Leveraging shoppers hunger for value-driven products, Ross Stores Inc. said it opened 27 units this month, which is part of a 90-store expansion plan for the year.
The off-price retailer opened 19 Ross Dress for Less units and 8 DD’s Discounts stores in 15 states. The 2015 expansion plan calls for opening a total of 20 DD’s Discounts and 70 Ross Dress for Less stores.
At the morning bell, shares of Ross Stores rose 1 percent on the news to $52.81.
Jim Fassio, president and chief development officer, said that the “openings reflect our ongoing strategy of targeting growth in both established regions and newer markets that we began to enter in 2011.”
The new markets include store openings in Illinois, Kentucky, Indiana and Kansas. “Looking ahead, we continue to see significant expansion opportunities throughout the country, and remain confident that Ross Dress for Less can grow to 2,000 locations and DD’s Discounts can become a chain of 500 stores,” Fassio added.
Ross Stores has annual sales of $11 billion, and has delivered consistent sales and earnings as consumers key into the retailer’s product positioning that sets price-points of between 20 to 60 percent below what’s offered at full-price chains.