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Ross Stores posts higher profit
NEW YORK |
NEW YORK (Reuters) - Off-priced retailer Ross Stores Inc (ROST.O) posted a higher fourth-quarter profit on Thursday, as shoppers headed to its stores to buy fashion brands at bargain prices.
The net profit rose to $97.4 million, or 76 cents a share, in the quarter that ended January 31, compared with $94.5 million, or 70 cents a share a year earlier.
Sales rose 5 percent to $1.73 billion.
Ross, like other off-priced chains, buys excess apparel, accessories and home goods in bulk from manufacturers at prices that can be up to 60 percent below wholesale.
(Reporting by Aarthi Sivaraman; Editing by Derek Caney)
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