Ross Stores Q3 Profit Tops Estimate; Boosts FY14 EPS Outlook

(RTTNews) - Ross Stores, Inc. (ROST) reported net income for the third quarter of $192.7 million or $0.93 per share, compared to $171.6 million or $0.80 per share for the year-ago quarter.

Third quarter sales increased 8% to $2.60 billion from $2.40 billion a year ago, with same-store sales up 4%.

Analysts polled by Thomson Reuters expected the company to earn $0.87 per share on revenue of $2.55 billion for the third quarter.

Looking forward to the fourth quarter, the company continues to project same-store sales up 1% to 2% with earnings per share forecast to be $1.05 to $1.09.

For the fiscal year ending January 31, 2015, the company raised its earnings guidance to a range of $4.28 to $4.32 per share from its prior guidance of $4.18 to $4.26 per share.

Analysts currently expect the company to earn $1.10 per share for the fourth quarter and $4.27 per share for the fiscal year 2014.