Home / Knowledge / News / Fashion / Ross Stores plans same store sales to be relatively flat for October
Ross Stores plans same store sales to be relatively flat for October
10
Oct '08
Ross Stores Inc reported sales of $561 million for the five weeks ended October 4, 2008, a 5% increase over the $537 million in sales for the five weeks ended October 6, 2007. Same store sales for the five weeks ended October 4, 2008 declined 2% compared to the five weeks ended October 6, 2007.

For the eight months ended October 4, 2008, sales were $4.262 billion, an 11% increase over the $3.853 billion in sales for the eight months ended October 6, 2007. Comparable store sales for the eight months ended October 4, 2008 rose 3% over the eight months ended October 6, 2007.

Michael Balmuth, Vice Chairman, President and Chief Executive Officer, commented, "During September, we experienced an unexpected slowdown from our healthy same store sales trend for the first seven months of the year.

Weather was a significant factor during the month, as we estimate that the combination of Hurricanes Gustav and Ike, Tropical Storm Hannah, and unseasonably warm weather throughout the western United States reduced comparable store sales by about 2%. We also believe that the recent disruptions in the credit and financial markets have had a negative impact on the consumer."

Looking ahead, Mr. Balmuth said, "We continue to believe that our resilient off-price model provides the flexibility to manage through the current business climate with less volatility than most full-price retailers. We are able to do this by reducing inventories and expenses while also taking advantage of the huge supply of compelling name brand bargains in the market.

That said, based on the heightened uncertainty in today's macro-economic and retail landscape, and factoring in September's performance, we believe it is prudent to adopt a more cautious outlook for the balance of the year. We are now planning same store sales to be relatively flat for October and flat to up 2% for the fourth quarter."

Mr. Balmuth continued, "Better-than-planned shortage results and other expense savings are expected to offset much of the impact to gross margin from our more conservative sales outlook. Based on these assumptions, we are now projecting earnings per share ("EPS") for the 13 weeks ending November 1, 2008 to be toward the lower end of our current range of $.42 to $.44, compared to $.36 in the prior year. For the 13 weeks ending January 31, 2009, we have widened our forecasted EPS range of $.78 to $.81 to $.76 to $.81, compared to $.70 in the prior year."

Ross Stores Inc


Must ReadView All

Japan’s JICA promoting energy-saving devices in Bangladesh

Apparel/Garments | On 21st Feb 2018

Japan’s JICA promoting energy-saving devices in Bangladesh

The Japan International Cooperation Agency (JICA) is promoting use of ...

China’s JD.com announces financing pacts for JD Logistics

Textiles | On 21st Feb 2018

China’s JD.com announces financing pacts for JD Logistics

China’s largest retailer JD.com Inc recently announced it has entered ...

Courtesy: Indorama Ventures

Textiles | On 21st Feb 2018

IVL 2017 revenue up 17% y-o-y to $8,438 million

Indorama Ventures Public Company Limited (IVL) has reported revenue...

Interviews View All

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search