Ross Stores (ROST) reported 2010 Q1 results after the market closed on Thursday. While Q1 results were significantly impacted by the pandemic and mandatory shutdowns, we believe Ross' business model is well-situated to ride out the current crisis and likely take share from weaker retailers such as department stores and specialty retailers. More importantly, the company has continued to accumulate inventory including packaway items that will keep its store shelves full as stores are reopening. We think Ross and the off-price retailers are better-prepared to weather the current storm and grab additional market