Ross Stores, Inc. reported a revenue of $21.1 billion for the fiscal year ending February 1, 2025, marking a 3.7% increase from $20.4 billion in the previous year. The company's net earnings also rose to $2.1 billion, or $6.32 per diluted share, compared to $1.9 billion, or $5.56 per diluted share, in fiscal 2023. This growth in profitability was attributed to a 3% increase in comparable store sales and the opening of 89 new stores during the fiscal year, bringing the total store count to 2,186.
In terms of operational metrics, Ross Stores experienced a slight decrease in the cost of goods sold as a percentage of sales, which fell to 72.2% from 72.7% in the prior year. This improvement was driven by lower buying costs and distribution expenses. Selling, general, and administrative expenses also decreased as a percentage of sales, reflecting the impact of a pre-tax gain from the sale of a packaway warehouse facility. The company’s operating income as a percentage of sales increased to 12.2%, up from 11.3% in fiscal 2023.
Strategically, Ross Stores continued to expand its footprint, opening 89 new locations, including 77 Ross Dress for Less stores and 12 dd’s DISCOUNTS stores. The company operates 1,831 Ross stores across 43 states and 355 dd’s DISCOUNTS stores in 22 states as of February 1, 2025. The company’s focus on value-driven customers remains a core aspect of its strategy, with both brands offering significant discounts on name-brand merchandise.
Looking ahead, Ross Stores anticipates opening approximately 90 new stores in fiscal 2025, continuing its strategy of geographic expansion and market penetration. The company remains vigilant regarding macroeconomic conditions, including inflation and consumer spending trends, which could impact its performance. Ross Stores is committed to leveraging its off-price retail model to navigate these challenges and capitalize on opportunities in the marketplace.
About ROSS STORES, INC.
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