Ross Stores posts 40% profit jump

From Times Wire Services

Ross Stores Inc., owner of the Ross Dress for Less discount chain, said fiscal second-quarter profit and sales rose and forecast that full-year earnings would be higher than a previous projection.

Net income jumped 40% to $71.3 million, or 54 cents a share, and revenue rose 14% to $1.64 billion, matching average estimates in a Bloomberg survey. Shares of Pleasanton, Calif.-based Ross fell 33 cents to $38.03 after the news.

The firm forecast profit for the year ending Jan. 31 of $2.33 to $2.38 a share, up from a May projection of $2.29. Analysts predict $2.35 on average.