Pleasanton, Calif., Ross Stores Inc. today said its income for the fourth quarter ended Jan. 29 declined to $49.4 million, or 33? a share, to from restated earnings of $71.3 million, or 46? a share, a year ago. Sales increased 10% to $1.21 billion while comp-store sales were flat for the quarter. Both the quarterly and year-ago results include a charge of 2? per share to correct lease accounting methods.
For the full fiscal year, the off-price retailer posted net income of $168.5 million, or $1.12 per share, down from restated earnings of $225.7 million, or $1.45 per share, last year. Revenue rose 8% to $4.24 billion from restated revenue of $3.92 billion, while comp-store sales declined 1% for the year.
Michael Balmuth, vice chairman, president and CEO, said in a statement, “Fiscal 2004 was a challenging year. Difficulties associated with the implementation and integration of new information systems and distribution centers resulted in below-plan sales and a contraction in profit margins.”