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Shares of Ross Stores touch all-time high



By AP
25 June 2008 @ 02:41 pm ET

NEW YORK - Shares of discount apparel retailer Ross Stores Inc. touched an all-time high Wednesday as stocks on Wall Street rose partly on a decline in oil prices.

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ROST 45.72 0.28

The stock advanced 43 cents to $37.50 after hitting $38.70 earlier in the session.

Earlier this month, Ross said same-store sales rose 7 percent in May, beating analyst expectations.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

Elsewhere on Wall Street, the Federal Reserve decided to leave a key interest rate unchanged.

Also, oil prices declined following news from the Energy Department that U.S. supplies of fuel and oil rose more than expected last week, suggesting that Americans are cutting their use of fuel.

Copyright 2009 The Associated Press. All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

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