Ross Stores Stock Pops as Earnings Top Estimates Despite Inflation Slowing Sales

Core Insights - Ross Stores reported third-quarter profits of $488.8 million on sales of $5.07 billion, exceeding analyst expectations for profits of $459.8 million but falling short on sales which were expected to be $5.14 billion [2][3] - CEO Barbara Rentler noted that customers are facing persistently high costs on necessities, impacting discretionary spending and leading to a 1% growth in comparable store sales, below the expected 2.2% [3] - The company anticipates 2% to 3% comparable sales growth in the fourth quarter and has raised its full-year earnings per share (EPS) guidance to between $6.10 and $6.17 [4] Management Changes - James Conroy, currently CEO of Boot Barn, will succeed Barbara Rentler as CEO of Ross Stores upon her retirement on February 2, 2025, with Rentler remaining in an advisory role until March 2027 [5] Stock Performance - Following the earnings report, Ross Stores shares increased by as much as 4.7%, reaching $149.63 [6]