Ross slides after first-quarter revenue misses estimates
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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