Ross Stores on Thursday reported that net earnings for the second quarter grew 45% to a record $103.4 million, from $71.3 million last year.
Net earnings for the six months ended Aug. 1 grew 29% to a record $194.8 million, compared with $150.8 million in the prior year period. Sales for the first six months of 2009 increased 8% to $3.460 billion, with same-store sales up 3% on top of a 5% gain last year.
Michael Balmuth, vice chairman, president and CEO, stated: "We are extremely pleased with our healthy sales and robust earnings gains in the second quarter and first six months, both of which were well ahead of plan. This outstanding performance is even more notable considering the ongoing difficult macroeconomic and retail climate. Our ability to deliver compelling bargains, while operating our business on much lower inventories, remains the primary driver of our strong results.”