Ross Stores, a US-based chain of discount department stores, has reported 2 per cent sales decline to $3.75 billion during third quarter (Q3) fiscal 2020 that ended on October 31, compared to the sales of $3.84 billion in same period previous year. Company’s net earnings for the quarter slipped to $131.19 million (Q3 FY19: $370.93 million).
“Sales trends accelerated during the third quarter following a slower start in August, driven by an improvement in our merchandise assortments, a later back-to-school season, stronger performance in our larger markets, and our return to more normal store hours,” Barbara Rentler, chief executive officer at Ross Stores, said in a press release.
“Core business results improved during the quarter demonstrating consumers’ continued focus on value, and our ongoing ability to deliver the bargains our customers have come to expect from us,” Rentler said.
Cost of goods sold for Q3 FY20 was $2.71 billion ($2.76 billion). Selling, general and administrative expenses rose to $877.85 million ($604.60 million).
“As we enter the fourth quarter, our month-to-date comparable store sales in November are down mid-single-digits. In addition, there remains a high level of uncertainty related to the worsening health crisis and we are concerned with how the upsurge of this pandemic might impact consumer demand during what we expect to be a highly competitive holiday shopping season,” Rentler said.