Discount retail chain Ross Stores, Inc. (ROST) said Thursday that its first quarter profit rose substantially year-over-year, as cost-conscious consumers hunted for bargains amid the economic recession.

The Pleasanton, California-based company reported first quarter net income of $91.4 million, or 72 cents per share, compared with $79.5 million, or 60 cents per share, in the year-ago period. Overall revenue jumped 9% to $1.69 billion from $1.56 billion in the same period last year.

On average, Wall Street analysts expected matching profits of 72 cents per share, on lower revenue of $1.66 billion.

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