Ross Stores and TJX Companies reported first-quarter results that showed bargain-hunting is alive and well. The discount retailers cited pent-up demand among consumers, many of whom have money to spend from their stimulus checks. They are still looking for a good deal, and they have missed the element of treasure-hunting that Ross and TJX offer. Both companies reported sales that far surpassed analysts' estimates, demonstrating that they still have what customers want.
“We believe the appeal of our entertaining, treasure-hunt shopping experience gives consumers a compelling reason to shop us,” TJX CEO Ernie Herrman said in an earnings conference call. “In-store shopping is not going away.”