Ross Stores Reports April Same Store Sales up 7%, Increases Q1 EPS Estimate
Ross Stores, Inc. (Nasdaq: ROST) today reported that sales increased 11% to $725 million for the four weeks ended April 28, 2012, up from $651 million for the four weeks ended April 30, 2011. Comparable store sales for the month grew 7% on top of a very strong 10% increase last year.
For the quarter ended April 28, 2012, sales totaled $2.357 billion, a 14% increase over the $2.075 billion in sales for the quarter ended April 30, 2011. Comparable store sales for the 13 weeks ended April 28, 2012 grew 9% over the prior year period.
Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, "We are pleased with our April and first quarter sales which were well ahead of expectations. Our continued ability to deliver a wide array of name brand bargains to today's value-focused consumers drove broad-based merchandise and geographic gains in both periods."
Mr. Balmuth continued, "Based on our above-plan sales as well as favorable margin trends for the first quarter, we now estimate earnings per share for the 13 weeks ended April 28, 2012 to be $.92 to $.93, up from our prior guidance of $.89 to $.91. This updated range represents a projected 24% to 26% increase on top of a 28% gain in last year's first quarter. We will provide detailed sales and earnings guidance for the second quarter with our first quarter earnings release and conference call on Thursday, May 17th."
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.