Apr 8, 2010
Ross Stores March sales jump; ups first quarter EPS view
Apr 8, 2010
April 8 (Reuters) - Ross Stores Inc's (ROST.O) March same-store sales beat Wall Street estimates, as the off-price retailer got a lift from strong store traffic, and forecast solid first and second-quarter profits.
Ross Stores Inc
March same-store sales jumped 14 percent, outpacing analysts' expectation of a 6.4 percent increase, according to Thomson Reuters Data. "Shoes, home and dresses were the best performing categories in March, while the Mid-Atlantic, Northwest and Southeast were the strongest regions," Chief Executive Michael Balmuth said.
The company raised its first-quarter earnings view to between $1.14 and $1.16 a share, up from an earlier forecast of 92 cents to 95 cents a share.
Analysts on average were looking for first-quarter earnings of 97 cents a share, according to Thomson Reuters I/B/E/S.
The off-price retailer, which competes with larger rival TJX Cos Inc (TJX.N), expects second-quarter earnings of between 95 cents and 99 cents a share, above analysts' view of 94 cents a share.
Shares of the rose 4 percent to $56.31 in morning trade on Nasdaq. They had closed at $54.14 Wednesday 7 April. (Reporting by Shradhha Sharma in Bangalore; Editing by Jarshad Kakkrakandy)
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