Ross Stores (ROST) 1Q16 Results: In-line Quarter Though Sales Were Slightly below Expectations

Executive Summary

• Ross Stores reported 1Q EPS of $0.73, in-line with consensus.
• Total revenues were $3.09 billion, up 5% year over year, versus consensus of $3.12 billion. Comps increased 2%.
• Management provided 2Q guidance of $0.64 to $0.67 versus consensus of $0.70. Comps are expected to increase 1% to 2% versus consensus of 2.4%. Full year guidance was raised to $2.63 to $2.72 from prior guidance of $2.59 to $2.71. Consensus is $2.71.