Ross Stores reported sales of $404 million for the five weeks ended April 3, 2004, a 16% increase above the $347 million in sales for the five weeks ended April 5, 2003. Comparable store sales for the month rose 7% over the prior year.
For the nine weeks ended April 3, 2004, sales totaled $670 million, a 13% increase above the $591 million in sales for the nine weeks ended April 5, 2003. Comparable store sales for the nine weeks ended April 3, 2004 grew 4% over the prior year.
In commenting, Michael Balmuth, Vice Chairman and Chief Executive Officer, stated, “We are pleased to report a solid rebound in sales this month due primarily to a rapid recovery of in-store inventory levels. As previously reported, a six-day closure of our Fort Mill, South Carolina distribution center resulted in lower than plan inventories during February. March sales also benefited from favorable spring weather trends in many markets, especially California, where same store sales rose 11%. As a result, we experienced broadbased strength throughout the store, with March same store sales well ahead of our conservative forecast for a 1% to 2% increase. The strongest comparable store sales gains were in Ladies, Children's and Shoes, all of which grew in the high single digits.”
Mr. Balmuth continued, “Looking ahead, we are maintaining our prior same store sales projection for a 4% to 5% increase in April. If sales perform in line with this forecast, we now believe that earnings per share for the 13 weeks ending May 1, 2004 will be in the range of $.31 to $.32, benefiting from the stronger than planned business in March. This updated forecast compares to earnings per share of $.32 for the 13 weeks ended May 3, 2003 and our prior 2004 first quarter forecast of $.29 to $.30.”
