Ross Stores puts up double-digit profit for 4Q
HTT Staff -- Home Textiles Today, 3/15/2012 1:58:19 PM
Pleasanton, Calif. - A combination higher sales and gross margins, lower shortage costs and leverage on operating expenses boosted Ross Stores' profitability for both the fourth quarter and full year.
For the quarter ended Jan. 28, the 1,051-unit off-pricer's net earnings grew 19% to $192.0 million, or 85 cents per share. Sales climbed 12% to $2.4 billion, with a 7% comp increase.
For the fiscal year, net earnings grew 18% to $657.2 million, or $2.86 per share. Sales rose 9% to $8.6 billion, with same-store sales up 5%.
Dresses and shoes were cited as among the top performing merchandise categories for both periods. There was no mention of the home business.
Michael Balmuth, vice chairman and ceo, said during the company's quaterly conference call today that Ross Stores' business has stood to benefit lately as the retail landscape has shrunken.
"A lot of retailers have gone away, so I think we find ourselves in a better position by just surviving," he said.
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