ROST - Ross Stores posts 14% jump in comparable sales for Q3

Ross Stores (NASDAQ:ROST) says it had a strong Q3 despite waning government stimulus and uncertainty related to the spread of COVID variants. Revenue was up 22% and topped expectations. Comparable sales were up 14% for the quarter. Operating margin of 11.4% was down from 2019 as leverage from the sales gains was partially offset by ongoing headwinds from higher freight, wage and COVID-related costs. Looking ahead, the retailer warns that there remains significant uncertainty related to the worsening industry-wide supply chain congestion as it enters the important holiday season. Q4 guidance is set at comparable store sales gains of 7% to 9% and earnings per share in the range of $0.83 to $0.93. "Consumers’ increasing focus on value and convenience along with the large number of recent retail closures and bankruptcies make us confident about our prospects for continued market share gains in the future," notes CEO Barbara Rentler. Shares

For further details see:

Ross Stores posts 14% jump in comparable sales for Q3