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Ross Stores Q2 sales rise 7 percent, updates outlook

By FashionUnited

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REPORT_ Ross Stores reported that earnings per share for the 13 weeks

ended August 2, 2014 rose 16 percent to 1.14 dollars, up from 0.98 dollars for the 13 weeks ended August 3, 2013. Net earnings for the 2014 second quarter grew 12 percent to 239.6 million dollars, up from 213.1 million dollars in the prior year. Second quarter 2014 sales increased 7 percent to 2.730 billion dollars, compared to 2.551 billion dollars in the second quarter of 2013. Comparable store sales for the 13 weeks ended August 2, 2014 grew 2 percent on top of a 4 percent gain.

For the six months ended August 2, 2014, earnings per share increased 12 percent to 2.30 dollars, up from 2.06 dollars for the six months ended August 3, 2013. Net earnings for the six months ended August 2, 2014 were 483.5 million dollars, up 8 percent from 447.7 million dollars in the first half of 2013. Sales for the first six months of 2014 rose 6 percent to 5.410 billion dollars on a comparable store sales gain of 2 percent versus a 3 percent increase for the same period last year.

Commenting on the results, Barbara Rentler, Chief Executive Officer, said, “Our second quarter sales performed at the high-end of our expectations as today's value-focused consumers continued to respond to our wide assortment of competitive name brand bargains. Operating margin for the second quarter grew to a record 14.3 percent, up from 13.6 percent in the prior year. For the 13 weeks ending November 1, 2014, earnings per share are projected to be 0.83 dollars to 0.87 dollars, up from 0.80 dollars in last year's third quarter. For the 13 weeks ending January 31, 2015, earnings per share are forecast to be in the range of 1.05 dollars to 1.09 dollars, up from 1.02 dollars in the 2013 fourth quarter.”

Earnings per share for the 52 weeks ending January 31, 2015 are now forecast to be 4.18 dollars to 4.26 dollars, up from 3.88 dollars for the 52 weeks ended February 1, 2014. These guidance ranges are based on same store sales that are projected to increase 1 percent to 2 percent for both the third and fourth quarters of 2014.

Ross Stores