UPDATE: Ross Stores Reports Q1 Profit of $173 million, Issues Downbeat Projections

Ross Stores Inc ROST released its results for the fiscal first quarter on Thursday. Ross Stores reported its Q1 profit at $173 million, or $1.48 per share, versus $142.3 million, or $1.16 per share, in the year-earlier period. Its sales surged to $2.07 billion from $1.93 billion. Its comparable sales rose 3%. However, analysts were expecting earnings of $1.46 per share. Ross Stores projects its Q2 profit of $1.15 to $1.20 per share, with same-store sales likely to rise 2% to 3%. It also lifted its projections for the year to $5.16 to $5.31 per share, from its earlier outlook of $5.10 per share. However, analysts expected a profit of $1.26 per share for the second quarter and $5.32 per share for the year. Ross Stores shares fell 1.72% to $80.45 in pre-market trading. Read more from Benzinga's Company news.