Ross Stores Reports Strong March Sales and Forecasts Quarterly And Fiscal 2002 EPS

Search Blogs that Mention this News Release
Click this link to view linked Bookmarking Services
Click this link to view linked Blogging Services
Ross Stores Reports Strong March Sales and Forecasts Quarterly And Fiscal 2002 EPS
    NEWARK, Calif., April 11 /PRNewswire-FirstCall/ --
Ross Stores, Inc. (Nasdaq: ROST) today reported sales of $329 million for the
five weeks ended April 6, 2002, a 21% increase above the $272 million in sales
for the five weeks ended April 7, 2001.  Comparable store sales for the month
rose 11% over the prior year, which was significantly ahead of plan.
    For the nine weeks ended April 6, 2002, sales totaled $556 million, a
23% increase above the $453 million in sales for the nine weeks ended April 7,
2001.  Comparable store sales for the nine weeks grew a robust 12% over the
prior year.
    In commenting, Michael Balmuth, Vice Chairman and Chief Executive Officer,
stated,  "We are very pleased with the ongoing strength of our sales in March,
which continue to benefit from an improved flow of fresh and exciting name
brand fashions for the family and the home at compelling discounts.   An
earlier Easter this year also helped business during the month.  Both
geographic and merchandise trends remain broadbased, with solid gains in same
store sales in almost every market and merchandise department."
    Mr. Balmuth continued, "March represented the third consecutive month of
double digit increases in same store sales.  Based on the strength of our
business, we have increased our assumptions for same store sales for the
balance of the first half of the year.  We now project same store sales in
April to be up about 6 percent and second quarter comparable store sales to
increase about 5 percent.  We continue to maintain a more conservative outlook
on the back half of the year due to a lack of visibility concerning the
external environment and the fact that we begin to anniversary more difficult
prior year comparisons.  As a result, we are forecasting same store sales to
be up  3 to 4 percent in the third quarter and up about 1 percent in the
fourth quarter.  If sales perform in line with these estimates, we project
that earnings per share for the year ending February 1, 2003 will be about
$2.30, which would be a 20% increase over the $1.91 in earnings per share for
the year ended February 2, 2002."
    The company also provided the following projections for quarterly earnings
per share in 2002:

    -- Earnings per share for the first quarter ending May 4, 2002 are
       estimated to increase approximately 35% to about $.58, compared to
       $.43 in the prior year period.
    -- Earnings per share for the second quarter ending August 3, 2002 are
       estimated to increase approximately 23% to about $.54, compared to
       $.44 in the prior year period.
    -- Earnings per share for the third quarter ending November 2, 2002 are
       estimated to increase approximately 16% to about $.50, compared to
       $.43 in the prior year period.
    -- Earnings per share for the fourth quarter ending February 1, 2003 are
       estimated to increase approximately 10% to about $.68, compared to
       $.62 in the prior year period.

    Additional recorded information concerning today's press release and the
company's future outlook can be accessed by calling 402-220-5900, PIN #2363,
from 8:30 a.m. eastern time on April 11, 2002 through 8:00 p.m. eastern time
on April 12, 2002.  A transcript of these comments also will be made available
on the press release page of the company's web site at http://www.rossstores.com.

    Forward-Looking Statements:  This press release contains certain
forward-looking statements regarding quarterly and fiscal year projected sales
and estimated earnings per share for the balance of 2002, which are subject to
risks and uncertainties that could cause the company's actual results to
differ materially from management's current expectations.  The words "expect,"
"anticipate," "estimate," "believe," "forecast," "project" and similar
expressions identify forward-looking statements.  Risk factors include
obtaining acceptable new store locations, competitive pressures in the apparel
industry, changes in the level of consumer spending on or preferences in
apparel or home-related merchandise, unseasonable weather trends, and greater
than planned operating costs.  Other risk factors are detailed in the
company's Form 10-K for fiscal 2000.  The factors underlying our forecasts are
dynamic and subject to change.  As a result, our forecasts speak only as of
the date they are given and do not necessarily reflect the company's outlook
at any other point in time.  The company does not undertake to update or
revise these forward-looking statements.

    Ross Stores, Inc. operates a national chain of off-price retail stores
offering first quality, in-season, branded apparel and apparel-related
merchandise for the entire family at prices that average 20% to 60% less than
department and specialty stores, as well as merchandise for the home at
similar savings.  The company had 465 stores in operation at April 6, 2002,
compared to 417 stores at the end of the same period last year.
SOURCE Ross Stores, Inc.
http://www.rossstores.com
Company News On-Call:
http://www.prnewswire.com/comp/764175.html
CONTACT:
John G. Call, Senior Vice President & Chief
Financial Officer, +1-510-505-4315, or Katie Loughnot, Vice
President, Investor Relations, +1-510-505-4509, or
katie.loughnot@ros.com, both of Ross Stores, Inc.