Ross Stores Inc. (Newark, Calif.) reported that net earnings for the second quarter ended Aug. 3, 2002, grew 40 percent and sales rose 21 percent. As a result, the 487-store discount clothing chain will step up its expansion program in the next three quarters.
“Our success in new markets has been a key driver in generating stronger increases in top line sales over the past several quarters,” said vice chairman and ceo Michael Balmuth. “Following our successful entry into the southeast states of Georgia and North and South Carolina in early 2001, we now plan to enter Alabama in the third quarter of this year and Louisiana and Tennessee in early 2003. We opened a record 35 net new stores during the first six months of 2002 and plan to add another 22 locations in the third quarter. After closing two older locations, we expect to end this year with 507 stores in 23 states.”
The retailer enjoyed same-store sales gains of 9 percent in the second quarter. For the six months ended August 3, sales were up 21 percent and same-store sales gained 10 percent.