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Ross Stores household goods annual sales surpass $5 billion mark


Ross Stores household goods annual sales surpass $5 billion mark

In 2023, when the North American home furnishing market was generally weak, Ross Stores' home furnishings sales bucked the trend and grew, with annual sales exceeding the important milestone of US$5 billion.

Sales of this category, classified as "home decoration, bedding and bath products" in Ross Stores' financial report, rebounded strongly from a slight decline in 2022, with sales reaching $5.298 billion in 2023, a strong increase of 9%. Since Ross Stores exceeded the US$4 billion mark in 2019, it took Ross Stores only 4 years to achieve the US$5 billion breakthrough. This significant growth is a testament to the low-price discount retailer's strong competitiveness in the market and continued consumer recognition of its products.

In the past five years, Ross Stores has actively expanded its market, adding a net of 304 new stores. Home furnishings have always been a pillar category, accounting for a steady 25% of total sales.

"We've made a huge effort in home gifting this year, introducing new product categories and getting an overwhelming response from consumers," Ross Stores CEO Barbara Rentler said in a recent investor call. Emphasizing that the company will continue to be committed to providing more diversified and higher-quality home products to meet changing market needs.

Ross Stores has ambitious expansion plans. It is reported that the company plans to add 90 new stores in 2024, including 75 “Ross Dress for Less” stores and 15 “dd’s Discounts” stores. The company also said that in the long term, they see the potential to grow to at least 2,900 "Ross" stores and 700 "dd's" stores.

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