Business

Calif. discounter’s shares rise on forecast

Ross expects revenue at stores open at least a year to grow 5 to 6 percent in April.
Justin Sullivan/Getty Images/File
Ross expects revenue at stores open at least a year to grow 5 to 6 percent in April.
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Shares of discount retailer Ross Stores Inc. rose after the California company said it will likely surpass its profit forecast for the current quarter after better-than-expected March sales. For the period, revenue at locations open at least a year rose 2 percent. Analysts had predicted a decline of 1 percent. Total March sales grew 6 percent to $1.04 billion. Now Ross expects net income for its first quarter, which ends May 4, to top its previous forecast of $1 to $1.04 per share.