Ross Posts 13% Sales Jump as Inflation Drives Shoppers to Off-Price Retailers
Off-price retailer Ross Stores saw “robust” sales growth in the quarter ended Aug. 1 as both existing customers and new ones sought prices lower than those of mainstream retailers, CEO Jim Conroy said during a Thursday (Aug. 20) earnings call. “We really want to be there for a customer that is battling higher gas prices […] The post Ross Posts 13% Sales Jump as Inflation Drives Shoppers to…
Ross Stores, an off-price retailer, reported a 13% increase in sales during the quarter ended August 1, driven by inflation and a surge in customer traffic, CEO Jim Conroy announced on Thursday. Conroy stated that the company aims to cater to customers impacted by higher gas prices and inflation-related pressures. During the recent quarter, Ross Stores experienced a 10% increase in comparable sales, primarily due to customer traffic.
The company's Ross Dress for Less and dd’s DISCOUNTS chains offered apparel, accessories, footwear, and home fashions. Conroy mentioned that both new and lapsed customers, spanning various demographics, visited the stores more frequently, and spent more during the quarter. He attributed the growth to Ross Stores' compelling values and a broader selection of fashion and brands.
The CEO also addressed concerns about maintaining competitive pricing in an environment where national chains are lowering prices. Conroy emphasized that Ross Stores aims to keep its prices below mainstream retailers. Regarding the company's product mix, Conroy reiterated that the "good price point" remains the cornerstone of the business, and they are committed to maintaining this focus despite the challenging economic climate.
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