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Shoes remain strongest merchandise department at Ross Stores Dec sales

08 Jan '07

2 min read

Ross Stores Inc reported that sales grew 8% to $729 million for the five weeks ended December 30, 2006, compared to $672 million for the five weeks ended December 31, 2005. December comparable store sales grew 2% on top of a 6% gain in the prior year period.

For the eleven months ended December 30, 2006, sales rose 11% to $5.171 billion, compared to $4.655 billion for the eleven months ended December 31, 2005. Comparable store sales for the same year-to-date period rose 4% on top of a 6% gain in the prior year.

In commenting, Michael Balmuth, Vice Chairman, President and Chief Executive Officer, said, "December same store sales performed in line with our forecast for a 1% to 3% increase. The Mid-Atlantic, the Southwest and Texas were the best performing geographic regions, while Shoes remained the strongest merchandise department during the month."

Mr. Balmuth continued, "Looking ahead, we continue to project same store sales gains of 1% to 3% in January. In addition, operating margin trends remain favorable, as our fourth quarter profitability is projected to benefit from an ongoing gradual decline in distribution costs as a percent of sales, lower-than-expected workers compensation expense, and leverage from the 53rd week, partially offset by stock option-related expenses.

As a result, we have fine-tuned our earnings per share forecast for the 14 weeks ending February 3, 2007 to now be in the range of $.63 to $.65, compared to our previous range of $.59 to $.65. Earnings per share were $.49 for the 13 weeks ended January 28, 2006."

Ross Stores Inc

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