US: Higher sales lift Ross Stores Q2 profit by 15%
- Q2 net earnings up 15% to $148.3m
- Sales increased 9% to $2.089bn
- Comparable store sales up 5%
Discount retailer Ross Stores Inc has booked a better-than-expected second quarter performance with higher sales and lower expenses contributing to a 15% rise in earnings.
"Our ability to increase the percentage of fresh name brand bargains our customers see, while also strictly controlling inventories and expenses, has enabled us to capitalise on our favourable position as a value retailer," noted vice chairman and CEO Michael Balmuth.
"Operating margin in the second quarter grew about 55 basis points to 11.7%, driven primarily by a 50 basis point reduction in selling, general and administrative expenses."
Looking ahead, the company said it is being cautious in its outlook for the back half of the year "mainly due to the unknown impact on consumers from the recent stock market volatility and increased economic uncertainty. It is also unclear how higher sourcing costs and expected price increases throughout all of retail will impact our business."
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