Ross Stores, which operates Ross Dress for Less – the largest off-price apparel and home fashion chain in the United States with 1,295 locations in 34 states, has unveiled its first quarter results.
The retailer reports that its net earnings for the quarter ended April 30, 2016 stood at US $ 291 million, up from US $ 282 million in the corresponding quarter last year. Sales in the reporting period surged 5 per cent to US $ 3.089 billion, with comparable store sales up 2 per cent on top of a strong 5 per cent gain in the first quarter of 2015. Operating margin for the period was 15.4 per cent, the company release mentions.
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While informing about future expectations, Barbara Rentler, Chief Executive Officer of the company, avers, “We continue to forecast same store sales for the second quarter ending July 30, 2016 to be up 1 per cent to 2 per cent, on top of a 4 per cent gain last year, with earnings per share of US $ .64 to US $ .67, up from US $ .63 in the prior year period,” adding, “Based on our first quarter results and guidance for the second quarter, we now project earnings per share for fiscal 2016 to be in the range of US $ 2.63 to US $ 2.72 compared to US $ 2.51 last year.”
Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for men, women and kids at savings of 20 per cent to 60 per cent off department and specialty store regular prices every day, the company states.
