Ross Stores to buy back $750 million worth of shares

Pleasanton, Calif. Ross Stores Inc. said Thursday that it is buying back $750 million worth of its own stock over two years. The discount apparel retailer on Thursday also raised its fourth-quarter earnings forecast for a second time after posting higher January sales.

The repurchase program is an increase of 25 percent over the prior share buyback plan and represents about 13 percent of the company's total market value. The previous plan called for the company to buy back $600 million worth of stock in 2008 and 2009.