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By
Reuters
Published
Aug 6, 2009
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Ross Stores July comps beat estimates

By
Reuters
Published
Aug 6, 2009

Aug 6 (Reuters) - Off-price retailer Ross Stores Inc (ROST.O) posted a bigger-than-expected 4 percent rise in July same-store sales and forecast second-quarter earnings ahead of estimates, as cash-strapped consumers turn to value retailers to seek out bargains amid the recession.

Ross Stores
Ross Stores Inc

Analysts on average were expecting same-store sales at the Pleasanton, California-based company to rise 0.8 percent.

The company said it expects earnings per share for the second quarter ended August 1 to increase 50 percent to 52 percent to 81 cents to 82 cents a share, helped by lower freight costs as a percentage of sales.

Analysts were expecting the company to earn 74 cents a share, according to Reuters Estimates.

Shares of the company were trading up 34 cents $42.90 Thursday (6 August) morning on the New York Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Jarshad Kakkrakandy)

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