Ross Stores says June revenue climbs
By APThursday, July 8, 2010
Ross Stores says revenue up in June
PLEASANTON, Calif. — Ross Stores Inc. said Thursday that June revenue climbed 5 percent at its stores open at least a year as customers bought more items for their homes along with dresses and shoes.
The measure is a key indicator of a retailer’s performance because it excludes results from stores that open or close during the year.
Analysts surveyed by Thomson Reuters on average expected the figure to rise 5.1 percent.
Overall revenue from the month rose 9 percent to $725 million from $666 million.
Ross also boosted its second-quarter outlook Thursday, saying it expects July revenue at stores open at least a year to climb 3 percent to 4 percent, and it expects to quarterly net income of $1 to $1.02 per share. That’s up from its earlier forecast for 95 cents to 99 cents per share for the period that ends July 31. Last year, Ross earned 82 cents per share for the period.
Analysts were expecting second-quarter profit of $1 per share.
Ross has more than 1,000 stores and is headquartered in Pleasanton, Calif.
Its shares fell $2.10, or 3.8 percent, to $53.25 in morning trading Thursday.
