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Ross Stores Dresses, Home & Shoes sales perk up

21 Nov '07

3 min read

Ross Stores Inc reported that earnings per share for the 13 weeks ended November 3, 2007 grew 16% to $.36, compared to $.31 for the 13 weeks ended October 28, 2006. Net earnings for the fiscal 2007 third quarter totaled $48.7 million, compared to $43.9 million in the comparable prior year period. Fiscal 2007 third quarter sales increased 8% to $1.468 billion, with same store sales for the period up 1% on top of a 4% gain in the prior year.

For the nine months ended November 3, 2007, earnings per share increased 16% to $1.21, compared to $1.04 for the nine months ended October 28, 2006. Net earnings for the first nine months of fiscal 2007 totaled $166.6 million, compared to $148.5 million for the same period in the prior year. Sales for the first nine months of 2007 increased 9% to $4.324 billion, with comparable store sales up 1% on top of a 5% gain in the prior year.

Michael Balmuth, Vice Chairman, President and Chief Executive Officer, commented, "Comparable store sales for the third quarter were within our forecasted range, despite the challenging macroeconomic climate and unseasonably warm weather across the country in September and October. The strongest regions during the period were the Northwest and Texas, while Dresses, Home and Shoes were the best-performing merchandise categories."

Mr. Balmuth continued, "Operating margin for the quarter grew about 15 basis points, as a 45 basis point gain in gross margin was partially offset by a 30 basis point increase in selling, general and administrative costs as a percent of sales. These results were driven mainly by improvements in corporate, distribution and freight expenses as a percent of sales that more than offset increases in store and occupancy costs."

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