Ross Stores' Q2 earnings surge 15 percent

Ross Stores reported earnings per share for the second quarter ended July 29, 2017 of 0.82 dollar, up 15 percent from 0.71 dollar last year. The company’s net earnings grew to 317 million dollars, compared to 282 million dollars in the prior year. Sales rose 8 percent to 3.432 billion dollars, with comparable store sales up 4 percent on top of 4 percent growth last year.

Commenting on the positive trading, Barbara Rentler, the company’s Chief Executive said in a media statement: “We are pleased with the better-than-expected growth we delivered in both sales and earnings in the second quarter, especially given our strong multi-year comparisons and today’s volatile retail climate.

For the first six months of fiscal 2017, earnings per share were 1.64 dollars, up 14 percent on top of a 9 percent gain last year and net earnings were 638 million dollars, up from 573 million dollars in the prior year. Sales rose 7 percent to 6.738 billion dollars, with comparable store sales up 4 percent versus a 3 percent gain in the same period last year.

For the third quarter, we are forecasting a same store sales gain of 1 percent to 2 percent, earnings per share to be 0.64 to 0.67 dollar, up from 0.62 dollars in last year’s third quarter. For the fourth quarter, we are also forecasting same store sales to grow 1 percent to 2 percent, with earnings per share expected to be 0.88 to 0.92 dollar, up from 0.77 dollar in the 2016 fourth quarter. Fiscal 2017 earnings per share for the 53 weeks are now planned to increase 12 percent to 14 percent to 3.16 dollars to 3.23 dollars, on top of a 13 percent gain last year,” added Rentler.

Picture:Ross Stores website