Ross Stores sales grew 14% to $513 million for the five
weeks ended January 3, 2004. These results were on top of an 18% increase for the five weeks ended January 4, 2003, when sales totaled $452 million. December comparable store sales grew 4% in 2003 on top of a solid 6% gain in
the prior year period.
For the 48 weeks ended January 3, 2004, sales rose 11% to $3.699 billion.
These results were on top of a 19% gain for the 48 weeks ended January 4,
2003, when sales totaled $3.335 billion. Comparable store sales for the same
year-to-date period grew 1% on top of an 8% increase in the prior year period.
In commenting, Michael Balmuth, Vice Chairman and Chief Executive Officer,
said, “We are pleased to report that sales in December performed ahead of our
expectations, generating healthy gross profit margins. Geographic and
merchandise strength during the month was broadbased. The strongest regions
were the southeast and Texas, while the top-performing departments were
juniors and the home categories.”
Mr. Balmuth continued, “Based on recent sales and margin trends, and
assuming that January same store sales increase 4% to 5% as previously
planned, we now estimate that earnings per share for the 13 weeks ending
January 31, 2004 will be approximately $.44 to $.45. These forecasted results
represent an increase of 19% to 22% over the $.37 in earnings per share for
the 13 weeks ended February 1, 2003. We also estimate that earnings per share
for the 52 weeks ending January 31, 2004 will be approximately $1.43 to $1.44,
for a forecasted gain of about 14% over the $1.26 in earnings per share for
the 52 weeks ended February 1, 2003. We expect to report final fourth quarter
and fiscal 2003 results on Tuesday, March 16, 2004.”
The aforementioned forecasted and historical earnings per share
information reflects the effect of the Company's recent two-for-one
stock split effected in the form of a 100% stock dividend issued on
December 18, 2003.
