Ross Stores Inc post net earnings of $50.1mn for Q1
19 May '05
3 min read
Nation's second largest off-price apparel & footwear maker Ross Stores Inc reported earnings per share for the 13 weeks ended April 30, 2005 of $.34, compared to $.31, as restated, for the 13 weeks ended May 1, 2004. Net earnings in the first quarter of 2005 were $50.1 million, compared to $48.1 million in the prior year period. Sales for the first quarter ended April 30, 2005 increased 13% to $1.124 billion, from $992 million for the quarter ended May 1, 2004. Comparable store sales for the same period grew 3% on top of a 3% gain in the prior year.
Michael Balmuth, Vice Chairman, President and Chief Executive Officer, commented, "Sales for the first quarter performed in line with expectations. The strongest major markets during the quarter were Florida and Texas, and the best performing merchandise categories were Juniors, Accessories and Shoes. As expected, a combination of higher markdowns and higher distribution center costs contributed to lower gross margin, which declined about 75 basis points during the quarter."
Mr. Balmuth continued, "Our balance sheet and cash flows remain strong and healthy. We continue to return capital to stockholders through our stock repurchase and dividend programs. During the first three months of 2005, we repurchased 1.5 million shares of common stock for an aggregate of $42.6 million under the two-year $350 million program authorized by our Board of Directors in early 2004.
Approximately $132 million remains available for future repurchases under the program, which we expect to complete by the end of 2005."
marketing@alchempro.com
