Ross Stores (Nasdaq: ROST) is expected to report Q2 earnings on Aug. 16. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Ross Stores's revenues will improve 11.2% and EPS will increase 25.0%.

The average estimate for revenue is $2.32 billion. On the bottom line, the average EPS estimate is $0.80.

Revenue details
 Last quarter, Ross Stores booked revenue of $2.36 billion. GAAP reported sales were 14% higher than the prior-year quarter's $2.07 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, EPS came in at $0.93. GAAP EPS of $0.93 for Q1 were 26% higher than the prior-year quarter's $0.74 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 28.8%, 20 basis points better than the prior-year quarter. Operating margin was 14.4%, 70 basis points better than the prior-year quarter. Net margin was 8.9%, 60 basis points better than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $9.67 billion. The average EPS estimate is $3.48.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 359 members out of 392 rating the stock outperform, and 33 members rating it underperform. Among 100 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 96 give Ross Stores a green thumbs-up, and four give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Ross Stores is outperform, with an average price target of $59.85.

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