Ross Stores, Inc. reported sales of $452 million for the five weeks ended January 4, 2003, an 18% increase above the $384 million in sales for the five weeks ended January 5, 2002. Comparable store sales for the same period increased 6% on top of a 9% increase in the prior year period.
For the 48 weeks ended January 4, 2003, sales totaled $3.335 billion, a 19% increase above the $2.804 billion in sales for the prior year’s comparable period ended January 5, 2002. Comparable store sales for the 48-week period increased 8% over the prior year.
Michael Balmuth, Vice Chairman and Chief Executive Officer, said, “We are very pleased with the solid 6% gain in comparable store sales in December, especially considering the difficult retail environment and our challenging prior year comparison. Business benefited from a consistent flow of great name brand fashions for the family and the home at compelling discounts, with a special emphasis on terrific values for gift giving. As a result, we realized broadbased strength throughout most markets and merchandise categories.”
Mr. Balmuth continued, “Looking ahead, we continue to forecast a same store sales gain of about 4% in January on top of a 12% gain in the prior year. We believe that the better than expected sales in November and December will add about $.03 in earnings per share to our fourth quarter and fiscal 2002 results. As a result, we now are forecasting earnings per share of approximately $.74 for the 13 weeks ending February 1, 2003, an estimated increase of 19% over the $.62 reported in the fourth quarter of 2001. For the 52 weeks ending February 1, 2003, we are forecasting earnings per share of approximately $2.52, an estimated increase of 32% over the $1.91 reported for fiscal 2001.”
