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Ross’ Second-Quarter Net Income Rises 31%

From Reuters

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.

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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.


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