Ross Stores reports record earnings growth
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Ross Stores reported Thursday that net income for the quarter ended July 31 rose 25% to a record $129.3 million, compared with net income of $103.4 million in the year-earlier period. Sales increased 8% to $1.912 billion, with same-store sales up 4% on top of a 3% gain in the prior year.Michael Balmuth, vice chairman and CEO, commented, "Our ability to deliver compelling bargains, while operating our business on much lower inventories, remains the primary driver of our strong results. The best performing merchandise categories during the second quarter and year to date periods were home, dresses and shoes.