On May 22, Ross Stores rose 5.9% in regular trading, trading at $233.1/share, with trading volume of approximately $130 million.

The surge was driven by the company reporting first-quarter results that substantially exceeded market expectations. Ross Stores posted earnings per share of $2.02, far surpassing the analyst consensus estimate of $1.68, representing a 37.41% year-over-year increase from $1.47 in the prior-year period. Quarterly revenue reached $6.01 billion, well above the expected $5.567 billion. Both sales and profits significantly exceeded the company's own prior guidance.

Simultaneously, Ross Stores raised its full-year outlook, projecting comparable store sales growth of 6% to 7%, up from a prior forecast of 3% to 4%. Full-year EPS guidance was lifted to $7.50-$7.74. For Q2, the company guided EPS of $1.85 to $1.93, also above the Street estimate of $1.80. Following the results, Jefferies raised its price target from $245 to $265, maintaining a Buy rating. Management noted healthy traffic growth across all income levels and age groups, reflecting strong consumer demand for value-oriented apparel amid persistent inflationary pressures.

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