Household goods sales finally see improvement, Ross Stores performance achieved the largest increase in the past two year
2023-08-25
Household goods sales finally see improvement, Ross Stores performance achieved the largest increase in the past two years
Ross Stores Inc.'s Ross Dress for Less and dd's Discounts store traffic increased as more customers returned to brick-and-mortar stores, the second quarter of this fiscal year seeing the highest traffic since the fourth quarter of 2021. Strongest performance growth.
Ross Stores' second-quarter results for the fiscal year ended July 29 have grown significantly, with sales of $4.9 billion, a year-on-year increase of 7.7%. It was also the company's biggest quarterly increase in sales after a 9% increase in the fourth quarter of 2021. At the same time, the company's profit for the quarter was US$446 million, a substantial increase of 15.8% year-on-year.
In terms of merchandise category performance, beauty and accessories saw the largest growth, while household goods sales rose above average, gradually coming out of the doldrums.
Barbara Rentler, CEO of the company, said, "We achieved satisfactory results in the second quarter, with sales and earnings well in excess of our expectations. good response from customers". In terms of household items of interest, she sees considerable room for growth in household items.
In the first two quarters of this fiscal year, Ross Stores' sales revenue totaled US$9.429 billion, an increase of 5.8%, and half-year profits totaled US$818 million, an increase of 13.1%. Encouraged by the good second-quarter results, the company raised its guidance for the full fiscal year, expecting comparable store sales growth of 2% to 3% for the full fiscal year ending January 27, 2024.
Ross Stores Inc. continued its brick-and-mortar expansion this year, with plans to open 75 new Ross stores and 25 dd’s this fiscal year. In June and July alone, 18 new Ross Dress for Less stores and 9 dd’s Discounts opened. At present, the company has operated a total of 2,061 stores in 41 states of the United States, Washington DC and Guam, and is gradually moving towards the strategic goal of 2,900 Ross Dress for Less stores and 700 dd's discount stores.
In addition, the company highly recognizes the work ability and development achievements of Barbara Rentler, the current vice chairman and chief executive officer, and extended her term as chief executive officer until January 31, 2026.
