Dani Greene
Aug 21, 2016
Ross sales and earnings surpass forecast for second quarter 2016
Dani Greene
Aug 21, 2016
Dublin, California-based Ross Stores reported growth in earnings and sales for the second quarter ending July 30, 2016, Specifically, the company reported a 13% increase in earnings per share and an 11% increase over the prior year.
Net earnings for the second quarter of this year increased from the same quarter last year's earnings of $259 million to $282 million this year.
The company saw sales grow 7% for the second quarter to $3.181 billion. Comparable store sales increased 4%, the same rate as the second quarter of 2015.
Ross CEO Barbara Rentler stated, "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."
Talking about the outlook for the second half of 2016, Rentler said, “Based on our first half results and second half guidance, fiscal 2016 earnings per share are now planned to increase 7% to 10% to $2.69 to $2.75, on top of a 14% gain last year."
Established in 1982, Ross Dress for Less is now the largest off-price apparel and home fashion chain in the United States with 1,317 locations in 34 states, the District of Columbia and Guam as of July 30, 2016. The company saw $11.9 billion in revenue in 2015.
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