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Ross Stores fiscal Q1 profit climbs YOY

Ross Stores Inc. said its normalized net income for the fiscal first quarter ended May 3 was 58 cents per share, compared with the S&P Capital IQ consensus estimate of 58 cents per share.

EPS rose 7.1% year over year from 54 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $245.4 million, an increase from $236.8 million in the prior-year period.

The normalized profit margin dropped to 9.2% from 9.3% in the year-earlier period.

Total revenue rose 5.5% on an annual basis to $2.68 billion from $2.54 billion, and total operating expenses increased 5.9% year over year to $2.29 billion from $2.16 billion.

Reported net income grew from the prior-year period to $243.2 million, or 57 cents per share, from $233.8 million, or 54 cents per share.