Ross Stores Q1 sales and earnings improve

Ross Stores earnings for the first quarter were 0.82 dollar, up from 0.73 dollar in the same period last year. Net earnings for the quarter grew to 321 million dollars, compared to 291 million dollars in the prior year. Sales for the current year quarter increased 7 percent to 3.3 billion dollars, with comparable store sales up 3 percent.

Commenting on the first quarter trading, Barbara Rentler, the company’s CEO said in a press release, “We achieved respectable growth in both sales and earnings during the first quarter despite the uncertainty and volatility in the external environment. Operating margin of 15.2 percent exceeded our expectations due to above-plan sales and merchandise margin.”

“For the second quarter ending July 29, 2017, we are forecasting same store sales to be up 1 percent to 2 percent, on top of a 4 percent gain last year, with earnings per share of 0.73 dollar to 0.76 dollar, up from 0.71 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 the 53 weeks ending February 3, 2018 to be in the range of 3.07 dollars to 3.17 dollars, compared to 2.83 dollars last year,” added Rentler.

Picture:Ross Stores website

 

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