Ross Stores spent the better part of the last two months in a flurry of store openings, setting up the 28 locations it promised to open in the first quarter.
The off-price retailer opened 22 Ross Dress for Less stores and six DD’s Discounts in 15 different states in February and March, part of its bigger plans to open a total of 70 Ross and 20 DD’s Discounts stores throughout the year.
“These recent openings reflect our ongoing plans to continue building our presence in both existing and newer markets, including the Midwest for Ross, and expansion of DD’s Discounts,” Ross Stores president and chief development officer Jim Fassio said.”Ross Dress for Less remains the largest off-price apparel and home fashion chain in the U.S with 1,295 locations in 34 states, the District of Columbia and Guam. We continue to identify plenty of domestic growth opportunities ahead for both Ross and DD’s Discounts, and believe that over the long term, Ross can grow to 2,000 total locations and DD’s Discounts can become a chain of 500 stores.”
In its annual investor presentation, Ross outlined those growth opportunities saying research has shown that its success in clustering stores closer together points to a potential for more fully saturating existing and new markets.
Ross said the company has the potential to approximately double the size of its existing store base domestically over the long term.
For the quarter ended Jan. 30, Ross reported sales up 7 percent to $3.25 billion. For the full fiscal year 2015, sales were up 8 percent to $11.94 billion, with comparable store sales up 4 percent.