Ross' lower-income customer is feeling the squeeze of inflation and pulling back on their purchases from $ROST, driving a first-quarter profit and sales miss and sending the stock down more than 21%.
Ross Stores Inc.’s lower-income customer is feeling the squeeze of inflation and pulling back on their purchases from the off-price retailer, driving a first-quarter profit and sales miss and sending the stock down more than 21% on Friday.
As Chief Executive Barbara Rentler said on the earnings call, “dd’s Discounts performance in the first quarter trailed that of Ross, as the significant benefit of last year’s stimulus and escalating inflationary pressures had a larger impact on lower income households,” according to FactSet. Executives noted last year’s government stimulus and pent-up demand, which made this year a difficult one to predict.
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