Despite bad weather and a challenging retail environment, Ross was able to post net income increases in the first quarter of fiscal 2014 by controlling inventory and expenses.
Net income increased 4% to $243.9 million from $234.6 million in the prior-year quarter.
Total net sales in the quarter increased 6% to $2.68 billion, up from $2.54 billion in last year’s first quarter. Same-store sales rose 1%.
"First quarter earnings per share performed at the high end of our guidance as strict inventory and expense controls offset the impact from unfavorable weather and a more challenging retail environment,” said vice chairman and CEO Michael Balmuth. “Sales trends improved in April with more seasonal spring weather that coincided with the later Easter shopping period.”
Looking ahead, the company anticipates a same-store sales increase of 1% to 2% during the second quarter.