Ross Stores reports upbeat Q3, earnings rise 16 percent

Ross Stores reported earnings per share for the third quarter ended October 28, 2017 of 0.72 dollar, a 16 percent increase from 0.62 dollar last year. Net earnings grew to 274 million dollars, up from 245 million dollars in the prior year. The company’s third quarter sales rose 8 percent to 3.3 billion dollars, with comparable store sales up 4 percent on top of a 7 percent increase last year.

Commenting on the positive trading, Barbara Rentler, the company’s Chief Executive Officer, said in a press release, “Our third quarter sales and earnings outperformed our expectations despite being up against our toughest prior year comparisons and two major hurricanes during the quarter. We are pleased with these strong results, which reflect our continued market share gains in a challenging retail environment.”

For the first nine months of fiscal 2017, earnings per share were 2.36 dollars, up 15 percent on an 11 percent gain last year. Net earnings were 912 million dollars compared to 817 million dollars in the prior year. Sales year-to-date rose 8 percent to 10.1 billion dollars, with comparable store sales up 4 percent.

“For the 13 weeks ending January 27, 2018, comparable store sales are now forecast to increase 2 percent to 3 percent versus a 4 percent gain last year. Earnings per share for the 14 weeks ending February 3, 2018 are projected to be 0.88 dollar to 0.92 dollar, up from 0.77 dollar in the prior year period. Based on this updated guidance and our year-to-date results, we are now planning earnings per share for fiscal 2017 to be in the range of 3.24 dollars to 3.28 dollars. Both our fourth quarter and full year guidance include an approximate 0.08 dollar benefit to earnings per share from the 53rd week in fiscal 2017,” added Rentler.

Picture:Ross Stores website