Ross Stores profit surges 83%, sets record

Pleasanton, Calif. Ross Stores said Thursday it posted record third-quarter earnings of $105 million, compared with $57 million in the year-ago period.

Sales rose 12% to $1.74 billion from $1.56 billion in the quarter ended Oct. 31. Analysts estimated sales of $1.74 billion.

Comparable-store sales were up 8% over last year.

Michael Balmuth, president and CEO, said, "Our ability to deliver compelling bargains, while operating our business on much lower inventories, remains the primary driver of these outstanding results.”

Looking ahead, Balmuth said, "As we enter the important holiday season, we remain well positioned as a value retailer, and our stores are stocked with fresh and exciting assortments of terrific name-brand bargains. That said, with a still uncertain economic climate, we believe it is prudent to maintain our prior forecast for both sales and earnings."