Ross Stores, a US-based chain of discount department stores, has reported 6 per cent sales decline to $4.2 billion during fourth quarter (Q4) fiscal 2020 ended on January 30, 2021 compared to the sales of $4.4 billion in the same period previous year. Company’s net earnings for the quarter slipped to $237.9 million (Q4 FY19: $456.1 million).
Ross Stores, a US-based chain of discount department stores, has reported 6 per cent sales decline to $4.2 billion during fourth quarter (Q4) fiscal 2020 ended on January 30, 2021 compared to the sales of $4.4 billion in the same period previous year. Company's net earnings for the quarter slipped to $237.9 million (Q4 FY19: $456.1 million).#
“While our fourth quarter sales exceeded our expectations, the upsurge of the virus resulted in lower traffic, especially in California, our largest state, where we were subject to more stringent occupancy and operating hour restrictions,” Barbara Rentler, chief executive officer at Ross Stores, said in a press release.
Ross Stores, a US-based chain of discount department stores, has reported 6 per cent sales decline to $4.2 billion during fourth quarter (Q4) fiscal 2020 ended on January 30, 2021 compared to the sales of $4.4 billion in the same period previous year. Company's net earnings for the quarter slipped to $237.9 million (Q4 FY19: $456.1 million).#
Cost of goods sold during Q4 FY20 was $3.1 billion ($3.2 billion). Selling, general and administrative expenses were $690.6 million ($601.8 million).
Ross Stores, a US-based chain of discount department stores, has reported 6 per cent sales decline to $4.2 billion during fourth quarter (Q4) fiscal 2020 ended on January 30, 2021 compared to the sales of $4.4 billion in the same period previous year. Company's net earnings for the quarter slipped to $237.9 million (Q4 FY19: $456.1 million).#
“As we enter 2021, there remains limited visibility regarding the pandemic and the pace and magnitude of an economic recovery,” Rentler said.
Fibre2Fashion News Desk (JL)
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