Ross Stores says sales improved in November
PLEASANTON, Calif. (AP) — Ross Stores Inc. said Thursday that its revenue at stores open at least a year rose 2 percent in November, missing Wall Street expectations.
The company said its performance was hurt by unseasonably warm weather in the Western U.S. It said sales got stronger as the month went on and temperatures decreased.
Analysts surveyed by Thomson Reuters expected an increase of 2.8 percent. The company said the 2 percent growth was above its own forecasts. It reaffirmed that it expects sales at locations open at least a year to grow 2 to 3 percent in December and 1 to 2 percent in January.
Revenue at locations open at least a year is considered a key measurement of retailer health because they exclude results from stores that opened or closed within the last 12 months.
Ross said total revenue rose 6 percent to $813 million for the four weeks ended Nov. 24.
The company runs 1,097 Ross Dress for Less stores and 108 dd's Discounts stores.
Ross Stores shares slipped 6 cents to $57.51 in morning trading. Its shares peaked for the year at $70.82 in August. They traded as low as $44.58 in December 2011.