|Pleasanton-based Ross Stores, Inc. (Nasdaq: ROST) today reported sales of $499 million for the four weeks ended Aug., an 11 percent increase over the $450 million in sales for the four weeks ended Aug. 4, 2007.
Same store sales for the four weeks ended Aug. 2 this year rose 4 percent from the prior year period.
For the 13 weeks ended Aug. 2, sales were $1.640 billion, a 14 percent increase over the $1.445 billion in sales reported for same 13-week period a year ago. Comparable store sales for the 13 weeks ended August 2 rose 6 percent.
For the six months ended Aug. 2, sales increased 12 percent to $3.197 billion, up from $2.855 billion for the same six months last year. Comparable store sales for the six months ended Aug. 2 grew 5 percent.
"Our July same store sales results were at the high end of our forecast for a 2 percent to 4 percent increase," said Michael Balmuth, vice chairman, president and chief executive officer. "Our solid performance for the month and the quarter was driven mainly by our ability to offer compelling bargains on fresh and exciting name brand fashions for the family and the home."
"We believe that the tax rebate checks and favorable weather also benefited sales somewhat during the quarter," he added. "For July, dresses, accessories and home products were the strongest merchandise categories, while Texas and the Mid-Atlantic were the best-performing markets."
"Based on our sales and favorable gross margin trends in the second quarter, we now estimate that earnings per share for the 13 weeks ended Aug. 2 will be $.53 to $.54, compared to our prior range of $.51 to $.53, and $.37 for the second quarter ended Aug. 4, 2007," he explained. "Looking ahead, we plan to provide sales and earnings guidance for the back half of the year."
The Company expects to report August 2008 sales results on Thursday, Sept. 4.
Additional information concerning the company's financial report can be found at Ross Stores' website at www.rossstores.com.
- Jeb Bing
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