Less is more

Ross Stores had its best day in more than two years after the discount department store chain reported sales and profit that beat Wall Street targets as consumers battered by inflation hunted for deals. California-based Ross, which operates Ross Dress for Less and dd’s Discounts stores, earned $1 per share in the period on $4.6 billion in sales, both of which beat analysts’ expectations. Given that the company’s “thirdquarter sales momentum improved holiday mix,” CEO Barbara Rentler said Ross is raising its earnings-per-share target to as much as $1.26 in the fourth quarter and up to $4.34 for the year. Ross Stores opened 40 new locations this fall and now has more than 2,000 Ross Dress for Less and dd’s Discounts stores across 40 states, the District of Columbia and Guam.