(Filed Under Financial and General Interest News). Discount apparel, intimate apparel and accessories retailer Ross Stores, Inc. reported a 19 percent increase in profit compared to the third quarter of 2010.
Net income came to $144 million, or $1.26 a share, compared with $121.4 million, or $1.02 a share, in the year-ago period. Revenue jumped 10 percent to $2.05 billion from $1.87 billion, beating analysts’ expectations. Same-store sales grew 5 percent.
"Our strong revenue gains continue to be driven mainly by our ability to deliver compelling bargains on a wide assortment of exciting name-brand fashions for the family and the home to today’s increasingly value-focused customers," stated vice chairman and C.E.O. Michael Balmuth.
The company also announced that its board approved a two-for-one stock split that will be paid as a dividend to shareholders of record by the end of December 2011.
For the fourth quarter, Ross expects earnings between $1.53 and $1.59 a share with a same-store revenue increase of 2 to 3 percent. The company currently operates 1,038 stores in the United States and U.S. territories.
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