• Net earnings reached $234.6m, up from $208.6m 
  • Sales increased 8% to $2.54bn from $2.36bn 
  • Comparable store sales climbed 3%
  • Company lifts full-year EPS to $3.70-3.81

Off-price retailer Ross Stores has raised its full-year earnings guidance after recording a 12% increase in first-quarter net profit, boosted by higher sales.

CEO and vice chairman Michael Balmuth said: "We are pleased with the slightly better-than-expected sales and earnings we delivered in the first quarter, especially considering this growth was achieved on top of strong prior year gains.

"These results continued to be driven by our ongoing ability to offer terrific bargains to today's value-oriented consumers."

Looking forward, the company now expects full-year earnings per share to be $3.70-3.81, compared to its previous guidance of $3.65 to $3.80.

For the second quarter, Ross Stores expects earnings per share to be $0.89 to $0.93, up on $0.81 last year and forecasts same store sales to edge up 1-2%.