Ross to open 100 stores in 2023

Last year, the California retailer reached the 2,000-store mark, including 1,700 Ross and 330 DD’s with locations in 40 states.

California-based American off-price department stores Ross is investing in a retail chain. The company has opened 19 stores since the beginning of the year and expects to grow by 100 by the end of the year.

Among the new openings, eleven stores are under the Ross Dress for less brand and eight are under the DD’s Discounts sign. Expansion of both chains is taking place in California, Texas and Florida. The retailer plans to open 75 Ross department stores and 25 DD’s during 2023. Last year, the California retailer reached the 2,000-store mark, including 1,700 Ross and 330 DD’s with locations in 40 states.

“Taking a long-term view, we remain confident that Ross could grow to 2,900 locations and DD’s Discounts could become a chain of 700 stores, given consumers’ continued focus on value and convenience,” the company commented.

The company reported fourth-quarter 2022 revenue of $5.2 billion; in the past twelve months, sales totaled $18.7 billion, down 4%. The retailer’s annual net income fell from $1.72 to $1.51.

In 2023, Ross expects revenue growth of between 2-5%. The retailer will also continue to work on assortment changes in response to changing consumer habits and increased demand for promotional items.