Ross Stores meets Q1 sales guidance, earnings up 6 percent

Ross Stores earnings per share for the 13 weeks ended April 30, 2016 were 0.73 dollar, a 6 percent gain on top of a 19 percent increase in the prior year period. Net earnings for the 2016 first quarter were 291 million dollars, up from 282 million dollars last year. Sales increased 5 percent to 3.089 billion dollars, with comparable store sales up 2 percent on top of a strong 5 percent gain in the first quarter of 2015.

Commenting on the positive results, Barbara Rentler, CEO, said, "Even though we faced our strongest prior year comparisons, sales performed at the high end of guidance, while earnings per share were slightly above our targeted range. Operating margin for the period of 15.4 percent was down from last year, but slightly above plan.”

Looking ahead, Rentler added, "We continue to forecast same store sales for the second quarter ending July 30, 2016 to be up 1 percent to 2 percent, on top of a 4 percent gain last year, with earnings per share of 0.64 dollar to 0.67 dollar, up from 0.63 dollar in the prior year period. Based on our first quarter results and guidance for the second quarter, we now project earnings per share for fiscal 2016 to be in the range of 2.63 dollars to 2.72 dollars, compared to 2.51 dollars last year."

picture:rossstores.com