Ross Stores reported sales of $303 million for the four-week period ended August 2, 2003, a 13% increase above the $269 million in sales reported for the four weeks ended August 3, 2002. Comparable store sales for the same period increased 2% on top of a 4% gain in the prior year.
For the 13 weeks ended August 2, 2003, sales were $966 million, a 10% increase over the $877 million in sales reported for the 13 weeks ended August 3, 2002. Comparable store sales for the second quarter were flat to the prior year vs. a 9% increase in the second quarter of 2002.
For the six months ended August 2, 2003, sales totaled $1.845 billion, up 9% from the $1.697 billion in sales for the six months ended August 3, 2002. Comparable store sales for the first six months of 2003 fell 1% versus a strong 10% gain in the prior year.
Michael Balmuth, Vice Chairman and Chief Executive Officer, stated, “We are pleased to report that same store sales turned positive as expected in July. Effective control of both inventories and expenses throughout the second quarter also contributed to respectable earnings growth for the period. As a result, we now estimate that earnings per share for the 13 weeks ended August 2, 2003 will increase about 13% to approximately $.70, from $.62 for the 13 weeks ended August 3, 2002.”
Mr. Balmuth continued, “Looking ahead, we continue to believe that same store sales trends should improve during the second half of the year. As a result, we project the following same store sales and earnings per share ranges for the balance of fiscal 2003:
— For the third quarter ending November 1, 2003, we estimate that same store sales will increase 3% to 4% on top of a 7% increase in the prior year and that earnings per share will be in the range of $.64 to $.66, compared to $.57 earned in the third quarter ended November 2, 2002.
— For the fourth quarter ending January 31, 2004, we estimate that same store sales will increase 3% to 4% on top of a 3% increase in the prior year and that earnings per share will be in the range of $.85 to $.88, compared to $.74 earned in the fourth quarter ended February 1, 2003.”
