;
Home / Knowledge / News / Apparel/Garments / Ross Stores Q1 sales grow 9% to $3.6 billion
Ross Stores Q1 sales grow 9% to $3.6 billion
31
May '18
Courtesy: Ross Stores
Courtesy: Ross Stores
American apparel retailer Ross Stores has recorded 9 per cent hike in its sales to a total of $3.6 billion in the first quarter of fiscal 2018. Comparable store sales for the 13 weeks ended May 5, 2018 grew 3 per cent over the 13 week period ended May 6, 2017. This compares to a same store sales gain of 3 per cent for the 13 weeks ended April 29, 2017.

Earnings per share for the reported quarter were $1.11, up from $.82 in the same quarter of previous year. Net earnings for the 2018 first quarter were $418 million, compared to $321 million in the prior year. These earnings per share results include a $.17 per share benefit from recently enacted tax legislation and a $.02 per share benefit from the favourable timing of packaway-related expenses that we expect to reverse in subsequent quarters.

"Despite unfavourable weather throughout the period, we achieved above-plan growth in both sales and earnings in the first quarter. Operating margin for the period of 15.1 per cent was down slightly from the prior year as an improvement in merchandise gross margin and favorable timing of packaway-related expenses were offset by higher freight costs and wage-related investments," Barbara Rentler, chief executive officer, said.

"During the first quarter of fiscal 2018, we repurchased 3.3 million shares of common stock for an aggregate price of $255 million. As planned, we remain on track to buy back a total of $1.075 billion in common stock during fiscal 2018," Rentler continued.

"For the 13 weeks ending August 4, 2018, we are forecasting same store sales to be up 1-2 per cent over the 13 weeks ended August 5, 2017. Second quarter 2018 earnings per share are projected to be $.95 to $.99, which includes the benefit from lower taxes, partially offset by the previously mentioned shift in packaway expenses. Based on our first quarter results and guidance for the second quarter, we now project earnings per share for the 52 weeks ending February 2, 2019 to be in the range of $3.92 to $4.05, which includes the benefit from lower taxes," concluded Rentler. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

Government notifies 207 HSN Codes as technical textiles

Textiles | On 19th Jan 2019

Government notifies 207 HSN Codes as technical textiles

The government of India has notified 207 HSN Codes as technical...

Two US senators introduce Cambodian Trade Act of 2019 bill

Apparel/Garments | On 19th Jan 2019

Two US senators introduce Cambodian Trade Act of 2019 bill

Two US senators recently introduced the Cambodian Trade Act of 2019...

Rwanda to open silk factory in Kigali in Feb

Textiles | On 19th Jan 2019

Rwanda to open silk factory in Kigali in Feb

Rwanda will open a new silk factory in February at the Kigali Special ...

Interviews View All

Vasanth Kumar, Max Fashion India

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

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

Shawn Honeycutt, Bolger & O'Hearn

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Ravindra Jain, Ashish Baid,

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Spring Chang,

Spring Chang

A specialist in manufacturing printing machines, <b>Wenzhou Changs</b>...

Harssh Chheda,

Harssh Chheda

Mumbai-based Corporate Collars provides bespoke tailoring services for...

Prof Seokheun (Sean) Choi, Binghamton University, State University of New York (SUNY)

Prof Seokheun (Sean) Choi
Binghamton University, State University of New York (SUNY)

A team of researchers from the State University of New York (SUNY),...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Yash P. Kotak, Bombay Hemp Company

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

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

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

Leave your Comments


January 2019

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

news category


Related Categories:

Advanced Search