Latest news with #RossDressforLess
Hindustan Times
3 days ago
- Business
- Hindustan Times
Ross Stores responds to tariff concerns — Will prices go up?
Ross stores, the retail chain responsible for providing high-quality, low-priced apparel, footwear, and home items, may soon face an increase in prices. The 2,205 Ross Dress for Less and DD'S Discounts stores spread across 44 states are at the risk of rolling out higher prices and reduction of discounts for customers sometime in June or July due to tariff restrictions and other profitability threats being faced by the company, according to Merca. During a recent earnings call to discuss the retail chain's performance in 2025's first quarter, CEO Jim Conroy said on May 22 that the company had suffered a 'slower start to the spring selling season'. With inflation, changing consumer preferences, and a rise in Chinese tariffs, Conroy revealed that Ross is examining whether the company needs to up merchandise prices to deal with the blowback. 'As tariffs remain at elevated levels, we will be working to find the right combination of pricing versus merchandise margin compression. We believe we have several levers available to minimize the overall impact, but it is possible that we will see short-term pressure on our profitability,' he said. Though a rise in prices could possibly be the only option on the table, COO Michael Hartshorn also clarified that this hike will be based on category and use of items. 'We want to be very careful with price increases,' said Hartshorn. 'We don't want to be the first one to raise prices, and we want to make sure that we keep our value or pricing umbrella versus mainstream retail. And that's a substantial value gap to make sure we're delivering the values that customers come to expect.' In the first quarter earnings reports for 2025, the retailer revealed a 2% fall in net income this year to $479 million. While comparable store sales remained stagnant, a 2.7% year-over-year drop was reported in average customer visits per store. These numbers were reported in a climax of changing customer preferences that Conroy described as 'a shift towards more functional items versus discretionary items'. President Trump's tariff war with China is also a matter of concern to the company since more than half of its cost-effective retail imports are sourced from the latter. 'The volatility of trade policies and the corresponding impact on the economy, the consumer, and our profitability is highly unpredictable,' said Conroy. 'We will focus on what we can control and manage the business conservatively.' Trump has been engaged in a retaliatory tariff war with China ever since he first announced the new tariff imports on February 1. Currently, there is a 90-day pause on the new tariffs announced by both sides which steeped as high as 125%. The company is preparing in advance to face higher import taxes in 60 countries come July when the pause opens up. Apart from considering a hike in pricing to break even, Ross is also looking into sourcing goods from other countries with little to no tariffs. Many other retailers such as Walmart, Nike, Shein, Adidas, Target, Best Buy, and Mattel have already announced a hike in prices for customers who are already preparing to deal with the financial blowback.
Express Tribune
6 days ago
- Business
- Express Tribune
Ross Stores CEO makes bleak prediction amidst Trump China tariffs
Ross Dress for Less is grappling with a serious challenge as its first-quarter earnings for 2025 reveal stagnant sales and a decline in net income. The discount retailer, facing a shrinking customer base, is contemplating significant adjustments that could affect shoppers in the near future. For the first quarter, Ross Stores reported flat comparable sales compared to the same period last year, and net income of $479 million, which marked a nearly 2% drop from the previous year. This decline comes amid a steady decrease in customer visits, with data from showing a 2.7% year-over-year drop in visits per store. CEO Raises Alarm on Inflation and Tariffs In a May 22 earnings call, Ross CEO Jim Conroy addressed the troubling figures, attributing the company's weaker performance to both prolonged inflation and a shift in customer buying patterns. Conroy noted that consumers are increasingly gravitating toward functional items rather than discretionary products. He also highlighted tariffs as an emerging threat to profitability. The recent 10% tariff on imports imposed by the Trump administration, particularly on goods from China, is already affecting Ross, with over 50% of its products sourced from the country. Conroy warned that these tariffs, combined with rising inflation, could result in higher prices for consumers in the coming months. "The volatility of trade policies and the corresponding impact on the economy, the consumer, and our profitability is highly unpredictable," said Conroy. "During these uncertain times, we will focus on what we can control and manage the business conservatively." Rising Prices Loom as Tariffs Impact Costs With tariffs expected to remain at elevated levels, Ross is exploring ways to adjust its pricing strategy. Conroy confirmed that the company will consider raising prices on certain items but stressed that the increases would be strategically planned, depending on whether the item is deemed functional or discretionary. "We want to be very careful with price increases," said Ross Chief Operating Officer Michael Hartshorn. "We don't want to be the first one to raise prices, and we want to make sure that we keep our value or pricing umbrella versus mainstream retail." While Ross aims to avoid a drastic price hike, the company plans to start adjusting prices around June or July this year. In addition to raising prices, Ross is negotiating with suppliers to manage import costs and is looking into sourcing products from alternative countries, though this shift is expected to take months and will not affect pricing until 2026. Shifting Consumer Habits As the prospect of higher prices looms, consumers are already altering their shopping habits in response to anticipated cost increases. A recent survey by market research firm Numerator found that 83% of Americans are preparing for the impact of tariffs by searching for sales and coupons, delaying purchases, and buying fewer imported goods. Ross Stores, known for offering discounted prices, is preparing for a challenging period as both the broader economic environment and consumer behaviour continue to evolve. The company's strategy in the months ahead will determine how it navigates the turbulent landscape of rising tariffs, inflation, and changing shopping trends.
