Ross Stores meets 2019 store growth goals
An off-price retailer expanded its banners across existing and new markets.
Ross Stores Inc. opened 30 new Ross Dress for Less and 12 dd's Discounts stores across 19 different states in September and October. These new locations complete the company's store growth plans for fiscal 2019 with the addition of 98 new stores.
The retailer’s 42 new locations include nine Ross stores in its newer Midwest markets of Illinois, Indiana, Kentucky, Nebraska, and Ohio. In addition, dd's Discounts entered the state of Virginia with the opening of one new store and now operates in 19 states.
Ross Stores’ recent second-quarter earnings and sales exceeded Street expectations, but the chain narrowed its full-year earnings guidance on tariff concerns. However, the company is maintaining aggressive growth plans.
"This fall, we continued to expand our Ross and dd's footprints across our existing markets as well as expansion in our newer market – the Midwest," said Jim Fassio, president and chief development officer, Ross Stores Inc. "Looking ahead, we remain confident in our ability to grow to 2,400 Ross Dress for Less and 600 dd's Discounts locations over time."
Together, Ross Dress for Less and dd's Discounts currently operate 1,811 off-price apparel and home fashion stores in 39 states, the District of Columbia, and Guam.
Ross Stores’ recent second-quarter earnings and sales exceeded Street expectations, but the chain narrowed its full-year earnings guidance on tariff concerns.