Ross Stores Profit Up 18% in 3Q, Sales Flat
New York City Ross Stores said quarterly profit rose 18% on inventory management and cost cutting. However, the company trimmed its holiday forecast.
The company said on Wednesday net income rose to $57.3 million in the third quarter ended Nov. 1, from $48.7 million a year earlier.
Same-store sales were little changed from a year earlier.
“Based on the increasingly difficult macroeconomic and retail climate and our expectation of a very promotional holiday season, we believe it is prudent to adopt a more conservative outlook for the fourth quarter,” Ross CEO Michael Balmuth said in a statement.
Ross forecast fourth-quarter same-store sales would fall 1% to 3%.
Ross previously reported that third-quarter sales rose 6% to $1.56 billion, and October same-store sales fell 2%.
Bath & Body Works exec joins Timex board
MIDDLEBURY, Conn. Timex Group B.V. announced that Camille McDonald, Bath & Body Works’ president of brand development and merchandising, and a 30-year veteran of the beauty industry, has joined the company’s board of directors.
“Camille McDonald is a prolific and multidimensional leader whose competencies and experience encompass product and brand development, sales, integrated marketing functions and general management—in both broad-based and luxury segments—for wholesale as well as retail businesses,” said Anette Olsen, chairman of Timex Group. “We are excited to welcome her to the Timex Group board of directors.”
Since joining Bath & Body Works in August 2004 as evp of brand development and merchandising, McDonald has worked with cross-functional teams to reinvent the multibillion dollar personal care specialty retailer into a beauty juggernaut of the world’s best and biggest brands in fragrance, skin care, hair, apothecary and spa. During her time with the company, Bath & Body Works has delivered a record performance.
Walmart draws attention to food deals
BENTONVILLE, Ark. Walmart announced that as part of its Operation Main Street program, it will reduce food prices every week to help offset the cost of Christmas. According to the company, this will save Americans more than $200 million over and above its everyday low prices this holiday.
To alert shoppers about its latest savings, Walmart has launched “Saving Alerts,” a service that enables customers to learn about the latest discounts via free text messages to their cell phones. In addition, Walmart’s Ad Match policy assures customers that their Walmart will match any local competitor’s advertised price on the exact same item, alleviating the need for shoppers to drive all over town to get the very best value.
“We want all customers shopping our food aisles this season to know the trust they have in us to help them save money is well placed,” said Jack Sinclair, evp of grocery, at Walmart Stores US. “Last year we saved families an average of $700 on the same packaged grocery items sold at other supermarkets. We plan to keep on helping families stretch their dollars this holiday with prices that make a meaningful difference to their budget.” .