ROST - Ross Stores' Sales Come Roaring Back
A year ago, sales cratered at Ross Stores (NASDAQ: ROST) . As a non-essential business, the No. 2 off-price retailer had to close its stores for much of the spring, a result of stay-at-home orders. Ross Stores didn't have an e-commerce business to fall back upon, either.
However, consumers are now venturing out to stores in greater numbers. That's unleashing massive pent-up demand, causing Ross Stores' sales and earnings to surge well past 2019 levels last quarter.
In the first quarter of fiscal 2020, Ross Stores' sales plunged more than 50%. The company temporarily closed all of its stores on March 20, 2020, and didn't start reopening them until mid-May. That meant it generated zero revenue for nearly half of the quarter, leading to the steep revenue decline and a substantial loss.
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Ross Stores' Sales Come Roaring Back