NEW YORK — Benefiting from a consumer focused intently on value, Ross Stores said Wednesday that higher sales and better buying opportunities paved the way for double-digit increases in both its fourth-quarter and yearend profits.
Newark, Calif.-based Ross Stores, the nation’s second-largest off-price apparel chain behind TJX Cos., said income for the three months ended Feb. 1 fattened 17.6 percent to $58.7 million, or 74 cents a diluted share, matching Wall Street’s consensus estimates. Last year, the firm reported income of $50 million, or 62 cents.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"