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Ross Stores sales up 7%

By FashionUnited

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Ross Stores reported that April sales increased 7% to $570 million for the four weeks ended May 1, 2010, up from $534 million for the four weeks ended May 2, 2009. Comparable store sales for the month grew 3% on top of a 6% gain in the prior year period.

For the quarter ended May 1, 2010, sales totaled $1.935 billion, a 14% increase over the $1.692 billion in sales for the 13 weeks ended May 2, 2009. Same store sales for the 13 weeks ended May 1, 2010 grew 10% on top of a 3% gain last year.

Michael Balmuth, Vice Chairman and Chief Executive Officer, commented, "While April sales were below our recently raised forecast, same store sales for March and April combined rose a strong 9% on top of a 4% gain in the prior year period. We believe these results reflect that we may have misjudged the impact of the Easter calendar shift on our March and April business. April also was hurt by unseasonably cool and wet weather, especially in California, our largest market."

Mr. Balmuth continued, "We are very pleased with our robust first quarter sales gains, which were significantly above our plan. Based on these results, along with much better-than-expected merchandise gross margin and good expense control during the period, we now estimate that earnings per share for the 13 weeks ended May 1, 2010 will increase 60% to 61% to $1.15 to $1.16, in line with our prior forecast. We plan to give detailed sales and earnings guidance for the second quarter on our first quarter earnings call on Thursday, May 20th."

Ross Stores