Off-Price Retailer Raises Sales and Profit Outlook After First-Quarter Results

The company raised its full-year sales and profit guidance after first-quarter results exceeded estimates. Stronger traffic from younger shoppers and record same-store sales growth drove the performance. The company cited these factors in its quarterly update.

Same-store sales reached a record level during the quarter. The company reported that younger shoppers contributed to the increase in store visits. The results prompted the company to adjust its annual outlook upward. Officials said the revised guidance reflects current sales trends.

The company now expects higher sales and profit for the full year. The updated forecast incorporates the stronger-than-expected first-quarter results.