Shares up 5.6% premarket (Il Sole 24 Ore Radiocor) - New York, 23 Aug - Ross Stores shares jumped in premarket trading after the discount department store chain beat estimates for second-quarter earnings and lifted its profit forecast.

Reported earnings per share for the 13 weeks ended August 3 came in at 1.59 dollars, on net income of 527 million, compared to 1.32 dollars, on net income of 446 million, in the same period last year.

Total sales in the quarter increased 7% to 5.3 billion dollars, up from 4.9 billion last year.

Annual EPS is expected in the range of 6.00-6.13 dollars, up from a previous forecast of 5.79-5.98.

'Second quarter sales and earnings were above our expectations as our stronger value offerings resonated with our customers," said CEO Barbara Rentler. "Our improved profitability relative to last year benefited from higher sales, and lower distribution and incentive costs that were partially offset, as expected, by lower merchandise margins.' Ross Stores shares were up 5.6% in premarket trade.

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(RADIOCOR) 23-08-24 14:32:16 (0288) 5 NNNN