FINANCE

Ross profit rises 21% in Q1, increases long-term store growth outlook

BY Katherine Boccaccio

Pleasanton, Calif. — Ross Stores reported Thursday that net income for the first quarter surged 21% to $208.6 million, from $173 million in the same period last year.

Sales increased 14% to $2.4 billion, and same-store sales rose 9%.

“We believe that favorable weather across many of our markets also contributed to our above-plan performance," said Michael Balmuth, CEO, about the results.

Balmuth also said the retailer has increased its long-terms store potential to 2,500 U.S. locations, comprised of 2,000 Ross Dress for Less stores (up from a prior target of 1,500 stores) and 500 DD’s Discounts stores.

“We have the ability over time to more than double the size of our company domestically," he said.

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FINANCE

Limited Brands Q1 profit slips, still beats Street

BY Katherine Boccaccio

Columbus, Ohio — Limited Brands Inc. reported Wednesday a first-quarter profit of $124.6 million, compared with $165.2 million in the year-ago period. Results topped Wall Street estimates.

Net sales slipped to $2.15 billion from $2.22 billion, and same-store sales increased 7%.

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OPERATIONS

Silver Jeans Co. to expand U.S. store presence, names head of retail

BY Katherine Boccaccio

Winnipeg, Manitoba — Canadian denim company Silver Jeans Co. said Thursday it will expand its branded stores in the United States, and has created a new retail division to execute the strategy.

Silver Jeans Co. said it will launch the plan with a new store opening in early 2013, joining the only store currently open here at Park Meadows Mall in Denver.

The company has named Denise Norkus as VP of the newly formed retail division. Most recently she was VP retail at Betsey Johnson. Darren James has been appointed senior director of operations, coming to the company from Disney Stores North America.

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