Ross Stores Falls After Pulling Guidance Due to Tariff Blindspot
Discount retailer Ross Stores Inc. fell after pulling its full-year profit outlook due to heightened uncertainty caused by tariffs.
'There are simply too many unknown variables that are limiting our visibility into the second half of the fiscal year,' Chief Executive Officer James Conroy said on a call with analysts Thursday. More than half of the chain's inventory originates in China.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Associated Press
24 minutes ago
- Associated Press
The 49ers complete trade to acquire edge rusher Bryce Huff from the Eagles for a mid-round pick
SANTA CLARA, Calif. (AP) — The San Francisco 49ers have completed the trade with the Philadelphia Eagles for edge rusher Bryce Huff. Huff restructured his contract with the Eagles last week to help facilitate the trade that will send a 2026 mid-round pick to Philadelphia and the teams announced it on Monday, pending a physical. Huff was set to make $17 million in fully guaranteed money this year. The Eagles will pay $9.05 million of that with the 49ers on the hook for the remaining $7.95 million, ESPN reported last week. The move to acquire Huff gives San Francisco another needed option at edge rusher across from star Nick Bosa and reunites Huff with Robert Saleh, who was his head coach at the New York Jets during his most productive season in 2023. Huff had 10 sacks that season and recorded 67 pressures on just 334 pass rush snaps, according to Pro Football Focus. Huff translated that breakthrough season into a three-year, $51.1 million deal with the Eagles. He had only 2 1/2 sacks and 23 pressures in his one season in Philadelphia, missing five games with a wrist injury. He was then a healthy scratch in the Super Bowl. Huff was originally an undrafted free agent by the Jets in 2020 out of Memphis. He had 7 1/2 sacks in his first three seasons before the breakthrough campaign under Saleh in 2023. The Niners were in need of another pass rusher after cutting Leonard Floyd early in the offseason. They drafted Mykel Williams 11th overall in April but had no other defensive end who had a season with at least five sacks in the NFL. Yetur Gross-Matos is the only other edge rusher on the roster with extensive experience. Gross-Matos had four sacks last season in his first year with San Francisco. The Eagles have undergone significant changes at edge rusher this offseason with Brandon Graham retiring and Josh Sweat leaving to sign with Arizona in free agency. Philadelphia is counting on increased contributions from returning players Nolan Smith and Jalyx Hunt and has also signed Azeez Ojulari and Joshua Uche in free agency. ___ AP NFL:
Bloomberg
29 minutes ago
- Bloomberg
Doritos, M&Ms Could Be Forced to Include Warning Labels in Texas
A Texas bill on the verge of becoming law would require labels on packaged food from Skittles to Mountain Dew that warn about ingredients 'not recommended for human consumption' by other countries. Texas Senate Bill 25, backed by Secretary of Health and Human Services Robert F. Kennedy Jr., is now awaiting the signature of Gov. Greg Abbott. Foods containing certain ingredients would require warning labels on new packaging beginning in 2027 in order to be sold in Texas, which is the second-most populous US state with 31 million residents.
New York Post
35 minutes ago
- New York Post
Temu's daily US users cut in half following end of ‘de minimis' loophole
Daily US users of PDD Holdings' global discount e-commerce platform Temu fell by 58% in May, according to market intelligence firm Sensor Tower, one of many headwinds the e-retailer is facing amid a US-China trade war. Temu decided to slash ad spending in the US and shift its order fulfillment strategy after the White House on May 2 ended the practice known as 'de minimis' — which allowed Chinese companies to ship low-value packages to the United States tariff-free. Temu, along with fast-fashion giant Shein, had utilized that provision for years to drop-ship items directly from suppliers in China to consumers in the US, keeping prices low. Advertisement 3 E-tailer Temu is facing many headwinds amid the US-China trade war. A Temu factory in southern China, above. AFP via Getty Images Both Temu and Shein have suffered a sharp drop in sales growth and customer growth rates since US President Trump announced sweeping trade tariffs, according to data collected by consultancy Bain & Company, but Temu's trends have been worse than its rival. Tariffs forced both platforms to raise prices, but Shein has been able to increase the amount of money spent per customer compared to a year ago, the data showed, while Temu has struggled. Advertisement Temu did not respond to a request for comment on the drop in US daily users or the headwinds it faces in the US market. Engagement on Temu has dropped significantly following the end of the exemption, Morgan Stanley equity analyst Simeon Gutman said in a May note. 'While the tariff environment is uncertain, if the status quo remains for an extended period, we believe Temu's competitive threat will continue to weaken,' Gutman said. 3 The US ended 'de minimis' – which allowed Chinese companies to ship low-value packages tariff-free. REUTERS Advertisement Last week, PDD's first-quarter earnings fell short of growth estimates and executives told analysts on a post-earnings call that tariffs had created significant pressure for its merchants. They reiterated Temu's earlier pledge to keep prices stable and work with merchants across regions, referring to a shift to a local fulfillment model announced at the start of May. Temu's previous business model gave merchants responsibility for ordering and supplying their products while the China-based company managed most of the logistics, pricing and marketing. 3 Last week, PDD's first-quarter earnings fell short of growth estimates and executives told analysts on a post-earnings call that tariffs had created significant pressure for its merchants. AA+W – Advertisement Now, Temu's merchants 'can ship individual orders from China to Temu-partnered US warehouses but they would need to address tariffs and customs charges and paper work,' according to a note from analysts at HSBC. Temu continues to handle fulfilling orders close to shoppers, setting prices and online operations. In last week's note, HSBC said that Temu's growth in non-US markets has picked up, with non-US users rising to 90% of its 405 million global monthly active users in the second quarter. 'New user uptick grew swiftest in less affluent markets,' analysts wrote.
