Ross Stores remains cautious on outlook
20 Nov 2020
Ross Stores, Inc. reported earnings of 37 cents per share versus 1.03 dollars per share for the third quarter ended November 2, 2019. The company said, net income was 131 million dollars compared to 371 million dollars in the prior year period. Third quarter sales declined 2 percent to 3.8 billion dollars, with comparable store sales down 3 percent.
Commenting on the company’s performance, Barbara Rentler, the company’s Chief Executive Officer, said in a statement: “Sales trends accelerated during the third quarter following a slower start in August, driven by an improvement in our merchandise assortments, a later back-to-school season, stronger performance in our larger markets, and our return to more normal store hours. As we enter the fourth quarter, our month-to-date comparable store sales in November are down mid-single-digits. In addition, there remains a high level of uncertainty related to the worsening health crisis and we are concerned with how the upsurge of this pandemic might impact consumer demand during what we expect to be a highly competitive holiday shopping season.”
For the nine months ended October 31, 2020, the company reported a per share loss of 43 cents on a net loss of 153 million dollars compared to net income of 1.2 billion dollars or 3.32 dollars per share for the same period in 2019. Sales year-to-date were 8.3 billion dollars, down from 11.6 billion dollars last year.