Ross Stores Inc reported sales of $450 million for the four weeks ended August 4, 2007, a 9% increase over the $414 million in sales for the four weeks ended August 5, 2006. Same store sales for the four weeks ended August 4, 2007 grew 1% compared to the four weeks ended August 5, 2006.
For the 13 weeks ended August 4, 2007, sales were $1.445 billion, a 10% increase over the $1.317 billion in sales reported for the 13 weeks ended August 5, 2006. Comparable store sales for the 13 weeks ended August 4, 2007 rose 2% over the 13 weeks ended August 5, 2006. Comparable store sales rose 4% for the second quarter ended July 29, 2006.
For the six months ended August 4, 2007, sales were $2.855 billion, a 9% increase over the $2.627 billion in sales for the six months ended August 5, 2006. Same store sales for the six months ended August 4, 2007 grew 1% over the six months ended August 5, 2006. Comparable store sales rose 5% for the six months ended July 29, 2006.
Michael Balmuth, Vice Chairman, President and Chief Executive Officer, commented, "Comparable store sales in July were below our expectations for a 3% to 4% increase. After performing in line with plan during the first two weeks, sales slowed during the latter part of the month, especially in our back-to-school categories."
"Although disappointing, we are hopeful that this is a temporary issue driven mainly by a larger-than-planned impact from the later back-to-school start dates compared tolast year, especially in Texas and Florida. These two key states were also negatively affected by the shift in sales tax holidays, which moved from July last year into August this year. As expected, we estimate that this change reduced same store sales for the Company by at least 1% in July."
Mr. Balmuth continued, "Based on current margin and expense trends, we continue to expect earnings per share for the 13 weeks ended August 4, 2007 to be $.36 to $.37, up 13% to 16% over second quarter 2006 earnings per share of $.32. Looking ahead, we plan to provide sales and earnings guidance for the third quarter during our second quarter earnings call on Wednesday, August 22nd."
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