Ross Stores is promoting President and Chief Merchandising Officer Barbara Rentler to CEO. Rentler, 56, succeeds Michael Balmuth, who had served as vice chairman and CEO since 1996. Rentler had served as president and CMO of Ross Dress for Less since 2009. The transition is part of the Dublin, Calif., company's succession plan. Ross Stores Inc. announced in August 2012 that the 63-year-old Balmuth would step down from the CEO post on June 1, 2014 and become executive chairman.
Ross Stores reported Thursday that net income for the first quarter surged 21 percent to $208.6 million, from $173 million in the same period last year. Sales increased 14 percent to $2.4 billion, and same-store sales rose 9 percent. “We believe that favorable weather across many of our markets also contributed to our above-plan performance," said Michael Balmuth, CEO, about the results. Balmuth also said the retailer has increased its long-term store potential to 2,500 U.S. locations, comprised of 2,000 Ross Dress for Less stores (up from a prior target of 1,500 stores) and 500 DD’s Discounts stores.
/PRNewswire/ -- Ross Stores, Inc. For the quarter ended April 28, 2012, sales totaled $2.357 billion, a 14% increase over the $2.075 billion in sales for the quarter ended April 30, 2011. Comparable store sales for the 13 weeks ended April 28, 2012 grew 9% over the prior year period. Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, "We are pleased with our April and first quarter sales which were well ahead of expectations. Our continued ability to deliver a wide array of name brand bargains to today's value-focused consumers drove broad-based merchandise and geographic gains in both
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
Pleasanton, Calif. -- Ross Stores reported Thursday that profit for the quarter ended July 31 rose 15% to $148.3 million, compared with $129.3 million a year earlier. Sales for the quarter increased 9% to $2.1 billion, and same-store sales rose 5%. “Our ability to increase the percentage of fresh name brand bargains our customers see, while also strictly controlling inventories and expenses, has enabled us to capitalize on our favorable position as a value retailer," said Michael Balmuth, vice chairman and CEO.
Ross Dress for Less, the off-price apparel and home fashion retailer, will enter the greater Chicago area with the opening of 12 locations on Saturday, Oct. 8th.