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Ross Stores 2Q Profit Jumped as Shoppers Returned to Stores

By Jeffrey T. Lewis

 

Ross Stores Inc. said Thursday its profit jumped in the second quarter from a year earlier, helped by eased social-distancing measures, advancing vaccination rates and government stimulus payments.

The Dublin, Calif.-based clothing retailer reported net income of $494 million in the quarter, up from $22 million a year earlier and from $413 million in the second quarter of 2019, while diluted earnings per share rose to $1.39 from $0.06 in the year earlier quarter. Sales rose to $4.8 billion from $2.7 billion a year earlier and from $4 billion in the second quarter of 2019.

The company forecasts same-store sales in the third quarter will rise 5% to 7%, with earnings per share in a range from $0.61 to $0.69. The retailer updated its earnings per share forecast for fiscal year 2021 to a range from $4.20 to $4.38, with an increase in sales on a comparable stores basis of 10% to 11%.

Ross stores Chief Executive Officer Barbara Rentler said the company bought shares for a total of $176 million in the second quarter and plans to buy back a total of $650 million in common stock during fiscal year 2021.

 

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

 

(END) Dow Jones Newswires

August 19, 2021 16:37 ET (20:37 GMT)

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