Ross Stores 2Q Profit Jumps 40%
Pleasanton, Calif. Ross Stores Inc. on Wednesday raised its full-year guidance as the chain delivered a 40% increase in second-quarter profit that matched Wall Street expectations. Ross earned $71.3 million in the second quarter, up from $50.86 million in the year-ago period.
Sales increased 14% to $1.64 billion in the period. Same-store sales rose 6% for the second quarter.
The off-price retailer said dresses, accessories and shoes were its strongest merchandise categories during the quarter, with the best-performing markets in Texas and the Mid-Atlantic.
Despite its strong performance, Ross reaffirmed its previous target of same-store sales gains of 2% to 3% for the third and fourth quarters.
“Looking ahead to the important back-to-school and holiday periods, we believe it is prudent to remain defensively positioned based on the uncertain macro economic and retail environments, which no longer have the benefit of the tax-rebate checks,” said Michael Balmuth, Ross’ vice chairman, president and CEO, in the company’s earnings release.
Costco offers promotions with LeverageCard.com
IRVINE, Calif. Costco has partnered with LeverageCard.com to allow consumers to buy Costco Membership Certificates online and then receive Costco promotions and coupon booklets.
Certificates purchased through LeverageCard.com can be used to renew, upgrade or register for a membership in any Costco store nationwide. The minimum purchase is $50 and for each certificate purchased, LeverageCard.com will send one complimentary coupon booklet, which includes coupons for free items and discounts on Costco staples, including fresh meat and bottled water, worth over $40.
“This relationship with Costco is a terrific step for us as we look to expand our gift card offerings and provide unique offers and savings to our users,” said Mark Edward Roberts, CEO and co-founder, Leverage. “We are proud to be working with Costco in a way that so dramatically enhances the customer experience for both Costco and Leverage shoppers.”
Consumers will also be able to exchange their purchased Costco Membership Certificates for other gift cards available on LeverageCard.com using the site’s signature swapping system.
Springs names senior account manager
ROCK HILL, S.C. Springs Creative Products Group has named Teri Thom as senior account manager. In this capacity, Thom’s responsibilities include sales and product development for Jo-Ann Stores, Target, Tractor Supply Company, Cracker Barrel, Scholastic, A.C. Moore and Books are Fun.
Before joining Springs Creative Products Group, Thom worked in merchandising and product development for Jo-Ann Stores in Hudson, Ohio. Prior to that, she served as a buyer for Dillard’s Department Stores and a store manager for The Gap.