Ross Stores key revenue metric up 8 pct. in August
PLEASANTON, Calif. (AP) — Ross Stores' August revenue at stores open at least a year climbed 8 percent as shoppers looked for back-to-school bargains. The performance topped analysts' estimates.
According to a Thomson Reuters poll, analysts expected a 5.8 percent rise.
This figure is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.
The discount store operator's stock rose a penny to $69.99 in morning trading.
For the four weeks ended Aug. 25, total revenue gained 13 percent to $747 million.
Year-to-date revenue at stores open at least a year rose 8 percent, while total revenue climbed 13 percent to $5.45 billion.
Ross Stores Inc. still expects September revenue at stores open at least a year to rise 2 percent to 3 percent. It anticipates a 3 percent to 4 percent increase for October.
The company will report its September sales results on Oct. 4.
Earlier this month Ross Stores reported that its second-quarter net income jumped 23 percent, boosted by a double-digit sales increase and profitability improvements.
Ross Stores, based in Pleasanton, Calif., has 1,072 Ross Dress for Less stores in 33 states and 102 dd's Discounts in eight states.