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Ross Stores Inc. (ROST) said that it has withdrawn its first quarter and 2020 full year sales and earnings guidance, due to impact of the COVID-19 outbreak and lower consumer demand.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

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