Ross Stores Earnings Fall in 1st Quarter

Ross Stores Inc.’s fiscal first-quarter profit fell 15% to $34.7 million, or 43 cents a share, as a decline in consumer spending, combined with bad weather and higher costs, hurt the retailer of lower-price clothing and accessories.

The company’s profit matched the average estimate of analysts surveyed by First Call/Thomson Financial. Sales rose 6.5% to $674.4 million, Ross Stores said.

Shares of Newark, Calif.-based Ross Stores fell 32 cents to close at $24 in Nasdaq trading.