Ross Stores Lowers Outlook for Second Half of FY22

By Denny Jacob

Ross Stores Inc. lowered its outlook for the second half of the year, citing macroeconomic challenges and a more promotional retail environment.

The off-price retail apparel and home accessories store operator guided for third quarter same-tore sales to decline 7% to 9% and fourth quarter same stores to be down 4% to 7%.

The company guided for earnings per share between 72 cents to 83 cents and $1.04 to $1.21 in the third quarter and fourth quarter, respectively, if the second half is in line with its forecast.

"We are facing a very difficult and uncertain macro-economic environment that we expect will continue to strain our customers' discretionary spending," Chief Executive Barbara Rentler said.

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

(END) Dow Jones Newswires

August 18, 2022 17:08 ET (21:08 GMT)

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