By Yasin Ebrahim
Investing.com - Ross Stores (NASDAQ:ROST) on Thursday suspended its dividend after first-quarter results missed analysts' forecasts as the retailer was forced to shutter stores following government-imposed measures to contain the virus outbreak.
Ross Stores shares lost 2.05% in after-hours trade following the report.
"Today we are announcing several additional actions, which include the suspension of our quarterly dividend program and reduced new store openings for the year," the company said.
Ross Stores announced earnings per share of $-0.29 on revenue of $1.84 billion. Analysts polled by Investing.com anticipated EPS of $0.18 on revenue of $2.37 billion. That compared with an EPS of $1.15 on revenue of $3.8 billion in the same period a year before. Ross Stores had reported EPS of $1.28 on revenue of $4.41 billion in the previous quarter. Analysts are expecting EPS of $0.48 and revenue of $2.85 billion in the upcoming quarter.
About 700 stores have reopened since May 14, with remaining stores expected to reopen in coming weeks, the company said.
"Given the lack of visibility created by COVID-19 and the unknown extent of the impact the virus will have on consumer demand and store productivity, we are not providing second quarter and 2020 full year sales and earnings guidance,” Ross Stores said.
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