Home / Knowledge / News / Apparel/Garments / Ross Stores Q1'FY14 net earnings up 3.9% to $243.9mn
Ross Stores Q1'FY14 net earnings up 3.9% to $243.9mn
23
May '14
Ross Stores, Inc. reported earnings per share for the 13 weeks ended May 3, 2014 of $1.15, up from $1.07 for the 13 weeks ended May 4, 2013. These results represent a 7% increase on top of 15% and 26% gains in the first quarters of 2013 and 2012, respectively. Net earnings for the 2014 first quarter were $243.9 million, up from $234.6 million in the prior year.  
 
First quarter 2014 sales increased 6% to $2.681 billion, up from $2.540 billion in the first quarter of 2013. Comparable store sales for the 13 weeks ended May 3, 2014 rose 1% on top of 3% and 9% gains in the first quarters of 2013 and 2012, respectively.
 
Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, "First quarter earnings per share performed at the high end of our guidance as strict inventory and expense controls offset the impact from unfavorable weather and a more challenging retail environment. Sales trends improved in April with more seasonal Spring weather that coincided with the later Easter shopping period.  Operating margin for the quarter was better than forecasted, declining 25 basis points to 14.6%.  A 35 basis point increase in cost of goods sold was partially offset by a 10 basis point improvement in selling, general and administrative costs."
 
Mr. Balmuth continued, "During the first three months of fiscal 2014, we repurchased 2.0 million shares of common stock for an aggregate price of $139 million.  We expect to buy back a total of $550 million in common stock during fiscal 2014, which will complete the two-year $1.1 billion authorization approved by our Board of Directors in January 2013."  
 
Looking ahead, Mr. Balmuth said, "For the 13 weeks ending August 2, 2014, we are forecasting same store sales to increase 1% to 2% on top of 4% and 7% gains in the second quarters of 2013 and 2012, respectively.  Earnings per share for the 2014 second quarter are projected to be in the range of $1.05 to $1.09, up from $.98 last year."
 
Mr. Balmuth concluded, "Based on our first quarter results and guidance for the second quarter, we now project earnings per share for the 52 weeks ending January 31, 2015 to be in the range of $4.09 to $4.21, compared to $3.88 for the 52 weeks ended February 1, 2014."
 

Ross Stores

Must ReadView All

Textiles | On 30th Aug 2016

Maharashtra, Telangana ratify GST Bill; tally 11

The state legislative assemblies of Maharashtra and Telangana today...

Courtesy: Da Milano

Fashion | On 30th Aug 2016

‘Luxury market place expanding at accelerating pace’

The rise of emerging economies and the growing global middle class...

Textiles | On 30th Aug 2016

CAI predicts 2016-17 cotton output at 336 lakh bales

Cotton Association of India (CAI) has predicted that cotton...

Interviews View All

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Karan Arora
Karan Arora

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

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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
August 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search