Solid 1Q Earnings Leave Our Outlook Intact for Ross Stores, but Shares Not a Bargain
After first-quarter earnings that leave Ross Stores poised to meet our long-term targets, our $72 fair value estimate should not change materially, nor should our long-term forecast calling for mid-single-digit sales growth and low teens operating margins, on average, over the next 10 years. While we still have a favorable view of the off-price channel's prospects in a changing retail landscape and expect Ross to capitalize on its strong inventory management and merchandise acquisition capabilit...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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