Discount apparel retailer Ross has upgraded its guidance after exceeding Wall Street’s estimates for its second quarter, as low-income shoppers seek out deals to offset rising costs.
The company reported profits of $1.59 per share last quarter, better than its own guidance and analysts’ expectations. It also raised its profit outlook for the full year to a range of $6 to $6.13 a share, up from $5.79 to $5.98 a share.
“Delivering the great values that our off-price customers have come to expect from us is more important than ever, especially given the continued pressures they face from the high costs on necessities,” said chief executive Barbara Rentler.
Shares of Ross were up more than 6 per cent in extended trade.
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