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Strong holiday traffic drive Ross Stores Q4 sales
08 Feb '08
4 min read
Ross Stores Inc reported sales for the four weeks ended February 2, 2008 of $350 million, a 9% increase over the $322 million in sales for the four weeks ended February 3, 2007. Same store sales for the four weeks ended February 2, 2008 increased 1% over the four weeks ended February 3, 2007.
For the 13 weeks ended February 2, 2008, sales were $1.652 billion, a 10% increase over the $1.495 billion in sales for the 13 weeks ended February 3, 2007. Comparable store sales for the 13 weeks ended February 2, 2008 rose 2% over the 13 weeks ended February 3, 2007.
For the 52 weeks ended February 2, 2008, sales were $5.975 billion, a 9% increase over the $5.486 billion in sales for the 52 weeks ended February 3, 2007. Comparable store sales for the 52 weeks ended February 2, 2008 rose 1% over the 52 weeks ended February 3, 2007.
Michael Balmuth, Vice Chairman, President and Chief Executive Officer, commented, "Our healthy fourth quarter sales results benefited from strong holiday traffic in both November and December, when same store sales rose 3%.
While our January results were impacted by wet weather throughout California, our 1% comparable store sales gain for the month was within our forecasted range. We believe our solid performance for the quarter, especially in challenging retail climate, benefited from our ability to deliver compelling name brand bargains to our customers, reflecting the resiliency of our off-price model."
Mr. Balmuth continued, "I also am pleased to report that, based on our current cash position, strong balance sheet and forecasted free cash flows, our Board of Directors has approved a new two-year $600 million stock repurchase program. At the current stock price, this new authorization represents over 15% of the Company's total market value and a 50% increase over our most recent program, reflecting our confidence in the long-term prospects for our business."
For the 13 weeks ended February 2, 2008, sales were $1.652 billion, a 10% increase over the $1.495 billion in sales for the 13 weeks ended February 3, 2007. Comparable store sales for the 13 weeks ended February 2, 2008 rose 2% over the 13 weeks ended February 3, 2007.
For the 52 weeks ended February 2, 2008, sales were $5.975 billion, a 9% increase over the $5.486 billion in sales for the 52 weeks ended February 3, 2007. Comparable store sales for the 52 weeks ended February 2, 2008 rose 1% over the 52 weeks ended February 3, 2007.
Michael Balmuth, Vice Chairman, President and Chief Executive Officer, commented, "Our healthy fourth quarter sales results benefited from strong holiday traffic in both November and December, when same store sales rose 3%.
While our January results were impacted by wet weather throughout California, our 1% comparable store sales gain for the month was within our forecasted range. We believe our solid performance for the quarter, especially in challenging retail climate, benefited from our ability to deliver compelling name brand bargains to our customers, reflecting the resiliency of our off-price model."
Mr. Balmuth continued, "I also am pleased to report that, based on our current cash position, strong balance sheet and forecasted free cash flows, our Board of Directors has approved a new two-year $600 million stock repurchase program. At the current stock price, this new authorization represents over 15% of the Company's total market value and a 50% increase over our most recent program, reflecting our confidence in the long-term prospects for our business."
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