Ross Stores, Inc. (NASDAQ:ROST) on Thursday reported better-than-expected second-quarter financial results.

Ross Stores beat estimates on the top and bottom lines in the second quarter, reporting revenue of approximately $6.27 billion versus estimates of $6.18 billion and earnings per share of $2.66 versus estimates of $1.94.

Jim Conroy, CEO of Ross Stores, said, "Our performance was fueled by our compelling merchandise offerings, engaging marketing initiatives, and continued enhancements to the in-store experience. We were pleased to see strength throughout the quarter."

Ross Stores raised its full-year earnings per share guidance from a range of $7.50 to $7.74 to a new range of $8.61 to $8.77 versus estimates of $7.79. The company guided for third-quarter earnings per share of $1.75 to $1.83 and fourth-quarter earnings of $2.17 to $2.26. Both quarterly guidance ranges are above current analyst expectations.

Ross Stores shares jumped 9.1% to $249.68 in pre-market trading.

These analysts made changes to their price targets on Ross Stores following earnings announcement.

• Baird analyst Mark Altschwager maintained the stock with an Outperform rating and raised the price target from $250 to $270.
• Evercore ISI Group analyst Michael Binetti maintained the stock with an Outperform rating and raised the price target from $276 to $290.

Considering buying ROST stock? Here’s what analysts think:

Photo via Shutterstock

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.