** charts before earnings **
** after earnings **
Ross Stores misses by $0.03, misses on revs, comps -7%; guides Q2 EPS below consensus; guides FY23 EPS below consensus
- Reports Q1 (Apr) earnings of $0.97 per share, $0.03 worse than the S&P Capital IQ Consensus of $1.00; revenues fell 4.1% year/year to $4.33 bln vs the $4.54 bln S&P Capital IQ Consensus.
- Comparable store sales declined -7%.
- "We are disappointed with our lower-than-expected first quarter results. Following a stronger-than-planned start early in the period, sales underperformed over the balance of the quarter. We knew fiscal 2022 would be a difficult year to predict, especially the first half when we were facing last year's record levels of government stimulus and significant customer pent-up demand as COVID restrictions eased. The external environment has also proven extremely challenging as the Russia-Ukraine conflict has exacerbated inflationary pressures on the consumer not seen in 40 years."
- Q1 operating margin of 10.8% was down from 14.2% in 2021, reflecting the deleveraging effect from the same store sales decline combined with ongoing headwinds from higher freight and wage costs that began rising in the second half of 2021.
- Co issues downside guidance for Q2 (Jul), sees EPS of $0.99-1.07 vs. $1.31 S&P Capital IQ Consensus. Co guides to Q2 same store comp decline of -6% to -4%.
- Co issues downside guidance for FY23, sees EPS of $4.34-4.58 vs. $5.00 S&P Capital IQ Consensus. Co reaffirms full year same store comp decline of -4% to -2%.
No comments:
Post a Comment