Ross Stores Boosts Q2 Earnings, Comps

Ross Stores boosted its second quarter results, posting an increase in earnings and sales.

For the second quarter ended July 30, Ross Stores reported earnings of $281.9 million, or 71 cents per share, versus $258.6 million, or 63 cents per diluted share, in the year-ago period.

Earnings per share beat an analyst average estimate as published by MarketBeat by four cents.

Sales rose 7% in the quarter to $3.18 billion, with comparable store sales advancing 4%.

Barbara Rentler, Ross CEO, said, “Both sales and earnings results in the second quarter were ahead of our forecast. Higher merchandise gross margin during the quarter drove a 50 basis point increase in operating margin to 14.4%, up from 13.9% in the same period last year.”

The company operates 1,317 Ross Dress for Less stores in the U.S., the District of Columbia and Guam, and 184 DD’s Discounts stores.