Ross Stores Boosts Q1 Net 12.5 Percent
May 28, 2013,
PLEASANTON, Calif.-Healthy gains in both sales and margins provided the fuel for a 12.5 percent increase in first-quarter net income, to $234.6 million, for Ross Stores.
Net sales gained 7.8 percent to $2.5 billion in the quarter, which ended on May 4. This included a 3 percent pickup in same-store sales. Michael Balmuth, Ross' vice chairman and CEO, said the increases on both the top and bottom lines were better than the company expected, and the results "continue to be driven by our ongoing ability to offer terrific bargains to today's value-oriented consumers."
Looking ahead, Balmuth said the company expected second-quarter same-store sales to rise 1 to 12 percent.