{"id":85707,"date":"2023-11-17T11:12:08","date_gmt":"2023-11-17T16:12:08","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/ross-sales-profit-rise-as-retailer-rides-resilience-of-the-off-price-sector\/"},"modified":"2023-11-17T11:12:10","modified_gmt":"2023-11-17T16:12:10","slug":"ross-sales-profit-rise-as-retailer-rides-resilience-of-the-off-price-sector","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=85707","title":{"rendered":"Ross sales, profit rise as retailer rides \u2018resilience of the off-price sector\u2019"},"content":{"rendered":"
\n

Ross Stores Inc. shares rose more than 4% in the after-hours session Thursday after the discount retailer reported a better-than-expected quarter and tweaked its guidance for the year, saying people reacted favorably to its off-price merchandise.<\/p>\n

Ross
\n ROST,
\n +8.33%<\/bg-quote>
\n earned $447 million, or $1.33 a share, in the third quarter, compared with $342 million, or $1 a share, in the year-ago quarter. <\/p>\n

\n

Sales rose to $4.9 billion, from $4.6 billion a year ago, and comparable-store sales rose 5%, the company said. <\/p>\n

Analysts polled by FactSet expected the company to report adjusted earnings of $1.22 a share on sales of $4.84 billion in the quarter. Same-store sales were seen up 3%. <\/p>\n

\u201cWe are pleased that both sales and earnings outperformed our expectations for the quarter as customers responded favorably to the terrific values we offered throughout our stores,\u201d Chief Executive Barbara Rentler said in a statement. <\/p>\n

Ross, however, continues \u201cto face macroeconomic volatility, persistent inflation, and more recently, geopolitical uncertainty,\u201d Rentler said. <\/p>\n

The store kept its fourth-quarter EPS guidance to between $1.56 and $1.62, which would compare with $1.31 a share in the prior year. Based on results so far and an extra week in the fiscal year, however, it forecast the year\u2019s EPS to be between $5.30 and $5.36, compared with a previous guidance of between $5.15 and $5.26 for the year. <\/p>\n

\u201cDespite the current macroeconomic and geopolitical uncertainties, we remain confident in the resilience of the off-price sector and our ability to operate successfully within it,\u201d the CEO said. \u201cOur business model offers shoppers both value and convenience, and we believe consumers\u2019 heightened focus on these important factors bodes well for us for the foreseeable future.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ross Stores Inc. shares rose more than 4% in the after-hours session Thursday after the discount retailer reported a better-than-expected quarter and tweaked its guidance for the year, saying people reacted favorably to its off-price merchandise. Ross ROST, +8.33% earned $447 million, or $1.33 a share, in the third quarter, compared with $342 million, or […]<\/p>\n","protected":false},"author":1,"featured_media":85708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-85707","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nRoss sales, profit rise as retailer rides \u2018resilience of the off-price sector\u2019 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Ross Stores Inc. shares rose more than 4% in the after-hours session Thursday after the discount retailer reported a better-than-expected quarter and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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