Shoes & accessories retailer Ross Stores posts positve growth in Oct

07 Nov '05

3 min read

Branded apparel, accessories and footwear provider Ross Stores Inc reported sales of $402 million for the four weeks ended October 29, 2005, an 18 percent increase over the $342 million in sales for the four weeks ended October 30, 2004. Comparable store sales during October rose 7 percent over the prior year.
For the 13 weeks ended October 29, 2005, sales rose 20 percent to $1.237 billion, compared to $1.028 billion for the 13 weeks ended October 30, 2004. Comparable store sales for the third quarter increased 9 percent over the prior year period.

Sales for the 39 weeks ended October 29, 2005 rose 17 percent to $3.533 billion, compared to $3.028 billion for the 39 weeks ended October 30, 2004. Year-to-date, comparable store sales increased 6 percent over the prior year period.

Michael Balmuth, Vice Chairman, President and Chief Executive Officer said, 'They are encouraged by the continued trend of stronger-than-expected sales during October. The month benefited from ongoing strength in their Shoes and Juniors categories. In addition, most of the higher-than-planned business during October continued to be driven by full-margin sales.'

Balmuth continued, 'The earnings benefit from the ahead-of-plan sales and gross margin in the third quarter, however, is expected to be more than offset by higher-than-expected inventory shortage resulting from their recent physical inventory and related reconciliation of merchandise accounts payable. They believe the higher shrink in their stores was due in part to various systems-related issues they experienced over the past year.

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