Off-price retailer Ross Stores has reported increases in comparable store sales for the month of June.
Comparable store sales or comps is a statistic used by retailers to compare sales of stores that have been open for at least one year.
Pleasanton-based Ross Stores Inc. (ROST) reported a 5 percent growth in comparable store sales for the month, compared to a 1 percent growth last year. The company also raised its second quarter earnings guidance.
The apparel and home accessories retailer said its comps slightly exceeded its expectations of a 3 to 4 percent, with best performance from Florida and the Mid-Atlantic regions.
"Home, Dresses and Shoes were our strongest merchandise categories," said Michael Balmuth, Chief Executive Officer of Ross Stores.
Total sales grew 9 percent to $725 million from $666 million in the comparable month a year ago.
Looking ahead, the company said it continues to expect a 3 to 4 percent increase in July comps.
For the second quarter, Ross Stores currently expects earnings in the range of $1.00 to $1.02, up from its prior guidance range of $0.95 to $0.99, and also up from last year's second quarter earnings of $0.82 per share.
On average, 15 analysts polled by Thomson Reuters expect earnings per share of $1.00 for the quarter. Analysts' estimate typically excludes one-time items.
At the end of June 2010, the company operated 967 Ross Dress for Less stores and 57 dd's DISCOUNTS locations, compared to 922 Ross and 53 dd's DISCOUNTS locations at the end of the same period last year.
ROST is currently trading on the Nasdaq at $53.57, down $1.78 or 3.22% on a volume of 1.3 million shares. In the last 52-weeks, the stock traded in a range of $38.93 to $58.93.