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Ross targets growth with 100 new store openings in 2023

The retailer launched 27 new outlet stores in June and July.
Retailer Ross aims to meet its target of opening 100 stores in 2023. The retailer launched 27 new outlet stores in June and July. The chain is set to grow to 2,900 outlets by the end of the year.

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According to the company's press office, the past two months have seen the opening of 18 Ross Dress for Less stores and nine DD's Discounts stores in 14 states. 75 Ross stores and 25 DD's Discounts stores will launch this year.

"This summer, Ross Dress for Less opened its inaugural six stores in the state of Michigan and DD's expanded its presence in Arizona, California, Florida, Georgia, Oklahoma, and Pennsylvania," said Gregg McGillis, group executive vice president of property development. "Looking ahead, we remain confident in our ability to grow to at least 2,900 Ross Dress for Less and 700 DD's Discounts locations over time."

For the first quarter of 2023, Ross grew the chain by 11 same-store locations and eight DD's stores and announced plans to relocate 10 outlets. As of the second quarter of 2023, the retailer has 1,722 stores under management with locations in 41 states, Washington, D.C. and Guam, and 339 DD's Discounts stores in 22 states.

Ross' first-quarter sales totaled $4.5 billion, up 3.7% year-over-year, and comparable sales were up 1%. The company's fiscal 2022 revenue was $18.7 billion.

"Looking ahead, Bed Bath & Beyond “will no doubt provide opportunities for new store locations. We’ll have to review each potential new site on a case-by-case basis to see if it’s appropriate for us. But I would say, it’s not going to impact our 100-store opening plan for this year," said Ross Chief Operating Officer Michael Hartshorn.

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