finance
Off-Price Retailers Report Strong Sales as Walmart Notes Fuel Price Effects
Ross Stores and TJX reported quarterly sales above expectations this week. Walmart cited lower fuel purchases as a sign of consumer pressure. Consumer sentiment reached a new record low on Friday.
May 22, 11:07 AM·1m read1 source
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Ross Stores reported quarterly sales and earnings above expectations after Thursday's close. Same-store sales rose 17 percent. CEO James Conroy said the increase was driven by more transactions and higher customer counts across income levels, ethnicities, and age groups.
TJX reported first-quarter comparable sales growth of 6 percent on Wednesday. CFO John Klinger said the growth came from both higher average baskets and more customer transactions across all geographies, income levels, and demographic groups. Walmart reported earnings on Thursday morning.
CFO John David Rainey said the average number of gallons customers purchased at its fuel stations fell below 10 for the first time since 2022. He also stated that the company's overall business remains strong.
A consumer sentiment survey released on Friday reached a new record low. Deckers Outdoor reported on Thursday that its premium brands continued to see steady demand. CFO Steven Fasching said consumers remained in a healthy position and continued to buy the brands they wanted.
Next week, Burlington, Capri Holdings, Abercrombie & Fitch, American Eagle, Gap, Kohl's, and Costco are scheduled to report earnings. Analysts will watch these results for signs of spending patterns across different income groups. Oil prices have held near $100 per barrel.
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