Ross Stores updates guidance upon strong Q1

Ross Stores Inc. cranked out strong results during the first quarter and revised its guidance for the fiscal year.

Performing at the high end of the company’s guidance, net earnings for the quarter, ended May 3, rose 5.6% to $243.9 million, and earnings per share rose 7.0% to $1.15.

Sales increased 6% to $2.681 billion, and comparable store sales were up 1%.

Michael Balmuth, vice chairman and ceo, credited “strict inventory and expense controls” with offsetting impacts from unfavorable weather and a more challenging retail environment.

“Sales trends improved in April with more seasonal spring weather that coincided with the later Easter shopping period,” he added. “Operating margin for the quarter was better than forecasted, declining 25 basis points to 14.6%.”

The retailer now expects earnings per share for the fiscal year ending Jan. 31, 2015, to be in the range of $4.09-$4.21, compared to $3.88 in the previous fiscal year.

Source: Home Textiles Today