Ross Stores reports quarterly earnings growth

PLEASANTON, Calif. Ross Stores today reported that earnings per share for the 13 weeks ended Nov. 3 grew 16% to 36 cents, compared to 31 cents for the 13 weeks ended Oct. 28, 2006. Net earnings for the fiscal 2007 third quarter totaled $48.7 million, compared to $43.9 million in the comparable prior year period. Fiscal 2007 third quarter sales increased 8% to $1.468 billion, with same-store sales for the period up 1% on top of a 4% gain in the prior year.

For the nine months ended Nov. 3, earnings per share increased 16% to $1.21, compared to $1.04 for the nine months ended Oct. 28, 2006. Net earnings for the first nine months of fiscal 2007 totaled $166.6 million, compared to $148.5 million for the same period in the prior year. Sales for the first nine months of 2007 increased 9% to $4.324 billion, with comparable store sales up 1% on top of a 5% gain in the prior year.

Michael Balmuth, vice chairman, president and ceo, commented, "Comparable-store sales for the third quarter were within our forecasted range, despite the challenging macroeconomic climate and unseasonably warm weather across the country in September and October. The strongest regions during the period were the Northwest and Texas, while dresses, home and shoes were the best-performing merchandise categories."

Balmuth continued, "Looking ahead, for the 13 weeks ending Feb. 2, 2008, we continue to project same-store sales growth of 1% to 3% and earnings per share in the range of 62 cents to 68 cents. Based on these projections, earnings per share for the fiscal year ending Feb. 2, 2008 are forecast to be in the range of $1.83 to $1.89. This compares to 66 cents and $1.70 of earnings per share for the 2006 fourth quarter and fiscal year, respectively."