Ross Stores Reports May Same Store Sales Gain of 4%
Pleasanton, California, June 2, 2011 -- Ross Stores, Inc. (Nasdaq: ROST) today reported that sales increased 8% to $661 million for the four weeks ended May 28, 2011, up from $614 million for the four weeks ended May 29, 2010. Comparable store sales for the month grew 4% on top of a 5% gain in the prior year period.
For the 17 weeks ended May 28, 2011, sales totaled $2.736 billion, a 7% increase over the $2.549 billion in sales for the 17 weeks ended May 29, 2010. Comparable store sales for the 17 weeks ended May 28, 2011 increased 4% on top of a strong 8% gain last year.
Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, “Comparable store sales in May were slightly ahead of our expectations for a 2% to 3% increase. The month benefited from our ongoing ability to deliver compelling bargains to today’s value-focused consumers. Dresses and Accessories were our best performing merchandise categories, while Florida was the strongest market. Looking ahead, we continue to forecast same store sales increases of 2% to 3% for both June and July.”
Additional recorded information concerning today’s press release and the Company’s future outlook can be accessed by calling 706-645-9291, ID# 60514669, from 8:30 a.m. Eastern time on June 2, 2011 through 8:00 p.m. Eastern time on June 3, 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 June 2011 sales results on Thursday, July 7th.
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 geopolitical 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 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 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., an S&P 500, Fortune 500 and Nasdaq 100 (ROST) company headquartered in Pleasanton, California, is the nation’s second largest off-price retailer with fiscal 2010 revenues of $7.9 billion. As of May 28, 2011 the Company operated 998 Ross Dress for Less® (“Ross”) stores and 70 dd’s DISCOUNTS® locations, compared to 967 Ross and 54 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.CONTACT:
Senior Vice President, Chief Financial Officer
Senior Director, Investor Relations
both of Ross Stores, Inc.