Ross exceeds expectations, adds home furnishings purchases to expand merchandise lines
In recent years, the performance of Ross has been highly scrutinized by the market. According to the latest published financial data, Ross has achieved double growth in sales and profits in several quarters. In particular, Ross has once again demonstrated its strong market performance in its most recent financial results.
Ross Stores Inc. delivered impressive results for the second quarter of the year, with revenues and profits exceeding expectations. Total quarterly sales rose 7% to $5.3 billion. Net income reached $527 million, an increase of 18%. Operating profit margin increased 115 basis points from the prior year period to 12.5 percent.
For the first six months of the fiscal year, Ross totaled $10.15 billion in sales, up 7.6 percent from $9.43 billion in the same period a year earlier. Net income for the half-year was $1.015 billion, a 24.1% jump from $818 million in the same period a year earlier.
The company's dd's Discounts chain also improved. The chain, which specializes in “deep discounts,” is aggressively adjusting its product mix in new markets to meet the needs of a variety of consumers and is working to expand beyond its core market areas.
The company is confident that its business will grow as a result of growth in both store purchases and average order purchases, and expects earnings per share for the current fiscal year to be in the range of $6.00 to $6.13, up from $5.56 last year.
Ross will focus its growth efforts to further expand market share on the home furnishings business by increasing the number of purchases and expanding the availability of merchandise assortments.
Barbara Rentler, Chief Executive Officer, stated, “We are very pleased with our second quarter results, which were driven by our continued efforts to provide consumers with the highest quality branded discounted merchandise in the marketplace.” She specifically emphasized that in order to further increase market share, the company is working to expand its supplier base across all product categories, with a particular focus on growing the home furnishings business and realigning its brand portfolio.
Rentler noted that the home furnishings business is less branded than the apparel business, so the company is actively seeking to partner with additional home furnishings suppliers to diversify its product lines and meet the diverse needs of consumers. She said, “We are working with additional home furnishings suppliers to expand our product portfolio and provide consumers with more choices.”
Our company is officially the more suitable partner. Our company specializes in the production and sale of home storage products, mainly kitchen storage, bathroom storage and other home storage products, the products sell well all over the world, and constantly updated every year with new products of different categories, materials and so on. We are looking forward to cooperating with ROSS to produce more quality products.