Ross raises annual outlook as shoppers remain focused on value

May 21 (Reuters) - Value ‌retailer Ross ​Stores ​raised its annual comparable sales and profit forecast on Thursday, betting on ‌resilient demand for its discounted apparel and accessories ⁠despite looming macroeconomic uncertainty.

Shares of the company rose about ‌6% in extended trading.

Off-price ‌retailers like Ross Stores continue to attract budget-conscious shoppers hunting for bargains, as persistent inflationary ​pressures weigh on household spending.

"We saw a healthy increase in customer count on a ⁠comparable-store basis across income levels, ethnicities, and age groups, including ​younger customers," CEO Jim Conroy said during the earnings call.

Rival TJX also mirrored this ​trend on Wednesday, raising ‌its annual comparable sales and profit forecasts, banking on continued demand for ⁠its value offerings.

Ross now expects annual same-store sales to rise 6% to 7%, compared with its previous ⁠forecast of 3% to 4% growth.

It also projected annual earnings ​per share of $7.50 to $7.74, up from its previous forecast of $7.02 to $7.36.

For the first quarter ended May 2, comparable ‌sales rose 17%. They were muted during the same period last year.

The ‌company reported a quarterly profit of $2.02 per ⁠share, topping estimates of $1.73 ‌per share, according ​to data compiled by LSEG.

(Reporting by Krisha Bhatt in Bengaluru; Editing by Diti ‌Pujara)

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