Ross Stores Inc. ( ROST ), one of the
largest off-price apparel and home fashion chain retailers in the
U.S., reported better-than-expected same-store sales (comps)
numbers for the 5 weeks ended Apr 6, 2013.COSTCO WHOLE CP (COST): Free Stock Analysis
ReportGAP INC (GPS): Free Stock Analysis ReportROSS STORES (ROST): Free Stock Analysis ReportZUMIEZ INC (ZUMZ): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment
Ross Stores' comps for March were up 2%, which surpassed the
company's forecast of a 1% - 2% decline. On a year-on-year basis,
comps metrics for the month weighed against a substantially higher
comps growth of 10% recorded in the year-ago period ended Mar 31,
2012. The weaker year-over-year comparisons resulted from the
holiday calendar shift this year, which led to the Easter Sunday
holiday falling in March this year against April last year.
Ross Stores' total sales for the 5-week period ended Apr 6, 2013
climbed 6% to $1,036 million compared with $980 million for the 5
weeks ended Apr 7, 2012.
On a 9-week basis, Ross Stores' comps inched up 1% compared to a
10% rise reported in the year-ago period. Net sales for 9 weeks
rose 4% to $1,762 million versus $1,687 million in the year-ago
Based on the sales results for March, Ross Stores retained its
comps growth expectations for April, projecting an increase of 5% -
6%. An encouraging April outlook along with strong sales results so
far this quarter, has prompted the company to raise its earnings
outlook for the first quarter of fiscal 2013.
Ross Stores now expects first quarter earnings to rise above the
higher-end of its previously forecasted guidance range of $1.00 -
$1.04 per share. This compares to first-quarter fiscal 2012
earnings of 93 cents per share. Currently, the Zacks Consensus
Estimate stands at $1.03 per share.
Ross Stores is scheduled to report its sales results for April on
May 9, 2013, while first-quarter fiscal 2013 financial results are
expected to be released on May 23, 2013.
April comps for other retailers like Zumiez Inc.
( ZUMZ ) and
Costco Wholesale Corporation ( COST ) were up 2.1%
and up 4%, respectively, while comps at Gap Inc. (
GPS ) declined
Headquartered in Pleasanton, Calif., Ross Stores operates through
1,112 'Ross Dress for Less' stores in 33 states, the District of
Columbia and Guam, as well as 115 dd's DISCOUNTS stores across 9
states. Currently, the company retains a Zacks Rank #3 (Hold).