ROST announced that its October Sales Increased 14%, helped by a 9% increase in same store sales for the month. The company also increased its earnings guess to between 83 cents and 84 cents a share, up from an earlier guess of 75 cents to 77 cents.
Ross Stores announced a 45% increase in net income in Q2 2009 to $103 million. Higher profits were due to higher net sales of 7.9% and comparable store sales of 3%. In addition, the company rose its 2010 earnings forecast to between $3 and $3.12 per share, compared to earlier estimates of $2.62 to $2.72 per share.
ROST comparable store sales were up 1% for June 2009.
ROST announced that its net income rose 15% compared to Q1 2008. The company raised its full year earnings estimate from $2.25-$2.45 per share to $2.62-$272 per share. Net sales were up 9% during the quarter.
For the five weeks ended April 4, 2009, sales at Ross Stores open for at least 12 months grew 3% year-on-year. Sales for all stores grew 8% during the same period, to $682 million, compared to the $633 million from the same period during the previious year. ROST continues to take advantage of its market niche as an off-price bargain retailer during the weak retail environment, appealing to more value-conscious consumers and those that have cut discretionary budgets due to recessionary pressures.
In Q3 2008 (ended Nov. 1, 2008), ROST reported earnings that rose by 17.6% to $57.3 million when compared to the prior-year quarter. Same-store sales were up 3%, and sales were up by 6% to $1.55 billion. ROST benefits as a discount retailer during the current recession due to consumer trade downs.
ROST reports flat same-store sales for September, attributing poor numbers to unseasonably warm weather. Stock of apparel retailers is also negatively impacted by existing home and condo sales, which fell 8% to an 8-year low.
Q2 sales were up 10% over the same period in 2006; earnings increased even more at 16%. However, the company lowered sales expectations for the the critical second half of 2007, when retailers traditionally make most of their revenue from seasonal sales. The company cited macroeconomic pressures (e.g., rising energy prices) that affect its lower-income customer demographic.
