Ross Opens First 18 of 90 Stores Planned for 2024

RICK ROSS

Ross Opens First 18 of 90 Stores Planned for 2024 (Read More)

• Store Expansion: Ross Stores launches its 2024 expansion plan by opening 11 Ross Dress for Less and seven DD’s Discounts stores across 11 states in February and March, in line with its goal of adding approximately 90 new stores during the fiscal year.

• Geographic Expansion: Ross expands its presence in newer markets such as Michigan and New York for Ross Dress for Less, while DD’s Discounts focuses on growth in existing markets like California, Florida, and Texas.

• Long-Term Vision: Ross envisions further expansion to 2,900 Ross Dress for Less locations and 700 DD’s Discounts stores, leveraging consumers' ongoing demand for value and convenience.

• Financial Performance: Ross's fiscal performance shows positive trends with income increasing to $610 million and sales rising to $6 billion, surpassing estimates. Comparable-store sales grew by 7%, with expectations for 2024 same-store sales growth of 2% to 3%.

• Earnings Outlook: Expected earnings per share range between $5.64 and $5.89 for fiscal 2024.

• Market Analysis: While Ross expresses satisfaction with DD’s Discounts' fiscal 2023 results, it aims to address challenges in newer markets through analysis to better understand customer needs.

• Company Overview: Headquartered in Dublin, California, Ross operates 1,764 Ross Dress for Less locations and 345 DD’s Discounts stores across various states and territories.

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