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Ross Stores same-store sales up 7% in June
Sales increase 12% to $886 million for the 5 weeks ended June 30

by Jeb Bing

Pleasanton-based Ross Stores Inc. reported this week that sales increased 12% to $886 million or the five weeks ended June 30, up from $793 million for the five weeks ended July 2, 2011.

Comparable store sales for the month grew 7% on top of a 5% increase last year.

For the 22 weeks ended June 30, sales totaled $3.989 billion, a 13% increase over the $3.529 billion in sales for the 22 weeks ended July 2, 2011. Comparable store sales for the five months ended June 30 increased 8% on top of a 4% gain last year.

"We are pleased with our better-than-expected June sales," said Michael Balmuth, vice chairman and chief executive officer.

"Our ongoing ability to deliver terrific name brand bargains to today's value-focused shoppers drove broad-based merchandise and geographic sales gains during the month," he added.

Looking ahead, he said: "Based on our sales and gross margin performance in May and June, and our continued projection for a 2% to 3% increase in July same store sales, we now are forecasting earnings per share for the second quarter ending July 28 to be $.77 to $.78. This updated range compares to our previous guidance of $.72 to $.75 and EPS of $.64 in the second quarter of 2011."

Ross Stores will report July 2012 sales results on Thursday, Aug. 2.

Additional information is available at www.rossstores.com.