Revenue during the second quarter reached just over $3.43 billion and was a boon as well for the ROST stock. Last year for the same three-month period, revenue for Ross reached $3.18 billion. The revenue for this year also surpassed Wall Street’s estimates for revenue of $3.37 billion for the company’s second quarter.
Ross Stores has posted net income that was just over $316 million for its fiscal second quarter. That was compared to the $281 million that it posted for net income for the same three-month period last year.
CEO at Ross Stores Barbara Rentler said the company was expecting to buyback a total of more than $875 million of its common stock before the end of fiscal 2017, under an authorization of $1.76 billion over two years approved in February by the company’s board of directors.
ROST stock, besides getting a boost from the latest earnings reports, also was helped from the increased outlooks the company released for its 2017 full year.
Ross Stores is now expecting per share earnings for its full year will be between $3.16 and $3.23.
That represents an increase of between 12% and 14% over its 2016 per share earnings. Wall Street was looking for Ross to post per share earnings for its 2017 full year of just over $3.17.
ROST shares were up 9% in midday trading on Friday, but had dropped by over 10% as of the open of business on Friday.
Retailers have taken it on the chin of late due to the shift by consumers in how they shop. Many shoppers are now remaining at home and shopping online.
Ross has a number of its locations in shopping plazas and not in the typical shopping mall which has helped to keep traffic higher. In addition, the inexpensive prices at Ross have helped to keep many customers returning.