Pleasanton, Calif. -- Ross Stores Inc. said Thursday its fourth-quarter net income rose 23%, in line with analysts’ projections. The off-price retailer also announced that beginning with the second quarter of fiscal 2013 it will no longer report monthly sales. Instead, quarterly same-store store sales results will be provided with regularly scheduled earnings releases.
“Reporting sales quarterly aligns us with the majority of other retailers who have already adopted this practice, while also increasing the focus on longer-term performance,” said Michael Balmuth, vice chairman and CEO.
Ross earned $236.6 million for the quarter ended Feb. 2, up from $192 million, in the same quarter last year.
Revenue rose 15% to $2.76 billion from $2.4 billion. Same-store sales increased 5%.