Ross Stores profit jumps 23%; outlines succession plan
Pleasanton, Calif. -- Ross Stores Inc. reported Thursday that net income for the quarter ended July 28 jumped 23% to $182 million, from $148.3 million in the year-ago period. Results met Wall Street expectations, but the company issued profit predictions for the current quarter and full year that were below average forecasts. Same-store sales rose 7% in the quarter.
Late Wednesday, Ross announced its succession plan that calls for current vice chairman and CEO Michael Balmuth to remain in place through June 1, 2014, when he will move to the job of executive chairman.
Norman Ferber, the current chairman, will become chairman emeritus June 2014 and his current consulting responsibilities will remain unchanged, the company said.
Ross said that it plans to elect its new CEO from its current lineup of senior executives.