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Ross Stores Inc. was the bright spot among the discounters reporting Thursday, posting gains in the third quarter for both net income and sales.
This story first appeared in the November 22, 2013 issue of WWD. Subscribe Today.
Net income rose 7.6 percent to $171.6 million, or 80 cents a diluted share, from $159.5 million, or 72 cents, a year ago. Sales were up 6 percent to $2.4 billion from $2.26 billion, with comps up 2 percent in the period.
Michael Balmuth, vice chairman and chief executive officer, said of the fourth quarter, “[We] are up against our own challenging multiyear comparisons and an upcoming holiday season that we believe will be the most intensely competitive and promotional selling period in recent years.”
The company is projecting comps in the fourth quarter to be up 1 to 2 percent, with earnings per share between 97 cents and $1.01.