Ross Stores 4Q Profit Climbs 13% on Strong Demand

Ross Stores (NASDAQ:ROST) revealed on Thursday a 13% improvement in fourth-quarter profit in line with Wall Street estimates, helped by stronger sales in its more established stores.

The Pleasanton, Calif.-based company posted net earnings of $161.8 million, or $1.37 a share, compared with $142.9 million, or $1.16 a share, in the same quarter last year, matching average analyst estimates polled by Thomson Reuters.

Revenue for the off-price chain retailer was $2.145 billion, up from $1.98 billion a year ago, narrowly ahead of the Street’s view of $2.12 billion.

“We are extremely pleased with our robust sales and earnings gains for the fourth quarter and full year that were well ahead of our expectations,” Ross Stores CEO Michael Balmuth said in a statement. “These results demonstrate that we continue to benefit from our favorable position as a value retailer as well as the efficient execution of our off-price strategies.”

Fueling revenue was a 5% improvement in comparable-store sales, on top of a 10% gain last year, and an improved profit margin.