PLEASANTON -- Ross Stores posted profits that soared during the fourth quarter -- coinciding with the crucial holiday shopping season -- and the results propelled the discount retailer's shares higher by more than 3 percent.
Ross earned $236.6 million on sales of $2.76 billion for the quarter that ended Feb. 2. Compared to the year-ago fourth quarter, profits jumped 23 percent and sales rose 15 percent. Earnings were $1.07 a share.
Shoppers looking for bargains helped fuel the ]retailer's sales and profits.
The results met Wall Street's expectations of a per-share profit of $1.07 and sales of $2.76 billion.
Pleasanton-based Ross earned $786.8 million on sales of $9.72 billion during fiscal 2012. Compared to fiscal 2011, profits climbed 20 percent and sales rose 13 percent.
"Results for both periods benefited from our ongoing ability to deliver compelling bargains on a wide assortment of exciting name brand fashions for the family and the home to today's value-focused consumers," Ross CEO Michael Balmuth said.
Shares of Ross jumped 3.4 percent and closed at $58.06.
"We plan to stay intently focused on our core off-price mission of consistently delivering great bargains to our customers," Balmuth said.
The retailer is adding stores at a brisk pace, company executives told analysts during a conference call.
Our expansion program remained on track during the year, with the net addition of 54 Ross and 20
Ross intends to widen its footprint throughout its territory.
"We are planning to add approximately 60 new Ross and 20 new dd's DISCOUNTS locations," John Call, the chief financial officer, said during the session with the analysts.
Contact George Avalos at 408-373-3556 or 925-977-8477. Follow him at twitter.com/george_avalos.