Ross’ Second-Quarter Net Income Rises 31%
Ross Stores Inc. said second-quarter profit rose 31% on strength in the retailer’s juniors and shoe departments.
But the Pleasanton-based company forecast third-quarter earnings a bit below analysts’ average forecast and said it had an unexpectedly high amount of markdowns in the quarter.
Earnings for its second quarter ended July 30 rose to $42.3 million, or 29 cents a share, in line with analysts’ estimates and up from a restated $32.2 million, or 21 cents, a year earlier.
The 2004 period included a charge of $11 million, or 7 cents a share.
Sales for the quarter climbed 16% to $1.17 billion, the company said.
Ross forecast third-quarter earnings of 28 cents to 30 cents a share, below the average of 31 cents expected by analysts.
Shares of Ross increased 47 cents to $26.