TJX - Ross Stores shares slump on declining sales soft guidance

Ross Stores (NASDAQ:ROST) shares plummeted in Thursday’s extended session after a seriously disappointing earnings release. The Dublin, California-based discount retailer missed on both top and bottom lines for the first quarter while noting sizable contractions in sales.Of note, comparable store sales declined 7%year over year, while operating margin fell 340 basis points from 2021.  “We are disappointed with our lower-than-expected first quarter results,” CEO Barbara Rentier said. “We knew fiscal 2022 would be a difficult year to predict, especially the first half when we were facing last year’s record levels of government stimulus and significant customer pent-up demand as COVID restrictions eased. The external environment has also proven extremely challenging as the Russia-Ukraine conflict has exacerbated inflationary pressures on the consumer not seen in 40 years.” She cited impacts from higher freight and labor costs as particularly problematic for the business, prompting the negative print.  Moving forward, these headwinds are

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Ross Stores shares slump on declining sales, soft guidance