Retailer Ross Stores recorded a 22% surge in first quarter profits, boosted by a 7% sales increase and a comparable store sales rise of 3%.
The US company now expects second quarter comparable store sales to rise 2-3%, creating earnings per share of $1.15-1.20.
Company vice chairman and CEO Michael Balmuth said the results were “better than expected,” adding: “These results were mainly driven by our ongoing ability to deliver a wide array of compelling name-brand bargains to today’s value-focused customers, while operating our business on leaner in-store inventories.”
