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Off-Price Strength Continues as Ross Opens 98th New Store of FY19

Ross Stores Inc. is on track to grow its store base to 2,400 Ross Dress for Less and 600 DD’s Discounts locations.

The company just completed its fiscal 2019 store growth plan of 98 new doors, following the opening of 30 Dress for Less and 12 DD’s locations across 19 states in September and October.

Jim Fassio, president and chief development officer, said, “Looking ahead, we remain confident in our ability to grow 2,400 Ross Dress for Less and 600 DD’s Discounts locations over time.”

Fassio said the company’s new sites marked an expansion across existing markets and its newer market, the Midwest, home to nine new stores in Illinois, Indiana, Kentucky, Nebraska and Ohio.

With its inaugural store opening in Virginia, DD’s now operates in 19 states.

Ross Stores maintains a total of 1,811 doors in 39 states, the District of Columbia and Guam, including 1,550 Dress for Less stores and 261 DD’s in 19 states.

When the company reported second quarter earnings in August, it said net income rose 6 percent to $412.7 million, or $1.14 a diluted share, on revenues of $3.98 billion. While the off-pricer has struggled with its women’s business, CEO Barbara Rentler said at the time, “While our ladies business continued to trail the chain, trends in this important area showed some improvement during the period.”

The company guided third-quarter earnings per share for the period ended Nov. 2 at between 92 cents to 96 cents, versus 91 cents a year ago.