Ross Stores Inc reported that sales for the four weeks ended May 3, 2008 increased 15% to $480 million from $417 million for the four weeks ended May 5, 2007. Same store sales for the month increased 8%.
For the thirteen weeks ended May 3, 2008, sales totaled $1.556 billion, a 10% increase over the $1.411 billion in sales for the thirteen weeks ended May 5, 2007. Comparable store sales for the thirteen weeks ended May 3, 2008 increased 3% over the prior year period.
Michael Balmuth, Vice Chairman, President and Chief Executive Officer, commented, "We are pleased with our healthy sales gains for both April and the first quarter, especially considering the challenging retail environment.
As expected, the month benefited from the Easter calendar shift. More importantly, we believe our solid sales performance throughout the quarter was driven by our ability to continue to offer compelling bargains on fresh and exciting name brand fashions for the family and the home."
Looking ahead, Mr. Balmuth said, "Our first quarter earnings are projected to benefit from a combination of above-plan sales, better-than-expected merchandise gross margin and favorable expense trends, including a real estate settlement that is adding income equivalent to about $.02 per share to the period.
As a result, earnings per share for the thirteen weeks ended May 3, 2008 are now estimated to be $.59 to $.60, up from our prior range of $.56 to $.58. This forecast compares to earnings per share of $.48 for the first quarter ended May 5, 2007."