Ross raises 2Q guidance

HTT Staff -- Home Textiles Today, 4/8/2011 2:25:22 PM

Pleasanton, Calif. - Based on above-plan March sales and favorable gross margin and expense trends over past two months, off-price chain Ross Stores raised its second quarter guidance.

Michael Balmuth, vice chairman and ceo, said the retailer is now projecting earnings per share for the 13 weeks ending April 30 to be somewhat above the high end of its initial guidance of $1.27 to $1.32. The company expects April comps in line with Ross's prior forecast for a 4% to 5% increase."

He made the announcement upon the company's release of its March comp sales results, which included a 2% sales increase to $828 million as well as a 1% comp decline.