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Ross Stores earnings rise 11 percent in Q2

By Prachi Singh

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Earnings per share at Ross Stores for the second quarter ended August 1, 2015 increased 11 percent to 0.63 dollar, up from 0.57 dollar in the prior year. Net earnings grew to 259 million dollars, compared to 240 million dollars for the same period in 2014.

Sales for the quarter rose 9 percent to 2.968 billion dollars, with comparable store sales up 4 percent over the prior year. For the first six months of the fiscal year, earnings per share increased 15 percent to 1.32 dollars, up from 1.15 dollars in the prior year. Net earnings were 541 million dollars, up 12 percent from 483 million dollars last year. Sales for the year-to-date period rose 9 percent to 5.906 billion dollars, and comparable store sales increased 5 percent.

“We are pleased with our solid sales and earnings growth for both the second quarter and first six months. These results reflect that our assortments of compelling name brand bargains continue to resonate with today's value-focused customers. While second quarter operating margin of 13.9 percent was down from last year, it was slightly better than expected,” said Barbara Rentler, Chief Executive Officer.

Looking ahead, we are maintaining a cautious outlook for the second half when we face more challenging sales and earnings comparisons. In addition, the macro-economic and retail landscapes remain uncertain,” said Rentler, adding, “For the third quarter ending October 31, 2015, we are forecasting same store sales to increase 1 percent to 2 percent on top of a 4 percent increase in the prior year and earnings per share of 0.48 dollar to 0.50 dollar, up from 0.46 dollar in last year's third quarter.”

“For the fourth quarter, we are projecting same store sales to be flat to up 1 percent versus a 6 percent gain in the prior year, and earnings per share of 0.60 dollar to 0.63 dollar compared to 0.60 dollar in last year's fourth quarter. For fiscal 2015, earnings per share are now forecast to be in the range of 2.40 dollars to 2.45 dollars, up 9 percent to 11 percent from 2.21 dollars in fiscal 2014,” she concluded

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