This low-priced retailer is the latest to get a boost from bargain-hunting shoppers

Shares of Ross Stores ( ROST ) jumped to an all-time high on Friday after the off-price retailer became the latest to say it is seeing a rise in sales as shoppers search for deals.

The stock is up nearly 8% above $173 in recent trading, putting it on track to close at a record high. (Read our daily markets coverage here.)

Ross Stores reported third-quarter earnings per share of $1.58, beating the consensus of analysts surveyed by Visible Alpha by 18 cents. Revenue rose 10.4% year over year to $5.6 billion, also beating expectations. Comparable store sales jumped 7%.

CEO Jim Conroy said the company had an “excellent” back-to-school season, and believes its “variety of attractive brand values ​​resonated with shoppers,” with strong growth across key categories of merchandise, according to text provided by AlphaSense.

“It is clear that the consumer is prioritizing value and our refreshed assortment is resulting in stronger customer engagement,” Conroy said.

Conroy said Ross Stores is “optimistic” about the holiday season, and the retailer raised its fourth-quarter comparable-store sales forecast to 3% to 4% growth, with earnings per share in the range of $1.77 to $1.85. Ross Stores said it now expects full-year earnings per share of $6.38 to $6.46, up from its previous estimate of $6.08 to $6.21.

Just a few days ago, rival TJX (TJX), which operates TJ Maxx, Marshalls and Home Goods stores, also reported strong results and boosted its outlook, citing growth driven by value-conscious shoppers.

With Friday’s gains, Ross Stores shares are up nearly 15% year to date. TJX shares, which were up 3% Friday afternoon, will add about a quarter of their value in 2025.