Ross Stores post Q1 up on strong sales

Pleasanton, Calif. Ross Stores said Thursday that its fiscal first-quarter profit rose to $142.3 million, from $91.4 million a year earlier.

Sales for the 13 weeks ended May 1, grew 14% to $1.935 billion, with same-store store sales up 10% on top of a 3% gain in the prior year.

Michael Balmuth, vice chairman and CEO, said, "We are very pleased with our exceptional first-quarter performance, which was driven by robust sales gains and record levels of profitability that were well ahead of plan. We believe our results continue to benefit from the superior execution of our off-price strategies combined with our favorable position as a value retailer in the current economic and retail environment."

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