Ross Stores well dressed for income growth
PLEASANTON, Calif. — Ross Stores continues to deliver impressive earnings results, reporting net income of $148.3 million, or $1.28 per share for the second quarter ended July 30, compared with net income of $129.3 million, or $1.07 per share, for the same period last year.
The company reported that sales for the quarter increased 9% to $2.089 billion, with comparable-store sales up 5% on top of a 4% gain in 2010.
Michael Balmuth, vice chairman and CEO, commented, "We are pleased with our better-than-expected performance for both the second quarter and first six months of 2011. Our ability to increase the percentage of fresh name brand bargains our customers see, while also strictly controlling inventories and expenses, has enabled us to capitalize on our favorable position as a value retailer."
For the third quarter the company said it is expecting same-store sales to increase 1% to 2% and earnings per share of $1.00 to $1.04. For the fourth quarter ending Jan. 28, 2012, this company is forecasting a 2% to 3% increase in comparable-store sales and earnings per share of $1.53 to $1.59. Earnings per share for the 2011 fiscal year ending Jan. 28 are now projected to be $5.29 to $5.39, the company reported.