Ross Stores profit aided by bargain hunters

ATLANTA (Reuters) - Off-price retailer Ross Stores Inc (ROST.O: Quote, Profile, Research, Stock Buzz) reported higher fourth-quarter profit on Wednesday as bargain-hunting shoppers bought dresses, shoes and home goods.

Still, sales fell short of analysts' estimates as higher gasoline and food prices weighed on consumers.

Net earnings were $94.5 million, or 70 cents a diluted share, for the quarter ended February 2, compared with $93.1 million, or 66 cents a share, a year earlier. Analysts expected 70 cents a share, according to Reuters Estimates.

Sales rose 3 percent to $1.65 billion, short of the $1.71 billion analysts expected. Sales at stores open at least a year rose 2 percent.

"Our ability to deliver compelling bargains to customers allowed us to successfully navigate the challenging retail climate, reflecting the resiliency of our off-price business model," Chief Executive Michael Balmuth said in a statement.

(Reporting by Karen Jacobs, editing by Dave Zimmerman)