FINANCE

Ross 4Q Income Down

BY CSA STAFF

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.”

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FINANCE

NRF Reports February Sales Gains

BY CSA STAFF

Washington, D.C., The National Retail Federation (NRF) reported today that retail sales for February rose 4.4% over last year and increased 0.3% seasonally adjusted over January.

“February’s sales were especially robust given the strong competition from a year ago and the persistent dreary weather last month,” said NRF chief economist Rosalind Wells. “Consumers were motivated to spend on the Super Bowl and Valentine’s Day, and holiday gift cards are continuing to trickle in, which is improving some retailers’ first-quarter performance.”

Most retail categories experienced growth in February. Super Bowl spending spurred sales at electronics and appliance stores, whose sales rose 1.6% seasonally adjusted from January and 4.2% over a year ago. Sales in furniture and home-furnishings stores rose 0.7% from the prior month and 3.3% over last February. Apparel specialty stores saw gains of 1.1% from January and 2.9% over last year.

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S.Gacho says:
Mar-28-2013 02:40 am

I hope the sales would remain
I hope the sales would remain high until the year ends. It is to recover the loss. Have a special promos to invite more customers. - Rich Von Alvensleben

S.Gacho says:
Mar-28-2013 02:40 am

I hope the sales would remain high until the year ends. It is to recover the loss. Have a special promos to invite more customers. - Rich Von Alvensleben

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FINANCE

Brown Shoe To Acquire Bennett Footwear

BY CSA STAFF

St. Louis, Brown Shoe Co. will acquire Boston-based Bennett Footwear Group LLC for $205 million in a deal expected to close in May. Bennett brands, including Via Spiga, Franco Sarto and Etienne Aigner, are sold in major department stores and specialty shops. It also operates eight Via Spiga retail stores.

“Bennett Footwear Group is the perfect fit for Brown Shoe Group,” said Ron Fromm, chairman and CEO, Brown Shoe.

Brown’s senior management will join Brown Shoe and continue to head the Bennett brands.

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S.Gacho says:
Mar-28-2013 02:35 am

It is good to acquire new
It is good to acquire new business for new resources. It means expanding the venture and means more sales can be gained. - Rich Von Alvensleben

S.Gacho says:
Mar-28-2013 02:35 am

It is good to acquire new business for new resources. It means expanding the venture and means more sales can be gained. - Rich Von Alvensleben

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Consumer confidence is high. Is that reflected in your stores’ revenues?

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