Ross Stores shares surge 5% following Q3 beat

Ross Stores (NASDAQ:) shares rose more than 5% after-hours following the company’s reported Q3 results, with EPS of $1.33 coming in better than the consensus estimate of $1.22. Revenue grew 7.8% year-over-year to $4.9 billion, beating the consensus estimate of $4.83B. Comparable store sales grew 5% year-over-year.

“We continue to face macroeconomic volatility, persistent inflation, and more recently, geopolitical uncertainty. In addition, we are up against our most difficult quarterly sales comparisons versus 2022 in the fourth quarter. As a result, we believe it is prudent to maintain a cautious approach in forecasting our business and are reiterating our prior sales guidance for the fourth quarter,” said CEO Barbara Rentler.

For Q4/24, the company expects EPS to be in the range of $1.58-$1.64, compared to the consensus estimate of $1.62.

For the full year, the company sees EPS at $5.30-$5.36, compared to the consensus of $5.25.