Ross Stores same-store sales fall in November

PLEASANTON, Calif. - Discount retailer Ross Stores Inc. said Thursday that same-store sales fell 2 percent in November, a smaller drop than analysts were expecting, as consumers hunted for bargains.

Analysts surveyed by Thomson Reuters, on average, expected same-store sales to fall 4.1 percent.

Same-store sales, or sales at stores open at least a year, are a key measure of retailer performance, because they measure growth at existing stores rather than from newly opened ones.

Total sales for the four-week period rose 4 percent to $568 million from $547 million a year ago.

Year-to-date, same-store sales rose 2 percent while total sales rose 9 percent to $5.32 billion.

Dresses were the best sellers during the month, according to Pleasanton, Calif.-based Ross.

The company affirmed guidance of "relatively flat" same-store sales in December and same-store sales down 2 percent to 4 percent in January.

Discount retailers have fared better than most in the retail sector as consumers trade down and hunt for low prices amid an economic recession.

Shares rose 95 cents, or 3.7 percent, to $29.65 in morning trading.

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