PLEASANTON, Calif., July 9 /PRNewswire-FirstCall/ -- Ross Stores, Inc.
(Nasdaq: ROST) today reported that sales for the five weeks ended July 4, 2009
increased 6% to $666 million from $628 million for the five weeks ended July
5, 2008. Same store sales for the month rose 1% on top of a strong 8% gain in
the prior year.
For the five months ended July 4, 2009, sales totaled $2.922 billion, an
8% increase over the $2.698 billion in sales for the five months ended July 5,
2008. Comparable store sales for the five months ended July 4, 2009 increased
3% on top of a 5% gain in the prior year period.
Michael Balmuth, Vice Chairman, President and Chief Executive Officer,
commented, "We are pleased with our better-than-expected sales results in
June, especially in light of the difficult prior year comparison. We believe
that our ongoing focus on delivering fresh and exciting bargains continues to
resonate with today's increasingly value-oriented consumers. Merchandise and
geographic trends were relatively broad-based. Dresses and Shoes remained the
strongest merchandise categories in June, while the Southeast and Mid-Atlantic
were the best-performing regions."
Looking ahead, Mr. Balmuth said, "Considering our recent business trends,
we now are forecasting July same store sales to be relatively flat to last
year, up from our prior guidance of down 1% to 2%. Based on our ahead-of-plan
sales in May and June and our updated July outlook, along with very strong
merchandise gross margin and favorable expense trends, our second quarter
earnings are expected to be well ahead of our original range of $.60 to $.63
per share. For the 13 weeks ending August 1, 2009 earnings per share now are
projected to be $.73 to $.75, up significantly from $.54 in the second quarter
Additional recorded information concerning today's press release and the
Company's future outlook can be accessed by calling 706-645-9291, PIN
#13473322, from 8:30 a.m. Eastern time on July 9, 2009 through 8:00 p.m.
Eastern time on July 10, 2009. A transcript of these comments also will be
made available on the press release page of the Company's website at
The Company expects to report July 2009 sales results on Thursday, August
6th and second quarter 2009 earnings results on Thursday, August 20th.
Forward-Looking Statements: This press release and the recorded comments
and transcript on our corporate website contain forward-looking statements
regarding expected sales and earnings levels 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(R) ("Ross")
and dd's DISCOUNTS(R) 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,
including the potential impact from uncertainty in financial and credit
markets and the severity and duration of the current recession; changes in
geopolitical and general economic conditions; 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 development and 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 2008 and Form
10-Q and 8-K's for fiscal 2009. 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
Ross Stores, Inc., a Fortune 500 and Nasdaq 100 (ROST) company
headquartered in Pleasanton, California, is the nation's second largest
off-price retailer with fiscal 2008 revenues of $6.5 billion. As of July 4,
2009 the Company operated 922 Ross Dress for Less(R) ("Ross") stores and 53
dd's DISCOUNTS(R) locations, compared to 863 Ross and 55 dd's DISCOUNTS
locations at the end of the same period last year. 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 percent off
department and specialty store regular prices. dd's DISCOUNTS features 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 percent off moderate department and discount store regular
prices. Additional information is available at www.rossstores.com.
SOURCE Ross Stores, Inc.
Senior Vice President, Chief Financial Officer
Senior Director, Investor Relations
both of Ross Stores, Inc.