Home / Knowledge / News / Apparel/Garments / Ross Stores posts 'better-than-expected' H1 sales
Ross Stores posts 'better-than-expected' H1 sales
17
Aug '12
Ross Stores Inc. reported earnings per share for the 13 weeks ended July 28, 2012 of $.81, up from $.64 for the 13 weeks ended July 30, 2011. These results represent a 27% increase on top of a 20% gain in last year's second quarter.

Net earnings for the quarter grew to $182.0 million, up 23% from $148.3 million in the prior year. Sales for the 13 weeks ended July 28, 2012 increased 12% to $2.341 billion, with comparable store sales up 7% on top of a 5% gain in 2011.

For the six months ended July 28, 2012, earnings per share were $1.74, up from $1.38 for the six months ended July 30, 2011. These results represent a 26% increase on top of a 23% gain in the first half of 2011.

Net earnings for the six months ended July 28, 2012 were $390.6 million, up 22% from $321.2 million in the prior year period. Sales for the first six months of 2012 increased 13% to $4.698 billion, with comparable store sales up 8% on top of a 4% gain last year.

Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, "We are pleased with our better-than-expected results for the second quarter and first six months of 2012. Our strong sales and earnings growth for both periods continues to be driven by our ability to deliver compelling name brand bargains to today's value-focused consumers while strictly controlling both inventories and expenses."

Mr. Balmuth continued, "Operating margin for the second quarter grew about 110 basis points to a record 12.8% due to an 80 basis point improvement in cost of goods sold combined with a 30 basis point reduction in selling, general and administrative expenses from the robust gain in same store sales."

Mr. Balmuth also noted, "We continued to enhance stockholder returns through our stock repurchase and dividend programs in the second quarter. During the first six months of fiscal 2012, we repurchased 3.7 million shares of common stock for an aggregate price of $224 million. We remain on track to buy back a total of $450 million in common stock during fiscal 2012 to complete the two-year $900 million program authorized in early 2011."

Looking ahead, Mr. Balmuth said, "For the 13 weeks ending October 27, 2012, we are forecasting same store sales to increase 3% to 4% and earnings per share in the range of $.63 to $.66.

“This compares to earnings per share of $.63 in last year's third quarter, which benefited from both better-than-expected shortage results and a lower tax rate due to favorable tax audit settlements. Together these two items increased third quarter 2011 earnings per share by about $.06.

“For the 13 weeks ending January 26, 2013, the Company is projecting same store sales to be up 1% to 2% on top of a strong 7% increase in the fourth quarter of 2011. Earnings per share for the 14 weeks ending February 2, 2013 are forecast to be in the range of $.99 to $1.04, which includes an estimated $.08 to $.09 benefit from the 53rd week this year, and compares to $.85 for the 13 weeks ended January 28, 2012."

For the 53 weeks ending February 2, 2013, the Company is now forecasting earnings per share to be in the range of $3.36 to $3.44, up from $2.86 for the 52 weeks ended January 28, 2012. On a 52-week basis, the Company's updated forecast for fiscal 2012 represents projected EPS growth of 14% to 17% over the prior year.

Ross Stores Inc.

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search