Ross Stores reports sales of $1.84 billion in Q1 FY20

23 May '20

2 min read

Pic: Ross Stores

Ross Stores, a US-based chain of discount department stores, has reported its sales of $1.84 billion in first quarter fiscal 2020 ended on May 2, 2020 compared to sales of $3.79 billion in same period prior year. Company reported a net loss of $305.8 million during the quarter compared to net income of $421.14 million in same period prior year.

“Our first quarter results reflect the unprecedented impact the Covid-19 pandemic has had on our business, which led to the closure of all stores and our first quarterly operating loss in more than 30 years,” Barbara Rentler, chief executive officer, said in a press release.

Selling, general and administrative expenses for the quarter were $415.3 million (Q1 FY19: $558.2 million).

Company reported that recently, on May 14, it began a phased process of reopening stores on a market by market basis. Approximately 700 stores have reopened since, with the remaining stores expected to be reopened over the coming weeks.

“The reopening of our stores will be largely dependent on guidance from health officials as well as government directives. Given the lack of visibility created by Covid-19 and the unknown extent of the impact the virus will have on consumer demand and store productivity, we are not providing second quarter and 2020 full year sales and earnings guidance,” Rentler said.

Fibre2Fashion News Desk (JL)

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