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Published
May 23, 2022
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Ross Stores Q1 results disappoint

Published
May 23, 2022

Ross Stores announced on Thursday revenues for the first quarter declined for the three months ending April 30, on the back of a dive in comparable store sales, tumbling earnings for the quarter.


Comparable store sales declined 7% on top of a 13% gain in the first quarter of 2021 - Instagram: @rossdressforless


The Dublin, California-based company said sales for the first quarter of 2022 were $4.3 billion, down around 5% from $4.5 billion in the prior year period, adding that its inventory levels also rose nearly 60% for the quarter.

Comparable store sales declined 7% on top of a 13% gain in the first quarter of 2021, the company said.

​“We are disappointed with our lower-than-expected first quarter results. Following a stronger-than-planned start early in the period, sales underperformed over the balance of the quarter," said  ​Barbara Rentler, chief executive officer.

Net earnings for the quarter fell to $338.4 million, from $476.5 million in the prior-year quarter.

"We knew fiscal 2022 would be a difficult year to predict, especially the first half when we were facing last year’s record levels of government stimulus and significant customer pent-up demand as Covid restrictions eased. The external environment has also proven extremely challenging as the Russia-Ukraine conflict has exacerbated inflationary pressures on the consumer not seen in 40 years," said Rentler.

Looking ahead,  Ross said it sees full year comparable sales falling 2% to 4% for the year, versus previous guidance of unchanged to a gain of as much as 3%. It also trimmed its forecast for earnings per share.

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