Market Updates
Ross Stores Forecasts Same Stores to Decline
Scott Peters
19 Aug, 2022
New York City
Ross Stores fell 2.1% to $90.01 after the discount retailer reported strong quarterly results but forecasted weaker annual outlook.
The retailer said its quarterly results were impacted by increased promotional activities and higher product costs.
Sales in the second quarter fell to $4.6 billion from $4.8 billion in the prior year's period and comparable store sales fell 7%.
Net income in the second quarter declined to $385 million or $1.10 a share from $494 million or $1.39 a share a year ago.
The retailer forecasted third quarter same store sales to decline 7% to 9% compared to 14% gain last year.
For the fourth quarter, same store sales are estimated to fall between 4% and 7% on top of a 9% increase for the same period a year ago.
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