By Allison Prang
Ross Stores Inc. saw sales jump from a year earlier and it swung to a first-quarter profit as the company benefited from an improving pandemic environment, demand and stimulus payments.
Sales at the retailer rose to $4.52 billion, compared with $1.84 billion a year earlier. According to FactSet, analysts were expecting $3.9 billion.
The company said that comparable-store sales compared to 2019 increased 13%.
Net earnings were $476.5 million, compared with a loss the comparable period a year ago of $305.8 million. Earnings were $1.34 a share, compared with a loss of 87 cents a share. Earnings were higher than analysts' consensus estimate.
Chief Executive Barbara Rentler said in prepared remarks that the company "benefited considerably from a combination of government stimulus payments, ongoing vaccine rollouts, easing of COVID restrictions, and pent-up consumer demand."
Ross said its board approved a stock buyback program for $1.5 billion. The program goes through fiscal year 2022.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
05-20-21 1627ET