Ross Stores to Split Stock in June

By Chelsey Dulaney 

Ross Stores Inc. said Tuesday that it will split its stock later this year, a move the off-price retailer said reflects its recent strong performance and optimism for the future.

The 2-for-1 split will be paid out as a 100% stock dividend on June 11, the Dublin, Calif., company said.

Shares of Ross closed at $106.38 Monday.

Last month, Ross reported January-quarter sales and earnings well above its expectations, though the retailer said it remains cautious about the current year because of the volatility in the economic and retail climates.

Off-price chains have performed strongly in recent years despite overall tepidness in the retail industry.

Macy's Inc. said earlier this year that it is thinking about starting an off-price version of its stores, while retailers like Saks Fifth Avenue and Nordstrom Inc. have also been opening more outlet stores.

Write to Chelsey Dulaney at [e-mail]

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