4th-Quarter Earnings at Ross Beat Forecasts
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Ross Stores Inc. said Thursday that it expects fourth-quarter earnings to exceed analysts’ expectations as customers snapped up its brand-name goods and it kept expenses low.
The company, based in Newark, Calif., expects to earn 95 cents to 97 cents a share in the quarter ended Jan. 30. Ross was expected to earn 93 cents, the average estimate of nine analysts polled by First Call Corp. It earned 83 cents in the year-ago quarter.
For the year, the company expects to earn $2.78 to $2.80 a share, better than the average $2.76 forecast by First Call.
Ross also said it will buy back $120 million, or about 6%, of its outstanding stock during the next year. Ross completed a $110-million stock repurchase of 2.8 million shares last year.
The off-price retailer said a better assortment of brand-name goods at steep markdowns boosted sales 14% in January at its 349 stores.
Ross shares rose $1.50 to close at $42.50 on Nasdaq.
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