Ross Shares Rise on 1st-Quarter Optimism

Ross Stores Inc. said it expects fiscal first-quarter profit to beat analysts’ average estimate by a penny and full-year profit to beat estimates by 5 cents, helping boost its shares $3 to $17.56 on Nasdaq. Newark, Calif.-based Ross also said sales at stores open at least a year rose by 8%, twice what some analysts had projected. Ross is expected to earn 41 cents a share in the first quarter and $1.93 for the full year, the average estimate of analysts polled by First Call/Thomson Financial. The sales gains, coupled with the company’s $58-million share repurchase, will boost per-share earnings, Ross said. It expects to spend another $150 million on repurchasing shares throughout the year.