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Ross to open 100 new stores in 2018

RBR Staff Writer Published 13 March 2018

American departmental store chain Ross Stores is planning to open 100 new stores in 2018.

The company opened 23 Ross Dress for Less and six dd’s DISCOUNTS stores across 14 different states in February and March. It plans to open an additional 75 Ross and 25 dd’s stores.

Ross Stores president and chief development officer Jim Fassio said: "With these recent openings, we continued our growth in both new and existing markets.

"Our newest market for Ross Dress for Less is Nebraska, and for dd's DISCOUNTS, we entered Illinois with two new stores.”

Ross Stores currently operates a total of 1651 Ross Dress for Less and dd’s DISCOUNTS locations across 38 states, the District of Columbia, and Guam.

The company’s strategy for Ross includes expanding to 2,000 locations and for dd’s DISCOUNTS to grow to around 500 stores.

By October 2017, the company had added a total of 96 stores in the US. In September and October alone, it added 30 Ross Dress for Less and ten dd’s DISCOUNTS stores across 22 different states.

Recently, Baird Financial Group increased its stake in Ross Stores by 4.8%, as per the fund’s recent filing with the Securities & Exchange Commission.

The fund owned 63,357 shares and has acquired an additional 2,900 shares, The Lincolnian Online reported.

Ross offers designer apparel, accessories, footwear and home fashions for the entire family at savings between 20% to 60% off department and specialty store regular prices. The company’s dd’s DISCOUNTS features moderately priced apparel, accessories and footwear with savings between 20 and 70%.

The company recently reported its fourth quarter and fiscal 2017 results. Net earnings for the 14 weeks ended 3 February 2018 were $451m, compared to $301m in the 13 weeks ended 28 January 2017.

Sales for the fourth quarter were up 16% to $4.1bn. Comparable store sales for the 13 weeks ended 27 January 2018 rose 5%, compared to a 4% gain for the same period in the prior year.

Image: Ross Dress for Less clothing store in Hillsboro, Oregon. Steve Morgan/Wikipedia.org.