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 [e-mail]

(END) Dow Jones Newswires

08-18-22 1708ET