Ross CEO Expresses Disappointment as Sales Slide

Ross Stores (Dublin, CA) registered a 7% drop in same-store sales for its first quarter, prompting the discount department store chain to temper its forecast for the rest of the year.

“We are disappointed with our lower-than-expected first quarter results,” CEO Barbara Rentler said. “… We knew fiscal 2022 would be a difficult year to predict, especially the first half when we were facing last year’s record levels of government stimulus and significant customer pent-up demand as Covid restrictions eased. The external environment has also proven extremely challenging as the Russia-Ukraine conflict has exacerbated inflationary pressures on the consumer not seen in 40 years.”

Given the results, Rentler added that the company is adopting “a more conservative outlook” for the remainder of 2022.” Ross is now forecasting a 4% to 6% decline in same-store sales for the second quarter and a 2% to 4% decline for the year.