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Ross Stores (ROST) Opens 18 Stores, In Line With Store Expansion
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Ross Stores, Inc. (ROST - Free Report) has announced a significant expansion effort that underscores its bullish outlook on the value retail market. In a strategic move to augment its footprint across the United States, this prominent off-price retailer inaugurated 11 Ross Dress for Less stores and seven dd's DISCOUNTS outlets through February and March, spreading its reach across 11 diverse states.
This expansion is part of the company’s ambitious plan for fiscal 2024, aiming to launch 90 locations, which will include about 75 Ross and 15 dd's DISCOUNTS stores. This expansion strategy highlights the company's effort to bolster the store base of both Ross and dd's DISCOUNTS brands.
For Ross Dress for Less, the expansion notably includes enhancing its presence in relatively newer markets such as Michigan and New York. In contrast, dd's DISCOUNTS has seen growth primarily in its established strongholds of California, Florida and Texas. Following this latest expansion, Ross Stores operates 2,127 Ross Dress for Less and dd's DISCOUNTS locations across 43 states, the District of Columbia and Guam.
Image Source: Zacks Investment Research
What’s More?
The expansion reflects not only the company's aggressive growth strategy but also its optimism about the future of the discount retail sector. Consumers' increasing focus on value and convenience, heightened by economic uncertainties and changing shopping behaviors, has fueled the demand for off-price retail formats. Ross Stores’ ability to offer competitive prices on a wide array of merchandise, from clothing to home accessories, has made it a favored destination among budget-conscious shoppers.
Looking ahead, the company envisions a robust growth trajectory for its business. Its long-term plans are ambitious, with a goal for Ross Dress for Less to reach 2,900 locations and envisioning dd's DISCOUNTS evolving into a 700-store chain. This expansion strategy not only aims to cater to the growing demand for value retail but also positions Ross Stores as a formidable competitor in the off-price retail segment.
The company's strategic growth initiatives and confidence in the potential of the off-price retail market signal a positive outlook for its future, promising more accessible shopping options for consumers across the United States, while also contributing to the communities it serves.
Shares of this Zacks Rank #3 (Hold) company have gained 41.1% in the past year as compare with the industry’s growth of 29.2%.
Three Solid Picks
Below we have highlighted three better-ranked stocks, namely Sprouts Farmers Market, Inc. (SFM - Free Report) , Sovos Brands Inc. and Grocery Outlet (GO - Free Report) .
The Zacks Consensus Estimate for Sprouts Farmers Market’s 2024 earnings and sales indicates growth of 3.9% and 6.8%, respectively, from the previous year’s reported figures. SFM has a trailing four-quarter average earnings surprise of 10%.
Sovos Brands is a food company. Its brand portfolio includes Rao's, a premium line of sauces. The company currently sports a Zacks Rank #1.
The Zacks Consensus Estimate for Sovos Brands’ current financial-year sales and earnings suggests growth of 12.8% and 16.3%, respectively, from the year-ago reported numbers. SOVO has a trailing four-quarter earnings surprise of 26.4%, on average.
Grocery Outlet is a high-growth, extreme-value retailer of quality, name-brand consumables and fresh products. It currently has a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Grocery Outlet’s current financial-year earnings and sales indicates growth of 9.4% each from the prior year’s reported figures. GO has delivered a trailing four-quarter earnings surprise of 17%, on average.
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Ross Stores (ROST) Opens 18 Stores, In Line With Store Expansion
Ross Stores, Inc. (ROST - Free Report) has announced a significant expansion effort that underscores its bullish outlook on the value retail market. In a strategic move to augment its footprint across the United States, this prominent off-price retailer inaugurated 11 Ross Dress for Less stores and seven dd's DISCOUNTS outlets through February and March, spreading its reach across 11 diverse states.
This expansion is part of the company’s ambitious plan for fiscal 2024, aiming to launch 90 locations, which will include about 75 Ross and 15 dd's DISCOUNTS stores. This expansion strategy highlights the company's effort to bolster the store base of both Ross and dd's DISCOUNTS brands.
For Ross Dress for Less, the expansion notably includes enhancing its presence in relatively newer markets such as Michigan and New York. In contrast, dd's DISCOUNTS has seen growth primarily in its established strongholds of California, Florida and Texas. Following this latest expansion, Ross Stores operates 2,127 Ross Dress for Less and dd's DISCOUNTS locations across 43 states, the District of Columbia and Guam.
Image Source: Zacks Investment Research
What’s More?
The expansion reflects not only the company's aggressive growth strategy but also its optimism about the future of the discount retail sector. Consumers' increasing focus on value and convenience, heightened by economic uncertainties and changing shopping behaviors, has fueled the demand for off-price retail formats. Ross Stores’ ability to offer competitive prices on a wide array of merchandise, from clothing to home accessories, has made it a favored destination among budget-conscious shoppers.
Looking ahead, the company envisions a robust growth trajectory for its business. Its long-term plans are ambitious, with a goal for Ross Dress for Less to reach 2,900 locations and envisioning dd's DISCOUNTS evolving into a 700-store chain. This expansion strategy not only aims to cater to the growing demand for value retail but also positions Ross Stores as a formidable competitor in the off-price retail segment.
The company's strategic growth initiatives and confidence in the potential of the off-price retail market signal a positive outlook for its future, promising more accessible shopping options for consumers across the United States, while also contributing to the communities it serves.
Shares of this Zacks Rank #3 (Hold) company have gained 41.1% in the past year as compare with the industry’s growth of 29.2%.
Three Solid Picks
Below we have highlighted three better-ranked stocks, namely Sprouts Farmers Market, Inc. (SFM - Free Report) , Sovos Brands Inc. and Grocery Outlet (GO - Free Report) .
Sprouts Farmers Market operates in a highly fragmented grocery store industry. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Sprouts Farmers Market’s 2024 earnings and sales indicates growth of 3.9% and 6.8%, respectively, from the previous year’s reported figures. SFM has a trailing four-quarter average earnings surprise of 10%.
Sovos Brands is a food company. Its brand portfolio includes Rao's, a premium line of sauces. The company currently sports a Zacks Rank #1.
The Zacks Consensus Estimate for Sovos Brands’ current financial-year sales and earnings suggests growth of 12.8% and 16.3%, respectively, from the year-ago reported numbers. SOVO has a trailing four-quarter earnings surprise of 26.4%, on average.
Grocery Outlet is a high-growth, extreme-value retailer of quality, name-brand consumables and fresh products. It currently has a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Grocery Outlet’s current financial-year earnings and sales indicates growth of 9.4% each from the prior year’s reported figures. GO has delivered a trailing four-quarter earnings surprise of 17%, on average.