Ross Stores Raises Annual Forecasts on Strong Demand From Bargain-Hunting Shoppers
August 18, 2023
Off-price retailer Ross has increased its annual sales and profit forecasts after surpassing quarterly estimates. Bargain-seeking shoppers looking for discounted clothing and shoes amid inflation and rising household costs have boosted demand for Ross’ products. The company’s strong product assortments, particularly in the back-to-school category, have also contributed to its success, with Ross’ foot traffic showing positive growth from May to July.
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