Morningstar

Morningstar, Inc.

Equity Bottom-Up

Boasting a fast-turning inventory of high-value branded merchandise, Ross' store experience and value proposition should continue to resonate with customers despite intense competition, leading to our assessment that its competitive advantages are durable. Ross and the off-price channel have benefited from the decline of traditional, full-price retailers, and despite signs of top-line improvement at department stores, we anticipate the firm will continue to perform as customers seek…

Our $86 fair value estimate for narrow-moat Ross should not change significantly after it posted first-quarter earnings. As we had expected, lackluster year-end results in ladies apparel lingered into fiscal 2019, but we believe performance should improve as inventory cycles, leaving our long-term forecast intact (mid-single-digit top-line growth and low-teens adjusted operating margins, on average, over the next decade). With the shares trading somewhat above our valuation, we suggest investors…

United States

Ross Stores, Inc. operates two brands of off-price retail apparel and home accessories stores. Ross Stores offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

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