Ross Stores Swings To Q1 Profit

(RTTNews) - Ross Stores, Inc. (ROST) Thursday reported first-quarter net income of $476.5 million or $1.34 per share, compared to net loss of $305.8 million or $0.87 per share last year.

Sales for the quarter grew to $4.52 billion from $1.84 billion last year.

Analysts polled by Thomson Reuters expected earnings of $0.88 per share on revenues of $3.87 billion for the quarter. Analysts' estimates typically exclude one-time items.

The company authorized a new program to repurchase up to $1.5 billion of its common stock through fiscal 2022, with plans to buy back $650 million this year and $850 million in 2022.

Looking forward, the company expects earnings of $0.80 to $0.89 and $3.93 to $4.20 per share for the second quarter and full year 2021, respectively. Analysts currently estimate earnings of $1.03 and $4.22 per share, for the second quarter and full year 2021, respectively.