Ross Stores raises annual outlook on resilient demand
Ross Stores raised its annual forecasts as budget-conscious shoppers drove a 17% rise in quarterly sales. Shares rose 6% on resilient demand for value offerings.
ROSS STORES INC raised its annual same-store sales forecast to 6%–7% on Thursday as budget-conscious shoppers prioritize discounted apparel. The retailer previously expected growth of 3% to 4% for the year. Shares rose 6% in extended trading following the announcement.
### Broad Demand Drives Earnings Beat Ross reported first-quarter profit of $2.02 per share, exceeding LSEG estimates of $1.73 per share. Comparable sales for the period ended May 2 jumped 17% against a muted performance during the same window last year. CEO Jim Conroy noted the growth was fueled by a healthy increase in customer count across all income levels and age groups.
