US: Ross Stores Q4 net income up on rising sales
US off price retailer Ross Stores saw fourth quarter net income rise on the back of rising sales.
The company saw net income rise 23.3% over the quarter ended 28 January to reach US$236.6m from $192m in the same period of the prior year. Sales grew 15% to $2.7bn, as comparable store sales rose 5%.
""We are pleased with the record sales and earnings we delivered in the fourth quarter and 2012 fiscal year, especially considering they were achieved on top of strong multi-year gains," said vice chairman and CEO Michael Balmuth.
"Results for both periods benefited from our ongoing ability to deliver compelling bargains on a wide assortment of exciting name brand fashions for the family and the home to today's value-focused consumers."
Over the full year, net earnings increased 20% to $786.8m, as revenue increased 13% to $9.7bn. Same store sales grew 6% over the year.
Looking ahead, Balmuth said: "We plan to stay intently focused on our core off-price mission of consistently delivering great bargains to our customers. This continues to be the key to maximizing our opportunities for growth in sales and profits over both the short and the long term."
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