Off-price retailer Ross Stores has booked a 17% increase in second-quarter profit, helped by higher sales and improved margins.
CEO and vice chairman Michael Balmuth said: “We are pleased with our better-than-expected results for the second quarter and first six months of 2013, which were mainly driven by above-plan sales and merchandise gross margin.
“Our performance for both the quarter and year-to-date periods continues to benefit from the solid execution of our core off-price strategy of delivering compelling name brand bargains to today’s value-focused consumers.”
The company expects full year earnings per share to be $3.80-3.87, up from $3.53 last year. For the third quarter, earnings per share are projected to be $0.75-0.78, up from $0.72 in the prior year.
“Looking ahead, given the ongoing uncertainty in the macro-economic environment and the potential for a more promotional and competitive retail climate, we believe it is prudent to maintain a somewhat cautious outlook for the remainder of the year.”
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