Ross Stores Reports August Same Store Sales Gain of 4%
PLEASANTON, Calif., Sept. 1, 2011 /PRNewswire via COMTEX/ --
Ross Stores, Inc. (Nasdaq: ROST) today reported that sales increased 8% to $659 million for the four weeks ended August 27, 2011, up from $608 million in sales for the four weeks ended August 28, 2010. Comparable store sales for the month grew 4% on top of a 5% increase in the prior year.
For the seven months ended August 27, 2011, sales totaled $4.823 billion, an 8% increase over the $4.455 billion in sales for the seven months ended August 28, 2010. Comparable store sales for the seven months ended August 27, 2011 grew 4% on top of a strong 7% gain in 2010.
Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, "August same store sales were slightly ahead of our expectations for a 2% to 3% gain. Our performance continues to benefit from our ability to offer value-conscious customers a wide array of terrific brand-name bargains while strictly controlling inventories and expenses. Dresses and Shoes were the strongest merchandise categories, while Florida was the best-performing market. Looking ahead, we continue to forecast same store sales of up 1% to 2% for both September and October."
Additional recorded information concerning today's press release and the Company's future outlook can be accessed by calling 706-645-9291, ID# 60532327, from 8:30 a.m. Eastern time on September 1, 2011 through 8:00 p.m. Eastern time on September 2, 2011. A transcript of these comments is available in the Investors section of the corporate website at www.rossstores.com.
The Company plans to issue September 2011 sales results on Thursday, October 6th.
Forward-Looking Statements: This press release and the recorded comments on our corporate website contain forward-looking statements regarding expected sales, earnings levels and other financial results in future periods that are subject to risks and uncertainties which could cause our actual results to differ materially from management's current expectations. The words "plan," "expect," "target," "anticipate," "estimate," "believe," "forecast," "projected," "guidance," "looking ahead" and similar expressions identify forward-looking statements. Risk factors for Ross Dress for Less® ("Ross") and dd's DISCOUNTS® include without limitation, competitive pressures in the apparel or home-related merchandise industry; changes in the level of consumer spending on or preferences for apparel or home-related merchandise; the impact from the macro-economic environment and financial and credit markets including but not limited to interest rates, recession, inflation, deflation, energy costs, tax rates and policy, unemployment trends, and fluctuating commodity costs; changes in geopoliticalconditions; unseasonable weather trends; disruptions in supply chain; lower than planned gross margin, including higher than planned markdowns and higher than expected inventory shortage; greater than planned operating costs; our ability to continue to purchase attractive brand-name merchandise at desirable discounts; our ability to attract and retain personnel with the retail talent necessary to execute our strategies; our ability to effectively operate our various supply chain, core merchandising and other information systems; our ability to improve our merchandising capabilities through the implementation of new processes and systems enhancements; achieving and maintaining targeted levels of productivity and efficiency in our distribution centers; and obtaining acceptable new store locations. Other risk factors are detailed in our SEC filings including without limitation, the Form 10-K for fiscal 2010 and Form 10-Q and 8-Ks for fiscal 2011. The factors underlying our forecasts are dynamic and subject to change. As a result, our forecasts speak only as of the date they are given and do not necessarily reflect our outlook at any other point in time. We do not undertake to update or revise these forward-looking statements.
Ross Stores, Inc. is an S&P 500, Fortune 500 and Nasdaq 100 (ROST) company headquartered in Pleasanton, California, with fiscal 2010 revenues of $7.9 billion. The Company operates Ross Dress for Less® ("Ross"), the largest off-price apparel and home fashion chain in the United States with 1,013 locations in 27 states and Guam. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at everyday savings of 20% to 60% off department and specialty store regular prices. The Company also operates 78 dd's DISCOUNTS® in six states that feature a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear and home fashions for the entire family at everyday savings of 20% to 70% off moderate department and discount store regular prices. Additional information is available at www.rossstores.com.
Senior Vice President,
Chief Financial Officer
Senior Director, Investor Relations
SOURCE Ross Stores, Inc.