As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at discount retailer stocks, starting with Ross Stores (NASDAQ:ROST).

Discount retailers understand that many shoppers love a good deal, and they focus on providing excellent value to shoppers by selling general merchandise at major discounts. They can do this because of unique purchasing, procurement, and pricing strategies that involve scouring the market for trendy goods or buying excess inventory from manufacturers and other retailers. They then turn around and sell these snacks, paper towels, toys, clothes, and myriad other products at highly enticing prices. Despite the unique draw and lure of discounts, these discount retailers must also contend with the secular headwinds of online shopping and challenged retail foot traffic in places like suburban strip malls.

The 6 discount retailer stocks we track reported a slower Q1. As a group, revenues missed analysts’ consensus estimates by 0.6% while next quarter’s revenue guidance was 5% below.

Stocks—especially those trading at higher multiples—had a strong end of 2023, but this year has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, and discount retailer stocks have had a rough stretch. On average, share prices are down 6.5% since the latest earnings results.

Ross Stores (NASDAQ:ROST)

Selling excess inventory or overstocked items from other retailers, Ross Stores (NASDAQ:ROST) is an off-price concept that sells apparel and other goods at prices much lower than department stores.

Ross Stores reported revenues of $4.86 billion, up 8.1% year on year. This print was in line with analysts’ expectations, but overall, it was a mixed quarter for the company with a decent beat of analysts’ gross margin estimates but underwhelming earnings guidance for the next quarter.

Barbara Rentler, Chief Executive Officer, commented, “Though we had hoped to do better, first quarter sales were in line with guidance despite macroeconomic headwinds that continued to pressure our customers’ discretionary spending. Earnings results for the period were better-than-expected primarily due to lower expenses relative to our plan.”

Ross Stores pulled off the biggest analyst estimates beat of the whole group. Unsurprisingly, the stock is up 12% since reporting and currently trades at $147.79.

Is now the time to buy Ross Stores? Access our full analysis of the earnings results here, it’s free.

Best Q1: Ollie's (NASDAQ:OLLI)

Often located in suburban or semi-rural shopping centers, Ollie’s Bargain Outlet (NASDAQ:OLLI) is a discount retailer that acquires excess inventory then sells at meaningful discounts.

Ollie's reported revenues of $508.8 million, up 10.8% year on year, in line with analysts’ expectations. It was a solid quarter for the company with a decent beat of analysts’ gross margin and earnings estimates.

Ollie's scored the highest full-year guidance raise among its peers. The market seems happy with the results as the stock is up 6.3% since reporting. It currently trades at $87.29.

Is now the time to buy Ollie's? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Five Below (NASDAQ:FIVE)

Often facilitating a treasure hunt shopping experience, Five Below (NASDAQ:FIVE) is an American discount retailer that sells a variety of products from mobile phone cases to candy to sports equipment for largely $5 or less.

Five Below reported revenues of $811.9 million, up 11.8% year on year, falling short of analysts’ expectations by 2.7%. It was a weak quarter for the company with underwhelming earnings guidance for the next quarter and revenue guidance for next quarter missing analysts’ expectations.

Five Below had the fastest revenue growth but had the weakest full-year guidance update in the group. As expected, the stock is down 48.1% since the results and currently trades at $68.78.

Read our full analysis of Five Below’s results here.

Big Lots (NYSE:BIG)

Priding itself on carrying brand-name items, Big Lots (NYSE:BIG) is a discount retailer that acquires excess inventory and then sells at meaningful discounts to the prices of traditional retailers.

Big Lots reported revenues of $1.01 billion, down 10.2% year on year, falling short of analysts’ expectations by 3%. Overall, it was a weak quarter for the company with a miss of analysts’ earnings and gross margin estimates.

Big Lots had the weakest performance against analyst estimates and slowest revenue growth among its peers. The stock is down 71.6% since reporting and currently trades at $1.

Read our full, actionable report on Big Lots here, it’s free.

TJX (NYSE:TJX)

Initially based on a strategy of buying excess inventory from manufacturers or other retailers, TJX (NYSE:TJX) is an off-price retailer that sells brand-name apparel and other goods at prices much lower than department stores.

TJX reported revenues of $12.48 billion, up 5.9% year on year, in line with analysts’ expectations. More broadly, it was a weaker quarter for the company with underwhelming earnings guidance for the full year.

The stock is up 11.7% since reporting and currently trades at $109.08.

Read our full, actionable report on TJX here, it’s free.

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