Ross Stores reports 10% sales increase

PLEASANTON, Calif. Ross Stores today reported earnings per share for the 13 weeks ended Aug. 4 of 37 cents and net earnings of $50.9 million. For the 13 weeks ended July 29, 2006, earnings per share were 32 cents and net earnings totaled $45.4 million. Fiscal 2007 second quarter sales increased 10% to $1.445 billion, with comparable-store sales for the period up 2% on top of a 4% increase in the prior year.

For the six months ended Aug. 4, earnings per share were 85 cents and net earnings totaled $117.9 million. For the six months ended July 29, 2006, earnings per share were 73 cents and net earnings totaled $104.6 million. Sales for the first six months of 2007 increased 10% to $2.855 billion, with comparable-store sales up 1% on top of a 5% gain in the prior year.

The company is projecting same-store sales growth of 1% to 3% for the third and fourth quarters, compared to its previous forecast of up 3% to 4% for both periods. The company anticipates earnings per share to be in the range of 33 cents to 37 cents for the 13 weeks ending Nov. 3 and 62 cents to 68 cents for the 13 weeks ending Feb. 2. Based on these projections, earnings per share for the fiscal year ending Feb. 2, 2008 are forecast to be in the range of $1.80 to $1.90.

Reported earnings per share for the fiscal 2006 third quarter, fourth quarter and fiscal year were 31 cents, 66 cents and $1.70, respectively.