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Ross Stores reports August sales rise 16%

01 Sep '05

3 min read

California based apparel, accessories and footwear provider Ross Stores Inc reported sales of $388 million for the four-week period ended August 27, 2005, up 24 percent from the $312 million in sales for the four weeks ended August 28, 2004. Comparable store sales for the same period increased 13 percent versus an 8 percent decline in the prior year.

For the seven-month year-to-date period ended August 27, 2005, sales rose to $2.684 billion, a 16 percent increase from the $2.313 billion in sales in the prior year's comparable period ended August 28, 2004. Comparable store sales for the same period grew 6 percent.

Michael Balmuth, Vice Chairman, President and Chief Executive Officer, stated, "Same store sales in August were better than expected, benefiting from continued strength in the back-to-school businesses of Juniors and Shoes. The best performing markets during the month were Florida and the Southwest. They are also pleased that most of the higher-than-planned business during August was driven by full-margin sales, as markdowns were in line with expectations."

"Looking ahead, they are optimistic about meeting current forecasts for comparable store sales gains of 6 percent to 7 percent and 3 percent to 4 percent, respectively, in September and October," Balmuth said. "However, they also are conducting an annual chain-wide physical inventory in all stores during the third quarter, the first such inventory since September 2004. Considering the system and distribution issues have experienced during the last year, they believe it is prudent to defer any updates to earnings guidance until this inventory is complete and results become available at the end of the quarter."

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