Ross Stores Inc. plans to open more stores this year and thinks it can grow its two nameplates to 3,000 locations over time.
The company on Monday said it will open 100 more stores in 2019. It already opened 22 Ross Dress for Less stores and six DD’s Discounts across 12 states in February and March. Now it will open 75 more Ross Stores and 25 DD’s during the balance of the fiscal year.
The company currently operates 1,745 Ross Dress for Less and DD’s across 38 states, the District of Columbia and Guam. Jim Fassio, president and chief development officer, said, “As we look over the long-term, we remain confident that Ross can grow to 2,400 locations and DD’s Discounts can become a chain of 600 stores given consumers’ ongoing focus on value.”
The two nameplates have a different focus. Ross Dress for Less now has 1,502 locations in 38 states, the District of Columbia and Guam. It sells off-price apparel and home fashions. The offerings are first-quality, in-season and name brand and designer apparel, accessories, footwear and home goods that are 20 percent to 60 percent off the regular prices at the department and specialty store channels. In contrast, the 243-unit DD’s operates in 18 states and sells moderately-priced merchandise, also first-quality, in-season and brand name and designer goods in apparel, accessories, footwear and home. The savings are 20 percent to 70 percent off regular department and discount store prices.
As for the store openings this month and last, Fassio said, “These recent openings reflect our ongoing plans to continue building our presence in both existing and new markets, including the Midwest for Ross, and expansion of DD’s Discounts into Oklahoma and Illinois.”
Ross Stores last week posted fourth-quarter earnings results in which net income was $441.7 million on revenues of $4.11 billion. Earnings per share was $1.20, beatings Wall Street’s consensus estimate of $1.13 on revenues on revenues of $4.05 billion.