Ross Stores Q1 sales increased by 21% year-on-year, raising full-year performance guidance due to resilient demand

Glonghui, May 22 — Discount retailer Ross Stores announced its first quarter results: sales increased by 21% year-on-year to $6.0 billion, with comparable sales rising by 17%. Earnings per share grew by 37% year-on-year to $2.02, surpassing market expectations of $1.73. Despite increasing macroeconomic uncertainty, the company raised its full-year outlook, betting that demand for its discounted clothing and accessories will remain resilient. The company now expects full-year same-store sales to grow by 6% to 7%, up from the previously forecast 3% to 4%. Earnings per share are expected to be between $7.50 and $7.74, higher than the previous forecast of $7.02 to $7.36.