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This is because, over longer periods of time, dividend growth can only be sustained by business growth. Having just upped its quarterly dividend per share by 8.1% to $0.335, Ross Stores (NASDAQ: ROST) arguably fits this profile to a T. Ross Stores is the biggest off-price apparel and home fashion retailer in the United States.
Ross Stores, Inc. opened 11 Ross Dress for Less® ("Ross") and eight dd's DISCOUNTS® stores in 13 different states in February and March. Both chains expanded into existing markets including locations in California, Texas, and Florida. For dd's, growth also included their first store in the state of Wisconsin. These new locations are part of the Company's plans to add approximately 100 new stores, comprised of about 75 Ross and 25 dd's DISCOUNTS, during fiscal 2023.