Ross reports 19% rise in Q4 profit after strong holiday selling season
Pleasanton, Calif. -- Ross Stores Inc. reported Thursday that profit for the quarter ended Jan. 28 rose 19% to $192 million, from $161.8 million last year. A profitable holiday season helped boost the discounter’s results, which met Wall Street expectations.
Sales surged almost 12% to $2.4 billion, and same-store sales increased 7%.
For the full year, Ross reported a net income rise of 18% to $657.2 million. Sales increased 9% to $8.6 billion, with same-store sales up 5%.
“Our healthy revenue growth continues to be driven mainly by our ability to deliver compelling bargains,” said Michael Balmuth, CEO. For 2012, Balmuth said, "We believe our ability to offer customers terrific name brand bargains, while running our business with much lower store inventories, remains a key driver of sales growth and operating profitability.”