Miami Herald
02-05-2025
- Business
- Miami Herald
Macy's has been closing stores — now a Miami mall says it's planning to add one
Macy's, which has announced the closing of some locations across the country and in South Florida, has plans to open a new store at Midway Crossings, according to the mall's property management company. The 55-year-old Midway Crossings, with one of the largest DMV offices in Florida, is tucked off of the busy Palmetto Expressway. The mall's West Palm Beach-based property management company, Sterling Organization, lists Macy's as 'coming soon' on its website, alongside Ross Dress for Less, Aldi, Burlington, Micro Center, Costco, Marshalls and other retailers among Midway Crossings' major tenants and national retailers. A map of Midway Crossings, 7795 W. Flagler St. west of Miami, reveals a Macy's logo near the center's Five Below and Metro by T-Mobile stores and the food court. A property management representative confirmed to the Miami Herald on Friday the plans to build a Macy's at Midway Crossings and that a lease is 'in place.' Construction hasn't started and no opening date has been announced. How Macy's is changing Macy's corporate office is tight-lipped about its plans to open a new store in Miami-Dade. In January, Macy's announced the closing of 66 of its stores nationwide, including five in South Florida — including the location at Boynton Beach Mall's and several furniture outlets in Broward County — as part of its 'Bold New Chapter' strategy. 'We're not able to comment on any specific plans at this time,' Isabella Hershey, an external communications associate with Macy's, said in an email to the Miami Herald. 'As we finalize these plans, we will share more details.' Sterling's website indicates the new Macy's will be 31,296 square feet, making the Macy's one of the bigger spaces at Midway Crossings. The new Micro Center visible from the Palmetto Expressway is larger at 37,500 square feet. Costco and Home Depot, on the property but not inside the main mall, top 100,000 square feet each. But the coming Macy's tops the Burlington, Ross Dress for Less, Marshalls and the recently opened free-standing Aldi in size. The Florida Highway Safety and Motor Vehicles DMV at Midway Crossings, soon to be operated by the Miami-Dade Tax Collector's Office, is 16,006 square feet. Other Macy's locations in South Florida Macy's has stores at some of South Florida's high profile malls, including Aventura, Dadeland, Miami International and The Falls. Midway Crossings has more of a workaday reputation. The shopping center opened on 55 acres in September 1970 as Midway Mall, named because it was in Central-West Miami-Dade and served a then rural community living along Flagler Street about six miles away from Dadeland. Midway Mall was re-branded as Mall of the Americas in 1987 and renamed Midway Crossings in 2022 as part of its revitalization.
Yahoo
27-03-2025
- Yahoo
Albuquerque man sentenced to prison for armed robberies at Ross Dress for Less stores
ALBUQUERQUE, N.M. (KRQE) – An Albuquerque man was sentenced to prison for a string of violent armed robberies targeting multiple Ross Dress for Less stores in 2022. Story continues below Crime: Video – Stolen vehicle driver totals APD vehicle in crash with officer NM Film: 'Rust' trailer released more than three years after fatal on-set shooting Sports: Rio Rancho fires boys basketball coach after 16 years Jason Roper, 46, committed three armed robberies at Ross Dress for Less stores, according to court records. Evidence also revealed that Roper also involved his then 12-year-old nephew in other robberies. Roper was sentenced to 20 years in prison and when released, he will be subject to three years of supervised release Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
28-01-2025
- Business
- Yahoo
Ross Dress for Less looks to open second store in Collierville: Here's where
A Germantown-based real estate development firm has plans to build a space for a major retail chain's second location in Collierville. The Collierville Board of Mayor and Aldermen on Monday approved Crews Development LLC's final site plan and development agreement for a 27,748-square-foot building at 1016 W. Poplar Ave. at the Collierville Marketplace. A Ross Dress for Less store is planned for one of the tenant spaces in the building. The California-based chain of discount department stores is the largest off-price retailer in the U.S. Ross Dress for Less would occupy roughly 22,000 square feet and be constructed adjacent to PetSmart, while a roughly 5,700-square-foot shell space is also planned to be built for a future tenant next the popshelf, according to a final site plan application to the Town of Collierville. While the board approve the site plan, it did not approve Ross' request for a waiver to allow the use of "Bermuda Blue" bricks on the front façade. The Design Review Commission did not recommend approval of the waiver in December. "As a town, we have very high standards," Collierville Alderman Missy Marshall said. "... Just the work the DRC (Design Review Commission) and the Planning Commission put into it and them not recommending it, we want to continue to be consistent with our high standards in town." Steven Williams, residential and commercial development manager for Crews Development, LLC, told the board that Ross is planned to be the biggest tenant in the Collierville Marketplace. An existing Ross Dress for Less in Collierville is located at the Carriage Crossing MarketPlace at 10249 E. Shelby Drive, across from the Shops at Carriage Crossing. Collierville Town Planner Jaime Groce said once the new Ross and other tenant space are built, that it will 'fill in the gaps' in the Collierville Marketplace shopping center and be the last building owned by Crews. Groce noted an Advance Auto store is relocating from the nearby Kroger Center at 754 W. Poplar Ave. into a roughly 6,900-square-foot space at the Collierville Marketplace. Construction has not started on the store, which will have 34 total parking spaces including two handicap spaces. He said the project has been held up due to the owner trying to get an easement from Home Depot for offsite drainage improvements. COLLIERVILLE DEVELOPMENT: Collierville may soon nearly double its number of hotels. What's leading to the growth? Groce said once that site is built, the entire shopping center will be built-out. The 242,800 square-foot Collierville Marketplace shopping center at the corner of West Poplar and Market Boulevard have several notable commercial tenants including Home Depot, Ichiban Buffet, Frost Bake Shop and FedEx Office. Corey Davis is the Collierville and Germantown reporter with The Commercial Appeal. He can be reached at or 901-293-1610. This article originally appeared on Memphis Commercial Appeal: Ross Dress for Less wants to open a second store in Collierville, TN
