Ross Stores opens 18 stores in February and March — more to come

Ross plans to open 100 locations in 2023.
Ross Stores opened 18 locations in February and March.

Ross Stores has kicked off its 2024 store expansion.

The off-price apparel retailer opened 11 Ross Dress for Less and seven DD’s Discounts stores in 11 different states in February and March. These new locations are part of the company's previously announced plans to add approximately 90 new stores, comprised of about 75 Ross and 15 DD’s Discounts locations, during fiscal 2024. 

"This spring, we continued to expand the store base of both Ross and DD’s. Specifically for Ross, we expanded our presence in the newer markets of Michigan and New York, while DD's growth primarily focused on existing markets of California, Florida and Texas," said Gregg McGillis, group executive VP, property development. "We now operate a total of 2,127 Ross Dress for Less and DD’s Discounts locations across 43 states, the District of Columbia, and Guam. As we look out over the long term, we remain confident that Ross can grow to 2,900 locations and DD's Discounts can become a chain of 700 stores given consumers' ongoing focus on value and convenience."

Ross Stores targets growth as sales top estimates

Ross is expanding its store footprint as its fiscal performance is trending upward. The retailer reported income of $610 million, or $1.82 a share, in the quarter ended Feb. 3, up from $447 million, or $1.31 a share, in the year-ago period. Analysts had expected earnings of $1.66 a share.

Sales rose to $6 billion from $5.2 billion, topping estimates of $5.8 billion. Comparable-store sales increased 7%. Ross expects 2024 same-store sales to grow 2% to 3%, on top of a 5% gain in 2023. Earnings per share are expected to be between $5.64 and $5.89.

However, on an earnings call, Ross Stores CEO Barbara Rentler called DD’s top-line fiscal 2023 results “respectable,” but said the company was disappointed with the brand’s performance in newer markets. It is conducting an analysis to better understand the needs of DD’s diverse customer base as it expands into new market.

Headquartered in Dublin, Calif., Ross operates 1,764 namesake locations in 43 states, the District of Columbia, and Guam, along with 345 DD’s Discounts stores in 22 states.

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