Ross Stores Q2 Profit Tops Estimate; Boosts FY14 Earnings Outlook

(RTTNews) - Ross Stores, Inc. (ROST) reported net earnings for the second quarter of $239.6 million or $1.14 per share, compared to $213.1 million or $0.98 per share for the year-ago quarter.

Second quarter sales increased 7% to $2.73 billion from $2.55 billion a year ago. Same-store sales for the second quarter 2014 grew 2%.

Analysts polled by Thomson Reuters expected the company to earn $1.08 per share on revenue of $2.71 billion for the second quarter.

Looking ahead, the company forecasts earnings of $0.83 to $0.87 per share for the third quarter and $1.05 to $1.09 per share for the fourth quarter.

The company raised its fiscal 2014 earnings guidance to a range of $4.18 to $4.26 per share from its prior guidance of $4.09 to $4.21 per share.

Analysts currently expect the company to earn $0.86 per share for the third quarter and $4.21 per share for the fiscal year 2014.