Ross Stores (Nasdaq: ROST) reported earnings on May 23. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended May 4 (Q1), Ross Stores met expectations on revenues and met expectations on earnings per share.

Compared to the prior-year quarter, revenue expanded. GAAP earnings per share expanded significantly.

Margins grew across the board.

Revenue details
 Ross Stores reported revenue of $2.54 billion. The 18 analysts polled by S&P Capital IQ wanted to see a top line of $2.53 billion on the same basis. GAAP reported sales were 7.8% higher than the prior-year quarter's $2.36 billion.

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

EPS details
 EPS came in at $1.07. The 27 earnings estimates compiled by S&P Capital IQ anticipated $1.07 per share. GAAP EPS of $1.07 for Q1 were 15% higher than the prior-year quarter's $0.93 per share.

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

Margin details
 For the quarter, gross margin was 29.2%, 40 basis points better than the prior-year quarter. Operating margin was 14.9%, 50 basis points better than the prior-year quarter. Net margin was 9.2%, 30 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $2.51 billion. On the bottom line, the average EPS estimate is $0.93.

Next year's average estimate for revenue is $10.33 billion. The average EPS estimate is $3.89.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 392 members out of 425 rating the stock outperform, and 33 members rating it underperform. Among 118 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 115 give Ross Stores a green thumbs-up, and three 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 $66.95.

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