Ross Stores Inc. on Thursday reported better-than-expected first-quarter results, but the off-price retailer's profit outlook came up short.
Ross Stores Inc. on Thursday reported better-than-expected first-quarter results, but the off-price retailer’s outlook for profit and same-store sales came up short, as higher prices for essentials continue to weigh on demand for clothing and home goods.
The company said it still expected full-year same-store sales to remain relatively flat. And it said it expected earnings per share of $4.77 to $4.99 — a bit more bullish than the company’s profit outlook in February. Still, Wall Street was looking for a bit more, anticipating earnings of $4.94 a share and a 0.7% same-store sales increase, according to FactSet.
For the second quarter, Ross Stores ROST said it also expected “relatively flat” same-store sales, with earnings of $1.07 to $1.14 a share. FactSet forecast earnings per share of $1.25 and same-store sales gains of 0.9%.The company reported results as higher prices for basics continue to squeeze consumers and cut into spending on less-essential products like clothing and electronics, with Ross’ lower- and middle-income shoppers feeling the pain more. Earlier in the day, Walmart Inc.
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