Ross Stores net income rises 13%

Off-price retailer Ross Stores Inc. said fiscal first-quarter net income rose 13% on strong sales of home products and dresses, but it gave a second-quarter outlook that was below analysts’ estimates.

The Pleasanton, Calif.-based company forecast second-quarter earnings per share in the range of 35 cents to 37 cents. Analysts were expecting Ross to post 38 cents a share in the second quarter, according to Reuters Estimates.

Net income for the latest quarter, ended April 29, was $67 million, or 48 cents a share, in line with analysts’ average forecast, according to Reuters Estimates, compared with $59.2 million, or 41 cents, a year earlier.

Sales for the quarter rose 9% to $1.4 billion, helped partly by strong West Coast sales.

The home division, through which Ross sells bedding and bath collections and home accents, continues to post solid gains, Chief Financial Officer John Call said.

Ross shares closed down 16 cents at $33.94.