Ross Stores 2Q Earnings, Sales Decline

By Denny Jacob

Ross Stores Inc. posted waning earnings and sales in the second quarter because of ongoing inflationary pressures and higher markdowns.

The off-price retail apparel and home accessories store operator posted net earnings of $384.5 million, or $1.11 a share, for the quarter ended July 30, down from net earnings of $494.3 million, or $1.39 a share, a year earlier. Analysts polled by FactSet expected 98 cents a share.

Sales declined to $4.58 billion from $4.80 billion. Analysts polled by FactSet expected $4.61 billion.

Ross Stores said comparable-store sales declined 7% in the second quarter.

"We are disappointed with our sales results, which were impacted by the mounting inflationary pressures our customers faced as well as an increasingly promotional retail environment," Chief Executive Barbara Rentler said.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

August 18, 2022 16:36 ET (20:36 GMT)

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