Ross Stores Inc.’s fourth-quarter profits advanced 23.3 percent as the 1,091-door offpricer logged another strong year.
Fourth-quarter profits rose to $236.6 million, or $1.07 a diluted share, from $192 million, or 85 cents, a year earlier. Earnings met analysts’ projections and shares of the retailer inched up 0.6 percent to $56.52 in early trading on Wall Street.
Sales for the three months ended Feb. 2 increased 15.1 percent to $2.76 billion from $2.4 billion as comparable-store sales rose 5 percent.
Last year, the company repurchased 7.5 million shares of its common stock for a total of $450 million and posted profits of $786.8 million on sales of $9.72 billion. In January, the retailer also boosted its quarterly dividend by 21 percent to 17 cents a share.
"The growth of our stock repurchase and dividend programs has been driven by the significant amounts of cash our business generates after self-funding store expansion and other capital needs,” said Michael Balmuth, vice chairman and chief executive officer.
The offpricer has repurchased stock every year since 1993 and has boosted its cash dividend 19 times since 1994.
"We plan to stay intently focused on our core off-price mission of consistently delivering great bargains to our customers,” Balmuth said. “This continues to be the key to maximizing our opportunities for growth in sales and profits over both the short and the long term."
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
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“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
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BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
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Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye