Ross Stores' Q3 profit up 18%
San Francisco Business Times
Ross Stores Inc. reported an 18 percent increase in third-quarter income on reduced inventory and expenses.
Pleasanton-based Ross (NASDAQ: ROST) earned $57.3 million, or 44 cents per diluted share, for the quarter ending Nov. 1, compared with net income of $48.7 million, or 36 cents per share, in the same quarter of last year.
The discount clothing seller had sales of $1.56 billion for the quarter, compared with $1.47 billion a year ago.
Analysts were looking for earnings of 43 cents per share on $1.58 billion in revenue.
The important metric of same-store sales, or sales at stores open one year or longer, were even with the prior year.
For its fiscal fourth quarter, Ross is now forecasting earnings per share to be in the range of 69 cents and 75 cents, compared with 70 cents a year ago, and same-store sales to decline between 1 percent and 3 percent.
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