Ross Raises Q1 Guidance

Business continues to improve at Ross Stores ($ROST). This morning, the company raised their Q1 guidance. Initially, Ross saw quarterly earnings ranging between $1 and $1.04 per share. Now they forecast Q1 to range between $1.06 and $1.07 per share. Since that’s such a tight range and the quarter is over, I think it’s obvious they know they made $1.07, or perhaps $1.08 per share.

Ross said that sales rose 12% for the four weeks ending May 4th, and comparable store sales rose 7%. For the 13-week period, sales were up 6%, and comparable sales rose 3%.

Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, “We are pleased with the above-plan sales and margin gains we achieved for both April and the first quarter, especially considering our very strong prior year comparisons. These results were driven by our ongoing ability to deliver compelling bargains to today’s value-focused customers.”

The company will release its earnings on May 23rd.

Posted by on May 9th, 2013 at 9:14 am


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