Ross sales drop in a disappointment
Pleasanton-based Ross Stores' shares plunged Thursday after the retailer of discount apparel disappointed investors with a rare miss on its same-store sales.
Ross Stores said same-store sales fell 1 percent in February. That contrasted sharply with analyst expectations that Ross would generate a 1.1 percent gain in sales at stores open at least a year.
"We believe the slight decline in February same store sales was mainly due to the delay in income tax refunds," CEO Michael Balmuth said.
Sales improved as the month progressed, Ross said.
Shares of Ross plunged 7.5 percent Thursday and finished at $55.23.
Nevro lands $58M in new VC funding
Menlo Park-based Nevro landed $58 million in new financing in a venture capital round led by a new investor, Johnson & Johnson Development.
Nevro has developed a medical device that relieves chronic pain through an implant in the spinal column. The device releases ultra-high-frequency stimulation to ease lower back pain.
The funds will be used to sponsor a pivotal clinical study in the United States and provide continued support for Nevro's international commercialization strategy.
"There is a significant need for better outcomes, a simpler procedure, and an enhanced patient experience in the treatment for chronic pain," CEO Michael DeMane said.
Pleasanton-based Cooper Companies said profit and sales jumped in the fiscal first quarter that ended Jan. 31.
Cooper, a maker of contact lenses and surgical tools, earned $74.7 million on sales of $379.8 million.
Compared with the year-ago first quarter, profit soared 37 percent higher and revenue rose 16 percent.
Per-share profit, excluding one-time items, equated to $1.23. Wall Street had expected a profit of $1.19 on $366.3 million in revenue.