Ross Stores’ Profit Rises 37%; Restoration Hardware’s Loss Narrows

Ross Stores Inc. said Wednesday that profit rose 37% in its fiscal first quarter to $47.7 million, or 59 cents a share, meeting raised expectations, as it boosted sales and controlled costs.

Several other California retailers also announced improved results for the fiscal quarter ended May4.

The Newark-based discount retailer benefited from adding more brand-name clothing and home goods, investors said.

Sales climbed 22% to $819.6 million, and sales at stores open at least a year jumped 10%.

Restoration Hardware Inc. said its first-quarter loss narrowed, helped by a $10.1-million tax benefit, to $6.85 million, or 25 cents a share, from $7.43 million, or 46 cents, a year earlier.

Sales fell 1.8% to $69.4 million. Earlier this month, the Corte Madera-based home furnishings retailer said it restated its results for fiscal 2000 and 2001 after changing how it accounts for furniture sales.

Children’s apparel retailer Gymboree Corp. reported profit of $6.09million, or 20 cents a share, contrasted with a net loss of $369,000, or 1 cent, a year earlier. Sales at the Burlingame-based company rose 4% to $129 million.

Hot Topic Inc.’s net income grew 10% to $3.68 million, or 11 cents a share, as sales surged 27% to $79.9 million. Same-store sales at City of Industry-based Hot Topic edged down 0.5%.

In Nasdaq trading, Ross rose $1.05 to $41.53, Restoration rose 15 cents to $9.95, Gymboree fell $1.34 to $16.94, and Hot Topic rose 11 cents to $25.30, all before the results were released.