Ross Stores, Inc. ( ROST ) shares are trading higher Thursday after the company reported better-than-expected second-quarter results and raised its fiscal year earnings guidance with its midpoint above estimates. Here's a look at the details from the report. 

The Details: Ross Stores ( ROST ) reported quarterly GAAP earnings of $1.59 per share which beat the analyst consensus estimate and represents a 20.45% from the same period last year.

Quarterly revenue came in at $5.29 billion which also beat the consensus estimate and is a 7.13% increase year-over-year with comparable store sales up 4% versus last year.

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“Second quarter sales and earnings were above our expectations as our stronger value offerings resonated with our customers. Operating margin increased 115 basis points to 12.5% compared to the prior year period. 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,” said Barbara Rentler, CEO of Ross Stores ( ROST ).

Outlook: Ross Stores ( ROST ) expects third-quarter earnings of between $1.35 and $1.41 per share, versus the $1.38 per share estimate, and earnings of between $1.60 and $1.67 per share for the fourth quarter.

ROST Price Action: According to Benzinga Pro, Ross Stores ( ROST ) shares are up 5.72% after-hours at $161.25 at the time of publication Thursday.

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