Ross profit rises 21% in Q1, increases long-term store growth outlook

Pleasanton, Calif. -- Ross Stores reported Thursday that net income for the first quarter surged 21% to $208.6 million, from $173 million in the same period last year.

Sales increased 14% to $2.4 billion, and same-store sales rose 9%.

“We believe that favorable weather across many of our markets also contributed to our above-plan performance," said Michael Balmuth, CEO, about the results.

Balmuth also said the retailer has increased its long-terms store potential to 2,500 U.S. locations, comprised of 2,000 Ross Dress for Less stores (up from a prior target of 1,500 stores) and 500 DD’s Discounts stores.

“We have the ability over time to more than double the size of our company domestically," he said.