Ross Stores Meets Expectations With 19% Rise in 4Q Net

By RetailFOXBusiness

Powered by healthy same-store sales growth, apparel maker Ross Stores (NASDAQ:ROST) said Thursday it generated an in-line 19% jump in fourth-quarter profits.

The Pleasanton, Calif.-based retailer said it earned $192 million, or 85 cents a share, last quarter, compared with a profit of $161.8 million, or 69 cents a share, a year earlier. Analysts had been calling for EPS of 85 cents and Ross Stores had projected 84 cents to 85 cents.

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As was previously reported, the company said sales gained 12% to $2.4 billion, matching the Street’s view of $2.39 billion. Same-store sales jumped 7%. Gross margins ticked up to 27.2% from 27.1%.

“Our healthy revenue growth continues to be driven mainly by our ability to deliver compelling bargains on a wide assortment of exciting name brand fashions for the family and the home to today's increasingly value-focused consumers,” CEO Michael Balmuth said in a statement.

Balmuth also projected a “respectable increase” in revenue and EPS in 2012 “and beyond.”

Shares of Ross Stores, which have leaped almost 20% so far this year, slipped 0.34% to $56.38 ahead of the open.

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