Dublin, Calif. – By controlling inventory and expenses, Ross Stores Inc. was able to report a 4% increase in net income during the first quarter of fiscal 2014 despite bad weather and other negative factors. Net income totaled $243.9 million, up from $234.6 million in the same period the prior year.
First quarter 2014 sales increased 6% to $2.68 billion, up from $2.54 billion in first quarter 2013. Same-store sales rose 1%. Ross Stores expects same-store sales to grow 1%-2% during the second quarter of fiscal 2014.
"First quarter earnings per share performed at the high end of our guidance as strict inventory and expense controls offset the impact from unfavorable weather and a more challenging retail environment,” said Michael Balmuth, vice chairman and CEO, Ross Stores. “Sales trends improved in April with more seasonal spring weather that coincided with the later Easter shopping period.”