Ross Stores Reports Record 2Q Increases
Pleasanton, Calif. Ross Stores reported Wednesday that net earnings for the second quarter ended Aug. 2 rose 40% to a record $71.3 million, compared to $50.9 million for the second quarter ended August 4, 2007.
Additional milestones included a 14% increase in second-quarter sales, which topped out at $1.640 billion, as well as a 6% jump in same-store sales.
"We are pleased to report strong sales and earnings growth for the second-quarter period,” said Michael Balmuth, vice chairman, president and CEO, Ross. “Besides offering bargains on fresh name brands, the tax-rebate checks and favorable weather also benefited sales in the quarter.”
The company reported that dresses, accessories and shoes were the strongest merchandise categories during the second quarter, and the best-performing markets were in Texas and the Mid-Atlantic.
"Looking ahead to the important back-to-school and holiday periods, we believe it is prudent to remain defensively positioned based on the uncertain macro economic and retail environments, which no longer have the benefit of the tax-rebate checks,” Balmuth said. “As a result, we are maintaining our original target of comparable store sales gains of 2% to 3% for both the third and fourth quarters."