Today In Retail: Ross Stores’ Traffic Hit By Pandemic; Vestiaire Collective Completes $215 Million Round

In today’s top retail news, Ross Stores, Inc. said its fourth-quarter sales exceeded forecasts but the pandemic proved to be a hurdle for traffic, while Vestiaire Collective completed a financing round. Plus, Nordstrom reported that it experienced a decline in fourth-quarter sales.

Ross Stores’ Traffic Lowered By Pandemic

Ross Stores, Inc., the discount clothing and home fashion chain, said its fourth-quarter sales arrived at above forecasts, but the pandemic proved to be a challenge for traffic. “While our fourth-quarter sales exceeded our expectations, the upsurge of the virus resulted in lower traffic, especially in California, our largest state, where we were subject to more stringent occupancy and operating hour restrictions,” CEO Barbara Rentler said in a release.

Vestiaire Collective Wraps Up $215 Million Financing Round

Vestiaire Collective, the European pre-owned fashion platform, finished a 178-million-euro (roughly $215 million) financing round. French luxury firm Kering and American investment company Tiger Global Management were among the investors. Vestiaire Collective, which rolled out in France in 2009, has offices in Paris, Hong Kong, New York and Singapore in addition to a tech center in Germany.

Nordstrom Q4 Reflects Transition To Digital-First Business As Rising Cost Crimp Profits

Nordstrom, the high-end retailer, said it registered a 20 percent decline in fourth-quarter sales and an 82 percent drop in earnings as more-than-expected product markdowns, higher freight costs and pandemic-related costs crimped profits. The Washington state-based chain that runs 100 namesake department stores and 250 discount Nordstrom Rack stores said that its digital sales for the quarter concluding Jan. 30 increased 24 percent.

Dollar Tree To Ramp Up Combo Stores And New Locations In Bid To Boost Sales Growth

Dollar Tree, the nation’s second-biggest operator of discount stores, said Wednesday (March 3) that it is speeding up store growth and renovations in 2021 as it looks to increase sales and profits at its over 15,000 stores. The Virginia-based company said it intends to revamp 1,250 current locations in 2021 while adding a further 600 new locations.