Ross Stores Reports a 5% Increase in Same Store Sales for the Month of September
Ross Stores (Nasdaq: ROST) today reported that sales increased 10% to $800 million for the five weeks ended September 29, 2012, up from $726 million in sales for the five weeks ended October 1, 2011. Comparable store sales for the month grew 5% on top of a 5% gain in the prior year.
For the eight months ended September 29, 2012, sales totaled $6.245 billion, a 13% increase over the $5.549 billion in sales for the eight months ended October 1, 2011. Comparable store sales for the eight months ended September 29, 2012 rose 8% on top of a 5% gain in 2011.
Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, "We are pleased with same store sales gains in September that continued to outperform our expectations. The primary driver of our favorable business trends year-to-date remains our ongoing focus on delivering fresh and exciting assortments of name brand bargains that continue to resonate with today's value-focused consumers."
Mr. Balmuth continued, "Earnings per share for the 13 weeks ending October 27, 2012 are now projected to be in the range of $.70 to $.71, compared to $.63 for the same period last year. The forecasted upside from our previous earnings per share guidance of $.63 to $.66 is mainly due to a combination of ahead-of-plan sales and merchandise gross margin in August and September, as well as slightly better-than-expected shortage results from our annual physical inventory in September."
Mr. Balmuth concluded, "Looking ahead, our guidance for the remainder of the year is unchanged. October same store sales are forecast to be up 3% to 4%. For the 13 weeks ending January 26, 2013, the Company continues to project same store sales to be up 1% to 2%. Earnings per share for the 14 weeks ending February 2, 2013 remains in the range of $.99 to $1.04, which includes an estimated $.08 to $.09 benefit from the 53rd week this year, and compares to $.85 for the 13 weeks ended January 28, 2012."
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