Bob,
The stock is heavily owned by mutual funds (per April, 1998 Value Line); Fidelity, American Century-20th Century, AAL, Van Kampen, AIM just to name a few. We're probably seeing some institutional, short term profit taking here. Longer term, the fundamentals have not changed. See the attached PRNewswire story regarding April numbers. I would prefer to point you to the story via a link, but they don't provide a separate link for each story. If you want to, go to:
prnewswire.com
Click on "Companies" or something like that, and navigate your way down through their site. It's really pretty comprehensive, and has archived news articles/press releases for a lot of companies. It's one of the best news sites on the net. They do a good job over there.
Ross Stores Reports April Sales
NEWARK, Calif., May 7 /PRNewswire/ -- Ross Stores, Inc. (Nasdaq: ROST)
today reported sales of $162 million for the four weeks ended May 2, 1998, a
14% increase above the $142 million in sales for the four weeks ended
May 30, 1997. Comparable store sales for the month of April increased 8% vs.
a 10% increase in the prior year.
For the two months of March and April combined, which eliminates the
effect of the shift in the Easter calendar, sales increased 9% to a total of
$358 million, and comparable store sales rose 4% vs. a 1O% increase for the
same period in the prior year.
First quarter sales for the 13 weeks ended May 2, 1998 totaled
$484 million, a 9% increase above the $443 million in sales for the 13 weeks
ended May 3, 1997. Comparable store sales for the first quarter increased
4% vs. an 11% gain in the prior year.
Ross Stores, Inc. operates a national chain of off-price retail stores
offering first quality, in-season, branded apparel and apparel-related
merchandise for the entire family at prices that average 20% to 60% less than
department and specialty stores, as well as merchandise for the home at
similar savings. The company had 331 stores in operation at May 2, 1998,
compared to 315 stores at the end of the same period last year.
SOURCE Ross Stores, Inc.
CONTACT: John G. Call Senior Vice President & Chief Financial
Officer, 510-505-4400, or Katie Loughnot, Director, Investor
Relations & Assistant Corporate Secretary, 510-505-4509, both of
Ross Stores, Inc.
Company News On Call: prnewswire.com or fax,
800-758-5804, ext. 764175
Web Site: rossstores.com
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