Ross Stores Inc. posted fourth-quarter and full-year earnings growth, buoyed by strong sales in its dresses and footwear categories.
This story first appeared in the March 24, 2008 issue of WWD. Subscribe Today.
For the three months ended Feb. 2, income rose 1.5 percent to $94.5 million, or 70 cents a diluted share, from $93.1 million, or 66 cents, in the same year-ago quarter. Sales rose 2.7 percent to $1.65 billion from $1.61 billion, while same-store sales grew 2 percent.
For the full year, income grew by 8 percent to $261.1 million, or $1.90 a diluted share, from $241.6 million, or $1.70, a year earlier. Sales jumped 7.3 percent to $5.98 billion from $5.57 billion.
“Our ability to deliver compelling bargains to customers allowed us to successfully navigate the challenging retail climate, reflecting the resiliency of our off-price business model. The strongest regions for both the fourth quarter and the year were the Northwest and Texas, while dresses, home and shoes were the best-performing merchandising categories,” said Michael Balmuth, vice chairman, president and chief executive officer.