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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.
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Target Q1 beats estimates, raises forecast
Minneapolis -- Target Corp. reported a better-than-expected 1.2% increase in first-quarter profit as warm weather and an early Easter helped drive sales. The chain also raised its earnings forecast for the full year.
Target’s net earnings for the quarter ended April 28 were $697 million, compared with $689 million in the year-ago period.
“We’re very pleased with our first-quarter earnings, which benefited from better-than-expected sales,” Gregg Steinhafel, Target’s CEO, said in a statement.