Ross Stores Inc reported sales of $417 million for the four weeks ended May 5, 2007, compared to $416 million for the four weeks ended May 6, 2006.
Same store sales for the four weeks ended May 5, 2007 decreased 7% compared to the four weeks ended May 6, 2006. In the prior year, same store sales for the four weeks ended April 29, 2006 increased 9%.
For the thirteen weeks ended May 5, 2007, sales totaled $1.411 billion, an 8% increase over the $1.310 billion in sales for the thirteen weeks ended May 6, 2006.
Comparable store sales for the thirteen weeks ended May 5, 2007 were flat compared to the thirteen weeks ended May 6, 2006. For the first quarter ended April 29, 2006, same store sales rose 6%.
Michael Balmuth, Vice Chairman, President and Chief Executive Officer, commented, "April sales were disappointing following February and March results that were in line with forecast. We believe our business was impacted by a larger than expected effect from the Easter calendar shift and unseasonable weather in the first two weeks of the month."
"The holiday was two weeks earlier on a fiscal basis, which moved all of our pre-Easter business from April last year into March this year. For March and April combined, which eliminates the timing of the holiday, same store sales were flat."
Mr. Balmuth continued, "April results also caused our first quarter same store sales to fall slightly below our forecast for a 1% to 2% increase. However, based on favorable margin and expense trends during the quarter, we now estimate that earnings per share for the 13 weeks ended May 5, 2007 will be $.47 to $.48, for a forecasted increase of 15% to 17% over the $.41 we reported for the first quarter ended April 29, 2006."
"Looking ahead, although business improved during the latter half of April, we believe it is prudent to monitor business trends and provide sales and earnings guidance for the second quarter on our first quarter earnings call on Wednesday, May 23rd."
Additional recorded information concerning press release and the Company's future outlook can be accessed by calling, from 8:30 a.m. Eastern time on May 10, 2007 through 8:00 p.m. Eastern time on May 11, 2007.
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