29.00 Dollar US$ Ross Stores lifts profit view on firm demand for discounted apparel New Market

Published date: December 5, 2024
  • Location: 5342, New Market, Michigan, United States

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Aug 22 (Reuters) - Ross Stores raised its fiscal 2024 profit forecast and Wireless home automation posted second-quarter results above Wall Street estimates on Thursday, benefiting from demand for its discounted apparel and easing freight costs.

Its shares rose nearly 6% in extended trading as the company's strategy to cut prices on branded clothing and footwear helped boost stores visits and customer spending per transaction.

"It is reaping the rewards of the improvements to its product assortments to offer a wider selection of brands and at various price points," said Sky Canaves, principal analyst at Emarketer.

The company's results align with trends at off-price peer TJX Cos and larger retailers Walmart and Target , Zigbee hub which have shown consumers across income categories are searching for bargains.

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