Ross Stores Profit Meets Estimate - Quick Facts

(RTTNews) - Apparel retailer Ross Stores Inc (ROST) Thursday reported first-quarter net earnings of $244 million or $1.15 per share compared with $234.6 million or $1.07 per share last year.

Revenues for the quarter were up 6% at $2.68 billion compared with $2.54 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.15 per share on revenues of $2.69 billion for the quarter. Analysts' estimates typically exclude special items.

On a same store basis, sales for the quarter were up 1%.

Ross resorted to strict inventory and expense controls during the quarter, offseting the impact from unfavorable weather and a challenging retail environment.

Looking ahead to the second quarter, Ross expects earnings of $1.05 to $1.09,per share, while analysts expect $1.08 per share.

For the full year, Ross now projects earnings of $4.09 to $4.21 per share, from prior range of $4.05 to $4.21 per share. Analysts expect earnings of $4.21 per share.

Dublin, California-based Ross Stores operates off-price retail apparel and home fashion stores.