Ross Stores Begins Reopening After Reporting Sales Drop

Ross Stores Reports Sales Drop, Begins Reopening

Amid the ongoing spread of the pandemic throughout the country, Ross Stores, Inc. reported total Q1 sales of $1.8 billion compared to $3.8 billion in the prior year. The retailer said it wasn’t reporting comparable-store sales, as its shops were open for less than seven weeks of the 13-week period, per an announcement.

Ross Stores also registered a loss per share of 87 cents compared to earnings per share of $1.15 for the past year period. Additionally, the company reported a net loss for Q1 2020 of $306 million compared to net income of $421 million in 2019.

Chief Executive Officer Barbara Rentler said in the announcement, “Our first-quarter results reflect the unprecedented impact the COVID-19 pandemic has had on our business, which led to the closure of all stores and our first quarterly operating loss in more than 30 years. Operating margin for the period was negatively affected by the significant revenue decline from stores being closed for approximately half of the quarter and the aforementioned one-time, non-cash inventory valuation charge.”

On May 14, the company started a “phased process” of reopening retail locations on a “market by market basis.” It said the decision came after a “careful review” of guidance from health advisers and officials, in addition to local, state and federal governments.

As of today (May 21), roughly 700 stores have reopened, and the remaining locations are scheduled to reopen in the weeks to come.

The news comes as TJX reported positive trends in store reopenings. Net sales were $4.4 billion for the first fiscal year quarter ending May 2, 2020, concluding with a net loss of $887 million. TJX does not have an appreciable online shopping capacity and closed all of its 4,529 retail locations globally on March 19. The company delivered a 5 percent comp-store sales rise throughout its Marshalls, HomeGoods and TJ Maxx brands for the month of February.


CFTC Appoints Whistleblower Office Director Brian Young to Lead Enforcement

CFTC

The Commodity Futures Trading Commission (CFTC) has named the former director of its Whistleblower Office, Brian Young, as its director of enforcement.

The appointment was announced Friday (Feb. 14) by CFTC Acting Chairman Caroline D. Pham, according to a CFTC press release. Young had been serving in an acting capacity since Jan. 22.

“He is a fearless leader that will build an even more impressive enforcement program that will stay true to the CFTC’s mission to protect the American public from fraudsters and scammers,” Pham said in the release. “I am confident that under Brian’s leadership, the CFTC will expand and scale our resources to help more victims than ever before and ensure the integrity of our markets in the name of justice.”

Young joined the CFTC as director of its Whistleblower Office in 2024, according to the release. During his first year in that role, Young oversaw a team that achieved an all-time high number of annual dispositions of whistleblower award applications.

Prior to joining the agency, Young was with the Department of Justice for nearly 20 years, most recently as acting director of litigation for the Antitrust Division, the release said.

Before that, Young served in various roles in the Fraud Section of the Criminal Division, including chief of the Fraud Section’s Litigation Unit, per the release.

While at the Department of Justice, he successfully tried criminal fraud and manipulation cases in the CFTC’s markets, according to the release.

“I want to thank Acting Chairman Pham for her confidence in me and for her commitment to continuing the CFTC’s aggressive efforts to protect our global commodity markets from fraud, manipulation and other abusive practices,” Young said in the release.

The White House said in a Wednesday press release that it sent to the Senate nominations for Brian Quintenz to be chairman of the CFTC and a commissioner of the CFTC for a term expiring April 13, 2029.

Quintenz is a former commissioner of the CFTC and now works for the cryptocurrency unit at venture capital giant Andreessen Horowitz, PYMNTS reported Wednesday (Feb. 12).

The commission is expected to gain new powers over the cryptocurrency sector.