Ross Stores Proves Retailers Can Still Thrive
Ross Stores
(ROST) - Get Ross Stores, Inc. Report
proved there are retail models that are able to survive and thrive during a recession.
The off-price retailer posted a 15% jump in first-quarter earnings and boosted its full-year outlook.
The company earned $91.4 million during the quarter, or 72 cents a share, up from $79.5 million, or 60 cents, in the year-ago period.
Sales jumped 8.6% to $1.69 billion from $1.56 billion last year, while total same-store sales jumped 3%.
The company has been benefiting from its competitors' failures, taking advantage of close-out opportunities in the marketplace and passing off those deals to the consumer.
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Ross Stores now expects full-year earnings in the range of $2.62 to $2.72 a share, up from its previous guidance of $2.25 to $2.45 a share. The company forecasts earnings of 60 cents to 63 cents a share in the second quarter .
Earlier in the week, rival
TJX
(TJX) - Get TJX Companies Inc Report
said its
first-quarter earnings climbed 8%
beating Wall Street's target.
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