"We doubled the size of the dd's Discounts chain in 2008, but new stores underperformed," said Michael Balmuth, vice chairman, president and CEO. "For the next year or so, we'll focus on gaining a better understanding of our customer. This will give us a better opportunity of fine-tuning our assortments to better address customer wants and needs."
A focus on stronger existing markets for Ross Stores also means that store openings in the Southeast and Mid-Atlantic will be limited in 2009 and 2010.
For the quarter, sales were $1.65 billion, up 3.0% from the previous year. Comparable store sales rose 2%. Net earnings were $94.5 million, compared with $93.1 million in the same quarter last year (which had 14 weeks).
Sales for the 2007 fiscal year increased 7% from 2006 to $5.975 billion. Comparable-store sales rose 1%. Net earnings totaled $261.1 million, compared with $241.6 million for the 53-week previous year
Ross Stores operates 838 Ross Dress for Less stores and 54 dd's Discounts stores.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
