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Ross 1Q Profit Up 19%

Pleasanton, Calif. Ross Stores Inc. said Wednesday its first-quarter profit grew 19% due to growth in same-store sales and a real estate settlement that added to income.

For the quarter ended May 3, net income rose to $79.5 million, from $67 million in the prior-year quarter.

The company said "strict inventory and expense management" helped drive its profit.

Revenue rose 10% to $1.56 billion from $1.41 billion in the first quarter of 2007. Analysts predicted revenue of $1.55 billion. Same-store sales rose 3%.

Ross said dresses and shoes were the top merchandise categories and the Mid-Atlantic region and Texas were the strongest geographic regions in the quarter.

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