Ross posts higher profit in first quarter
NEW YORK (Reuters) - Off-price retailer Ross Stores Inc <ROST.O> said on Wednesday that first-quarter net profit rose, citing strong sales of dresses and shoes and strict inventory and expense management.
Net income was $79.5 million, or 60 cents per share, in the quarter ended on May 3, compared with $67.0 million, or 48 cents per share, a year earlier.
A real estate settlement contributed 2 cents per share to the latest quarter's results, said the company, which buys excess apparel, accessories and home goods in bulk from manufacturers at below-wholesale prices and sells them at a discount to department stores.
Quarterly sales rose 10 percent to $1.56 billion, as same-store sales rose 3 percent.
For the second quarter, the company forecast earnings per share of 43 cents to 47 cents and same-store sales growth of 1 percent to 3 percent.
For the full year, it forecast earnings of $2.19 to $2.29 per share.
(Reporting by Martinne Geller, editing by Gerald E. McCormick and Derek Caney)