Source: Barron's
Retail earnings have not been pretty, yet stocks have held up well. Ross Stores (ROST) reported revenue of $1.84 billion, non-GAAP EPS of -$0.29 and GAAP EPS of -$0.87. The company missed on revenue and earnings. I had the following takeaways on the quarter.
Free-Falling Revenue
The company's total revenue fell 51% Y/Y. Millions of Americans remained at home amid the pandemic. This has caused retail sales to drop. Practically all of the company's sales are through physical locations, so revenue was expected to fall hard. Ross temporarily closed its stores