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U.S. discount stores have seen store traffic remain steady as people gradually resume their pre-pandemic life after an Omicron-led pause and go back to buying more discounted apparel, moisturizers, lipstick and accessories.
The pandemic-led trend of cooking at home has also sustained even as coronavirus-related curbs have eased due to people reining in their spending at restaurants, helping grocery sales at discount stores that benefited during the lockdowns.
The discount store operator forecast full-year net sales to increase about 10%, while analysts on average expect growth of 7.5%, according to IBES data from Refinitiv.
The company’s net income for the quarter ended Jan. 28 fell to $597.4 million, or $2.57 per share, from $642.74 million, or $2.62 per share, a year earlier.
