Ross' narrow moat appears intact as the retailer executes on continued revenue growth.
Ross’s narrow moat appeared fully intact in the fourth quarter with comparable sales growth of 5% (on top of a 4% gain in the prior year) and 95 basis points of operating margin expansion to 14.6%. We continue to believe that the off-price model is taking market share from department stores (U.S. department store retail sales fell about 3% in 2017) with its value orientation and responsive inventory management. That said, we think Street expectations got ahead of performance with the stock falli...Ross Stores and its subsidiaries operate two brands of off-price retail apparel and home fashion stores, which are Ross Dress for Less? (Ross) and dd's DISCOUNTS?. Ross provides name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. dd's DISCOUNTS provides name brand apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Both of the company's Ross and dd's DISCOUNTS brands target women and men between the ages of 18 and 54.
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