Ross Stores, Inc. (NASDAQ:ROST) stock traded higher in Friday’s premarket session after the off-price retailer beat Wall Street estimates on both the top and bottom lines for the second quarter.
Earnings Beat Estimates
Ross Stores reported second-quarter revenue of about $6.27 billion, beating the $6.18 billion estimate. Earnings came in at $2.66 per share, topping the $1.94 estimate.
Sales rose 13% year over year to $6.3 billion, while comparable-store sales increased 10%, driven by stronger customer traffic.
The quarter marked Ross Stores’ second consecutive period of double-digit sales growth, with July delivering the strongest performance. New and returning customers, more frequent visits and higher spending from existing shoppers helped drive growth.
