<-- test --!> Earnings Results: Ross Stores says rising prices continue to hit lower-income shoppers — and forecasts miss expectations – Best Reviews By Consumers

Earnings Results: Ross Stores says rising prices continue to hit lower-income shoppers — and forecasts miss expectations

Finance / By brbc

Earnings Results

Last Updated: Feb. 28, 2023 at 5:29 p.m. ET

First Published: Feb. 28, 2023 at 4:24 p.m. ET

‘As we enter 2023, the macroeconomic and geopolitical environments remain highly uncertain,’ CEO says. ‘We believe it is prudent to remain conservative when planning our business.’

Ross Stores Chief Executive Barbara Rentler, in November, said she expected “a very promotional holiday selling season and ongoing inflationary headwinds to pressure our low-to-moderate-income customers.”

Bloomberg

Shares of Ross Stores Inc. slipped after hours on Tuesday, after the bargain retail chain offered up full-year and first-quarter forecasts that missed analysts’ expectations, as rising prices hit the chain’s lower-income consumers particularly hard.

The discount clothing and home-goods chain said it expected full-year same-store sales to be “relatively flat,” compared with FactSet forecasts for a 3% gain. It said it expected earnings per share of between $4.65 and $4.95, compared with FactSet estimates for $5.08.

“As…