Ross Profit Rises 21% in Q1

Ross Stores reported Thursday that net income for the first quarter surged 21 percent to $208.6 million, from $173 million in the same period last year. Sales increased 14 percent to $2.4 billion, and same-store sales rose 9 percent. “We believe that favorable weather across many of our markets also contributed to our above-plan performance," said Michael Balmuth, CEO, about the results. Balmuth also said the retailer has increased its long-term store potential to 2,500 U.S. locations, comprised of 2,000 Ross Dress for Less stores (up from a prior target of 1,500 stores) and 500 DD’s Discounts stores.