Ross Stores 1Q earnings up 20%

Ross Stores is now forecasting same-store sales to be flat to down 1%, on top of a strong 6% gain in the prior year, compared to its previous second quarter guidance for a mid-single digit percentage decline in comparable-store sales.

Based on these updated sales targets, the company is projecting second quarter earnings per share to be in the range of 60 cents to 63 cents, versus 54 cents in the prior year period.