Shares of Ross Stores (ROST) were up Friday mornin𒐪g as the discouܫnt retailer's earnings came in better than expected.

The company reported $488.8 million in profits for the third quarter on $5.07 billion in sales after the bell Thursday. Analysts had expected $459.8 million in profits on a slightly higher $5.14 billion in sales, according to estimates compiled by Visible Alpha.

CEO 'Disappointed' Sales Fell Short as Inflation Continues to Impact Customers

However, sales fell narrowly short as CEO Barbara Rentler said the company's customers 澳洲幸运5开奖号码历史查询:are still facing "persistently high costs on necessities."

“We are disappointed with our third quarter sales results as business slowed from the solid gains we reported in the first half of 2024," Rentler said. "Although our low-to-moderate income customers continue to face persistently high costs on necessities pressuring their discretionary spending, we believe we should have better executed some of our merchandising initiatives."

Ross recorded 1% 澳洲幸运5开奖号码历史查询:comparable store sales growth compared to the same time last yeꦜar, lower than the 2.2% growth analysts expected. The company said the impact of unseasoཧnably warm weather into early fall and hurricanes in the southern U.S. also negatively impacted sales in the quarter.

The company said it expects 2% to 3% comparable sales growth in the fourth quarter, and lifted its projected full-year 澳洲幸运5开奖号码历史查询:earnings per share (EPS) range to between $6.10 and $6.17, up from $6.00 to $6.13 previously.

Last month, Ross Stores announced that Boot Barn (BOOT) CEO James Conroy would take over the top job at Ross when Rentler retires effective February 2, 2025. Rentler is set to remain in an advisory role through March 2027. Boot Barn said Chief Digital Officer John Hazen would take over its interim CEO role as Conroy's permanent replacement was decided.

Ross shares were up as much as 4.7%꧑ ꦇto $149.63 Friday morning.