Ross Stores (NASDAQ:ROST) reported Q2 EPS of $1.28 in line with analyst estimates. Revenues for the quarter rose 9.3% year-over-year to $2.09 billion, better than consensus estimates of $2.08 billion.
Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, "While we are pleased with our ahead-of-plan performance year to date, we believe it is prudent to be cautious in our outlook for the back half of the year mainly due to the unknown impact on consumers from the recent stock market volatility and increased economic uncertainty. It is also unclear how higher sourcing costs and expected price increases throughout all of retail will impact our business. As a result, although we hope to do better, our sales and earnings targets for the second half of 2011 remain unchanged. For the third quarter ending October 29, 2011, we are projecting same store sales to increase 1% to 2% and earnings per share of $1.00 to $1.04."