- Ross Stores (NASDAQ:ROST) EPS missed estimates by 3 cents.
- Revenue also came in below expectations.
- The retail company’s guidance is weak.
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Ross Stores (NASDAQ:ROST) stock is falling hard on Friday following the release of the retail company’s earnings report for the first quarter of 2022.
The earnings report hammering ROST stock today starts with its diluted earnings per share of 97 cents. That’s below the $1 per share that Wall Street was expecting. It also comes in lower than the $1.34 per share reported in the same period of the year prior.
Another blow to ROST stock comes from the retailer’s revenue of $4.33 billion. That’s another miss next to analysts’ estimate of $4.54 billion for the period. It’s also worse than the $4.5 billion reported during the same time last year.
Keeping up with the negative news is an updated outlook in the retail company’s most recent earnings report. That includes diluted EPS guidance of 99 cents to $1.07 for the second quarter of the year. This will have it missing Wall Street’s Q2 EPS estimate of $1.33.
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Not helping matters further is Ross Store’s fiscal 2022 outlook of diluted EPS ranging from $4.34 to $4.58. Yet again, this will have it missing analysts’ estimate of $5.02 for the same timeframe.
ROST shares are seeing heavy trading today alongside the poor earnings report. This has some 22 million shares on the move as of this writing. For the record, the company’s daily average trading volume is about 3.1 million shares.
ROST stock is down 22.2% as of Friday afternoon.
Investors on the lookout for more of the latest stock market news are in the right place!
We’ve got all the hottest stock news traders need to know about for Friday! Among that is what has shares of SoFi (NASDAQ:SOFI), Nio (NYSE:NIO), and Lucid (NASDAQ:LCID) stock moving today. You can read more on these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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