Ross Stores Inc. on Thursday reported gains in both earnings and sales for the first quarter.
For the three months ended April 30, income rose 21.5 percent to $173 million, or $1.48 a diluted share, from $142.3 million, or $1.16, last year. Sales increased 7.2 percent to $2.07 billion from $1.93 billion. Comparable-store sales rose 3 percent in the quarter.
Michael Balmuth, vice chairman and chief executive officer, said the quarter’s results were driven by the company’s ability to deliver compelling name-brand bargains, while operating the business on leaner in-store inventories.
The Buckle Inc. said first-quarter income rose 11.2 percent to $33.5 million, or 71 cents a diluted share, from $30.1 million, or 64 cents, last year. Sales were up 11.8 percent to $240.1 million from $214.8 million as comps rose 8.1 percent.
At Casual Male Retail Group Inc., income rose 1.3 percent to $4.21 million, or 9 cents a diluted share, from $4.15 million, or 9 cents, last year. Sales rose 0.8 percent to $95.8 million from $95 million as comps rose 2.2 percent.
And at The Cato Corp., income for the quarter rose 21.9 percent to $30.5 million, or $1.04 a diluted share, from $25 million, or 85 cents, last year. Total revenues rose 4.5 percent to $273.7 million from $262 million, which included a sales increase of 4.6 percent to $270.9 million from $259 million. Comps rose 2 percent in the quarter.
John Cato, chairman, president and chief executive officer, said, “Higher sales and a reduction in incentive compensation drove our record quarter.”
For complete coverage, see Friday’s WWD.