Plus   Neg

Ross Stores Withdraws Q1, 2020 Outlook Amid COVID-19 Outbreak

Ross Stores Inc. (ROST) said that it has withdrawn its first quarter and 2020 full year sales and earnings guidance, due to impact of the COVID-19 outbreak and lower consumer demand.

The company also is temporarily suspending its stock repurchase program and is drawing down $800 million under its revolving credit facility to add to its cash balances.

In addition, the company is currently reducing its capital expenditure and expense plans as well as aligning inventory positions with current sales trends in the business.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Mitsubishi Motors North America inc. recalled 141,200 cars and sports utility vehicles (SUVs) due to potential corrosion of the front cross member because of salt water exposure such as from road salt use in cold-weather, according to the National Highway Traffic Safety Administration. The recall is expected to begin on July 14, 2020. The U.S. State of Arizona filed a consumer fraud lawsuit against Google alleging deceptive and unfair practices used to obtain users' location data. In the filing, Arizona Attorney General Mark Brnovich accused that the tech giant exploits these data for its lucrative advertising business. In a tweet, Brnovich said, "We brought forward this action to put a stop to Google's deceptive collection ... Amid the struggles related to Covid-19 pandemic and the grounded 737 Max jets, Boeing Co. has announced involuntary layoffs of the first 6,770 U.S. team members this week, as part of its earlier plan of 10 percent reduction in its workforce. In a letter to the employees, Boeing President and CEO Dave Calhoun said the aerospace giant has concluded voluntary layoff program.
Follow RTT