Ross Stores Beats Expectations in the Third Quarter
Ross Stores posted strong results for the third quarter, sending shares up 1.2%. While it kept its fourth quarter guidance the same, CEO Barbara Rentler cited industry-wide challenges as the reason, not problems within the company.
Ross’ continued success comes on the heels of more bad news for department store retailers: Macy’s shares fell on news of a disappointing third quarter and a data breach. Off-price retailers, however, are still thriving.
Off-price has been a rare bright spot in the world brick-and-mortar retail in the past several years, which executives and analysts have credited in part to the treasure hunt experience it provides shoppers — something that, unlike traditional retail, can’t be easily replicated online.