Ross Stores reaps rewards of solid Q4

Dublin, Calif. – Costs and expenses did not grow at the same rate as sales during the fourth quarter of fiscal 2014 at Ross Stores Inc., resulting in significant net income growth compared to the prior year period. Ross Stores’ net earnings grew 14% to $248.53 million, from $217.95 million.



Sales climbed 10% to $3.03 billion, from $2.74 billion. Same-store sales rose 6%.



"We are pleased with our fourth quarter sales and earnings, both of which were well ahead of our expectations, as our value offering on a wide assortment of name brand bargains and gifts resonated well with our customers,” said Barbara Rentler, CEO.



During the full fiscal year, net earnings rose 10% to $925 million, compared to $837 million in the prior year. Sales for the 2014 fiscal year grew 8% to $11.04 billion from $10.23 billion, with same-store sales up 3%.



For the first quarter of fiscal 2015, Ross is projecting same-store sales growth of 2% to 3%, with earnings per share forecast in the range of $1.21 to $1.26, up from $1.15 for the same period the prior year.



For fiscal 2015, Ross is forecasting same-store sales to grow 1% to 2% and earnings per share of $4.60 to $4.80, up from $4.42 in fiscal 2014.