Ross Stores 4Q Comparable-Store Sales Drop 6%
March 02 2021 - 4:45PM
Dow Jones News
By Allison Prang
Ross Stores Inc. on Tuesday reported lower fourth-quarter sales
and earnings and a drop in comparable-store sales.
Net earnings, Ross said, were $238 million and decreased from
$456.1 million a year ago. Earnings were 67 cents a share, down
from $1.28 a share. Earnings missed analysts consensus, according
to FactSet.
Sales were $4.25 billion, compared with $4.41 billion a year
ago. According to FactSet, analysts were expecting $4.27 billion.
Comparable--store sales fell 6%, the company said.
"While our fourth-quarter sales exceeded our expectations, the
upsurge of the virus resulted in lower traffic, especially in
California, our largest state, where we were subject to more
stringent occupancy and operating hour restrictions," Chief
Executive Barbara Rentler said in prepared remarks.
Ross Store shares dived 3.8% to $133.20 in after-hours
trading.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
March 02, 2021 16:30 ET (21:30 GMT)
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