Despite Intense Competition, Ross’ Blend of Value and Store Experience Should Continue to Resonate.
We do not plan a large change for our $81 per share valuation for narrow-moat Ross after a strong end to fiscal 2018. While management set guidance lower than our fiscal 2019 target, we suspect its estimate is conservative, and so our long-term marks (mid-single-digit top-line growth, low-teens adjusted operating margins on average over the next decade) are intact. We have a favorable view of Ross and the broader off-price sector, but suggest investors await a more attractive entry point.Ross s...
Ross Stores and its subsidiaries operate two brands of off-price retail apparel and home fashion stores, which are Ross Dress for Less? (Ross) and dd's DISCOUNTS?. Ross provides name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. dd's DISCOUNTS provides name brand apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Both of the company's Ross and dd's DISCOUNTS brands target women and men between the ages of 18 and 54.
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