Ross Stores is another off-price winner

On the heels of another successful quarter from off-price rival TJX, Ross Stores Inc. also reported a spike in same store sales for the second quarter.

For the second quarter ended Aug. 1, Ross Stores says net earnings rose 8% to $259 million from $240 million the same quarter the prior fiscal year.Sales rose 9% to $2.97 billion from $2.73 billion, with same-store sales up 4%

"We are pleased with our solid sales and earnings growth for both the second quarter and first six months,” said CEO Barbara Rentler. “These results reflect that our assortments of compelling name brand bargains continue to resonate with today's value-focused customers."

For the third fiscal quarter, Ross Stores expects same-store sales to rise 1-2%, with same-store sales ranging from flat to up 1% in the fourth fiscal quarter.

Looking ahead, Rentler said, "While we hope to do better, we are maintaining a cautious outlook for the second half when we face more challenging sales and earnings comparisons. In addition, the macro-economic and retail landscapes remain uncertain. For the third quarter ending October 31, 2015, we are forecasting same store sales to increase 1% to 2% on top of a 4% increase in the prior year and earnings per share of $.48 to $.50, up from $.46 in last year's third quarter. For the fourth quarter ending January 30, 2016, we are projecting same store sales to be flat to up 1% versus a 6% gain in the prior year, and earnings per share of $.60 to $.63 compared to $.60 in last year's fourth quarter. For fiscal 2015, earnings per share are now forecast to be in the range of $2.40 to $2.45, up 9% to 11% from $2.21 in fiscal 2014."