Ross Stores Q3 up 18.6%

PLEASANTON, Calif. — Ross Stores Inc. reported Thursday its third straight quarter of profits, as net income rose 18.6% to $144 million, from $121.4 million a year earlier. Results met Wall Street expectations. “Operating our business on lower in-store inventories is driving faster turns and lower markdowns, which continues to benefit profit margins,” noted Michael Balmuth, CEO. Revenue rose 9.2% to $2.05 billion, beating analysts’ predicted $2.03 billion in revenue. Looking ahead, Balmuth said, "As we enter the fourth quarter, we remain favorably positioned as a value retailer and our stores are stocked with terrific assortments of branded