FINANCE

Ross Stores Q2 earnings beat estimates

BY Katherine Boccaccio

Pleasanton, Calif. — Ross Stores Inc. reported a profit of $213 million for the second quarter, compared with $182 million last year and beating Wall Street’s expectations.

Revenue rose 9% to $2.5 billion, matching forecasts. Same-store sales edged up 4%, compared to a 7% rise in the same period last year. However, the retailer expressed caution about the months ahead.

"Looking ahead, given the ongoing uncertainty in the macro-economic environment and the potential for a more promotional and competitive retail climate, we believe it is prudent to maintain a somewhat cautious outlook for the remainder of the year,” said Michael Balmuth, CEO.

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FINANCE

Hibbett Sports profit leaps 34% in Q2, cuts view

BY Katherine Boccaccio

New York — Hibbett Sports reported that profit surged 34% to $10.5 million in the second quarter, compared with $7.9 million last year and just edging Wall Street expectations.

Sales matched forecasts with a 13% rise to $186.2 million. Same-store sales edged up 0.3%.

But the sporting goods retailer lowered its full-year outlook, citing concern over consumer spending.

“We delivered a solid increase in earnings for the second quarter. Comparable store sales were softer than planned due to a challenging economic environment,” said Jeff Rosenthal, CEO. “However, we are encouraged by a strong start to the third quarter.”

For fiscal 2014, the company plans to open between 70 and 75 stores, expand 18 and close 15 to 20.

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REAL ESTATE

Publix announces North Carolina store openings as it scouts for more locations

BY Michael Johnsen

Lakeland, Fla. — Publix Super Markets on Friday announced it will enter the Winston-Salem market and add a third location in Mecklenburg.

The Winston-Salem store will measure 49,000 sq. ft. and is slated to open in 2015. The Cornelius store, located in Mecklenburg County, will also encompass 49,000 sq. ft. and will feature a drive-thru pharmacy. Opening is planned for late 2014.

Publix continues to aggressively look for additional locations throughout the state of North Carolina, the grocer said.

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