Ross Stores Raises Outlook After 17% Same-Store Sales Jump in Record Quarter
Updated
Updated · Bloomberg · May 21
Ross Stores Raises Outlook After 17% Same-Store Sales Jump in Record Quarter
14 articles · Updated · Bloomberg · May 21
$6.01 billion in first-quarter sales and $2.02 a share in earnings beat analyst estimates of $5.6 billion and $1.71, prompting Ross Stores to lift its sales and profit guidance.
Same-store sales rose 17%—the strongest growth in Ross history and nearly double Wall Street's 8.6% forecast—driven by strong customer traffic.
Younger shoppers helped fuel that traffic, giving the off-price retailer an unusually strong quarter as it outperformed consensus on both revenue and profit.
The results signal continued momentum for Ross's value-focused model, with the stronger first quarter giving management confidence to raise its outlook.
Is Ross's success a final warning for the rapidly eroding mid-tier retail market?
Can Ross's 'treasure hunt' model retain its new Gen Z shoppers once the economy improves?