Ross Q3 Net Jumps 10.8 Percent
November 16, 2012,
PLEASANTON, Calif.-Increased sales and strict expense controls boosted Ross Stores' bottom line by 10.8 percent in its third quarter, to $159.5 million.
Net sales in the quarter, which ended on Oct. 27, gained 10.8 percent to $2.3 billion, including a pickup in same-store sales of 6 percent. Michael Balmuth, Ross' vice chairman and CEO, said the results were better than the company expected. "Our focus on bargains continues to make our stores attractive destinations for value-conscious customers," Balmuth said.
Looking ahead, Ross projected a same-store sales increase for the fourth quarter at between 1 and 2 percent. Balmuth explained the somewhat muted forecast by noting the difficulties of predicting how promotional other retailers may become during the holiday shopping season, and in predicting consumers' moods with economic and political uncertainties still looming.