Ross Stores Sharply Boosts 3Q EPS View As Sept Sales Jump

Ross Stores Inc. (ROST) sharply increased its fiscal third-quarter profit view as September same-store-sales growth was triple that of analysts' expectations.

Shares climbed 3.2% premarket to $56.05. The stock was up 27% this year through Wednesday.

Retailers across the board are detailing sales data for last month that is topping analysts' generally modest growth expectations. Ross has been one of retail's strongest performers the past several years as cost-conscious consumers have been attracted by its discount-priced wares.

For the quarter ending Oct. 30, the company now expects earnings of 94 cents to 96 cents a share, compared with August's forecast of 79 cents to 83 cents. Chief Executive Michael Balmuth cited "favorable gross margin trends" including reduced theft.

Read Full Article from Wall Street Journal

- Posted: 2010-10-07 08:53:48

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