Ross profit rises but cautious on rest of year
(Adds details, outlook, comment)
NEW YORK, Aug 22 (Reuters) - Ross Stores Inc. (ROST.O) said on Wednesday quarterly profit rose, helped by a 10 percent jump in sales, but the off-price retailer said it was more cautious about its second-half outlook.
Net profit in the fiscal second quarter ended Aug. 4 rose to $50.9 million, or 37 cents per share, from $45.4 million, or 32 cents per share, a year earlier.
Sales increased to $1.445 billion from $1.308 billion a year earlier. Same-store sales, a key retail gauge that measures sales at stores open more than a year, rose 2 percent.
"Looking ahead, we are slightly more cautious now in our second half outlook as a result of a combination of macro economic factors, recent results and projections from other retailers, and our own sales trend that slowed versus plan beginning in mid-July," said Michael Balmuth, the company's president and chief executive officer, in a statement.
Ross now expects same-store sales growth of 1 percent to 3 percent for the third and fourth quarters, compared with its previous forecast of up 3 percent to 4 percent for both periods.
It also forecast earnings per share for its fiscal year ending Feb. 2 to be in the range of $1.80 to $1.90 compared with its earlier view of $1.85 to $1.95.
(Reporting by Nicole Maestri)
((Editing by Dave Zimmerman; Reuters Messaging: nicole.maestri.reuters.com@reuters.net; (646) 223-6173)) Keywords: ROSS RESULTS/
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