Ross Stores Shares Down 26% on 1Q Sales Miss

By Dean Seal

Shares of Ross Stores Inc. are down 26% to $68.65 in premarket trading after the company said that first-quarter sales missed Wall Street expectations, and that it expects a drop in same-store sales in the next quarter.

The off-price retail apparel and home accessories store chain said sales declined to $4.33 billion from $4.52 billion for the quarter ended April 30, below analyst expectations of $4.53 billion, according to FactSet.

The company posted $338.4 million in net earnings, or 97 cents a share, compared with $476.5 million, or $1.34 a share.

In light of the latest results, Ross Stores is taking a more conservative outlook for the rest of the year, and now forecasts same-store sales for the 13 weeks ending July 30 to decline between 4% and 6%, following a 15% gain in the prior-year period.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 20, 2022 07:19 ET (11:19 GMT)

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