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

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.

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.