Ross 2Q Same-Store Sales Increase 6 Percent
A weak economy with shoppers looking for bargains set the stage for a strong second quarter of the fiscal 2008 year for Ross Stores Inc., based in Pleasanton, Calif.
Ross’ sales for the second quarter increased to $1.64 billion, a 14 percent increase in sales compared with the same period in the last year. The discounter’s comparable-store sales increased 6 percent compared with last year. The results were reported Aug. 20. for the second quarter that ended Aug. 2. Ross President and Vice Chairman Michael Balmuth credited the strong sales to the company’s ability to appeal to consumers desiring a deal.
“We believe that our solid financial results were driven by our ability to offer compelling bargains on fresh and exciting name-brand fashions for the family and the home,” Balmuth said in a company statement.
While a weak economy attracted consumers to the company’s Ross Dress For Less stores, Balmuth worried that what strengthened the sales also could eventually hurt the discounter. His forecast for the company’s third- and fourth-quarter comparable-store sales was conservative. He forecasted nothing more than a 2 percent to 3 percent increase in same-store sales compared with the same quarters in the previous year. —Andrew Asch
