Research Desk Line-up: Boot Barn Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 8, 2017 / Pro-Trader Daily publishes post-earnings coverage on Ross Stores, Inc. (NASDAQ: ROST) following the Company's posting of its first quarter fiscal 2017 financial results on May 18, 2017. The discount retailer surpassed top- and bottom-line expectations and provided outlook for the upcoming quarter and fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Apparel Stores industry. Pro-TD has currently selected Boot Barn Holdings, Inc. (NYSE: BOOT) for due-diligence and potential coverage as the Company announced on June 02, 2017, its financial results for Q4 and FY17 which ended on April 01, 2017. Register for a free membership today, and be among the early birds that get access to our report on Boot Barn when we publish it.

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Earnings Reviewed

For the 13 weeks ended April 29, 2017, Ross Stores sales increased 7% to $3.31 billion compared to sales of $3.09 billion in Q1 2016. The Company's revenue numbers surpassed analysts' consensus estimates of $3.27 billion.

During Q1 2017, Ross Stores' comparable store sales grew 3% on a y-o-y basis, driven by higher traffic as well as an increase in the size of the average basket. The Company's reported quarter operating margin of 15.2% decreased relative to the prior year quarters operating margin of 15.4%; however it exceeded the Company's expectations.

For Q1 2017, Ross Stores' cost of goods sold was almost flat. The Company's merchandise margins improved by 15 basis points while distribution and occupancy costs declined by 15 and 5 basis points, respectively. These improvements were offset by a 35 basis point increase in freight expenses. Selling, general, and administrative expenses during the reported period increased by 20 basis points mainly due to higher wages.

Ross Stores' net earnings for Q1 2017 grew to $321 million compared to $291 million in the prior year. On a per share basis, the Company reported earnings of $0.82 per share up from $0.73 in the prior year's same period. Ross Stores earnings surpassed Wall Street's expectations of $0.80 per share.

Barbara Rentler, Chief Executive Officer, commented:

"We achieved respectable growth in both sales and earnings during the first quarter despite the uncertainty and volatility in the external environment. Operating margin of 15.2% exceeded our expectations due to above-plan sales and merchandise margin."

Share Repurchase

During Q1 2017, Ross Stores repurchased 3.3 million shares of common stock for an aggregate price of $215 million. The Company remains on track to buy back a total of $875 million in common stock during fiscal 2017 under the new two-year $1.75 billion authorization approved by its board of Directors in February 2017.

On May 18, 2017, Ross Stores announced that its Board of Directors declared a regular quarterly cash dividend of $0.16 per common share, payable on June 30, 2017, to stockholders of record as of June 06, 2017.

Store Update

Ross Stores stated that its store expansion program remains on track with the addition of 23 new Ross and 5 dd's DISCOUNTS stores in Q1 2017. The Company is planning a total of 90 new locations in 2017, comprised of approximately 70 Ross and 20 dd's DISCOUNTS. The Company noted that, these numbers do not reflect its plans to close or relocate about 10 older stores during the year.

Outlook

For the second quarter ending July 29, 2017, Ross Stores is forecasting same store sales to be up 1% to 2%, on top of a 4% gain last year, with earnings per share of $0.73 to $0.76, up from $.71 in the prior year's same period. The Company is expected to open 28 new stores during the period, including 21 Ross and 7 dd's DISCOUNTS locations. Operating margin for Q2 2017 is projected to be 13.9% to 14.1%, down slightly from last year's 14.4%, reflecting the Company's forecast for higher freight costs and wage costs.

Based on the Company's Q1 2017 results and guidance for the upcoming quarter, Ross Stores is now projecting earnings per share for the 53 weeks ending February 03, 2018, to be in the range of $3.07 to $3.17 compared to $2.83 last year.

Stock Performance

At the closing bell, on Wednesday, June 07, 2017, Ross Stores' stock marginally climbed 0.44%, ending the trading session at $62.11. A total volume of 2.85 million shares were traded at the end of the day, which was higher than the 3-month average volume of 2.64 million shares. In the last twelve months, shares of the Company have surged 16.79%. Shares of the Company have a PE ratio of 21.23 and have a dividend yield of 1.03%. The stock currently has a market cap of $24.32 billion.

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SOURCE: Pro-Trader Daily