Ross Stores Inc. reported earnings per share for the 13 weeks ended April 30, 2016 of $.73, for a 6% gain on top of a robust 19% increase in the prior year period. Net earnings for the 2016 first quarter were $291 million, up from $282 million last year. Sales increased 5% to $3.089 billion, with comparable store sales up 2% on top of a strong 5% gain in the first quarter of 2015.

Barbara Rentler, Chief Executive Officer, commented, “Even though we faced our strongest prior year comparisons, sales performed at the high end of guidance, while earnings per share were slightly above our targeted range. Operating margin for the period of 15.4% was down from last year, but slightly above plan, mainly due to higher merchandise margins that partially offset the expected impact from the unfavorable timing of packaway-related costs.”

Ms. Rentler said, “During the first quarter of fiscal 2016, we repurchased 3.1 million shares of common stock for an aggregate price of $176 million. This keeps us on track to buy back a total of $700 million in common stock during fiscal 2016, which would complete the two-year $1.4 billion authorization approved by our Board of Directors in February 2015.”

Looking ahead, Ms. Rentler commented, “We continue to forecast same store sales for the second quarter ending July 30, 2016 to be up 1% to 2%, on top of a 4% gain last year, with earnings per share of $.64 to $.67, up from $.63 in the prior year period. Based on our first quarter results and guidance for the second quarter, we now project earnings per share for fiscal 2016 to be in the range of $2.63 to $2.72, compared to $2.51 last year.”

Ross Stores, Inc. is an S&P 500, Fortune 500 and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2015 revenues of $11.9 billion. The Company operates Ross Dress for Less® (“Ross”), the largest off-price apparel and home fashion chain in the United States with 1,295 locations in 34 states, the District of Columbia and Guam as of April 30, 2016. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 178 dd’s DISCOUNTS® in 15 states as of April 30, 2016 that feature a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com.