Summary
Ross Stores, Inc. (ROST) filed an 8-K on September 4, 2003, to report on its sales performance for the four weeks and seven months ended August 30, 2003. The company also provided guidance for same-store sales gains for the remainder of its fiscal year. This filing also announced a significant strategic initiative: the development of a new off-price retail concept specifically targeting lower-income households. This new venture is planned to launch with 10 initial stores on the West Coast in the latter half of 2004.
Key Highlights
- 1Ross Stores reported sales results for the four weeks and seven months ended August 30, 2003.
- 2The company provided forecasts for same-store sales gains for the remainder of the fiscal year.
- 3A new off-price retail concept is under development.
- 4The new concept is designed to cater to the needs of lower-income households.
- 5The company plans to open 10 initial store locations for the new concept.
- 6These new stores are slated for a West Coast launch during the second half of 2004.