Ross Stores Inc. Is Opening 100 Stores in 2023: Here’s Why

This year, Ross Stores Inc. is focused on expansion.

In February and so far in March, the Dublin, Calif.-based retailer has opened 11 stores under its off-price Ross Dress for Less banner and eight dd’s Discounts doors. The expansion of its brick-and-mortar footprint spanned 13 states, which included growth in existing markets and the first dd’s Discounts store in Wisconsin.

Today, Ross Stores Inc. announced it is targeting roughly 100 new stores in fiscal 2023.

The breakdown of the stores, the company said in a statement, includes approximately 75 Ross Dress for Less locations and roughly 25 under the dd’s Discounts banner.

“These recent openings reflect our ongoing plans to continue the expansion of our two chains,” Ross Stores Inc. group EVP of property development Gregg McGillis said in a statement. “We now operate a total of 2,034 Ross Dress for Less and dd’s Discounts locations across 40 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.”

At time of publication, Ross Stores Inc. operates 1,704 Ross Dress for Less stores in 40 states, Washington, D.C., and Guam, as well as 330 dd’s Discounts locations across 22 states.

During a February earnings call, Ross Stores Inc. reported sales of $18.7 billion for fiscal 2022. 

Barbara Rentler, CEO of Ross Stores Inc., said during the February earnings call that it is “prudent to remain conservative” when planning its business for 2023.

“While we hope to do better, for the 52 weeks ending January 27, 2024, we are planning comparable store sales to be relatively flat versus a 4% decline and a 13% gain in fiscal 2022 and 2021, respectively,” Rentler said during the call. “If sales perform in line with this plan, we expect earnings per share for the 53 weeks ending February 3, 2024, to be $4.65 to $4.95 compared to $4.38 in fiscal 2022. Incorporated in this guidance range is an estimated benefit to earnings per share of approximately $0.15 from the 53rd week in fiscal 2023.”

Rentler also offered a glimpse into its plan for profitability in 2023 during the call.

“Looking ahead, we will continue strengthening our merchandise assortments by delivering great branded bargains to the consumer while also strictly controlling expenses throughout the company. This will allow us to maximize sales and profitability in 2023 and beyond,” Rentler said.

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