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Ross Stores fiscal Q3 profit climbs 16.4% YOY

Ross Stores Inc. said its normalized net income for the fiscal third quarter ended Oct. 29 was 61 cents per share, compared with the S&P Capital IQ consensus estimate of 56 cents per share.

EPS increased 19.7% year over year from 51 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $241.4 million, a gain of 16.4% from $207.3 million in the year-earlier period.

The normalized profit margin rose to 7.8% from 7.5% in the year-earlier period.

Total revenue grew 10.9% year over year to $3.09 billion from $2.78 billion, and total operating expenses grew 10.2% on an annual basis to $2.70 billion from $2.45 billion.

Reported net income rose 13.8% from the prior-year period to $243.9 million, or 62 cents per share, from $214.4 million, or 53 cents per share.