Ross Stores, Inc. (ROST) seems well-poised for growth, thanks to its robust strategic efforts. The company has been gaining from positive customer response for its merchandise across both banners, which has been boosting the comparable-store sales (comps) performance for a while now. Its store expansion plans also bode well. Buoyed by such strengths, shares of this apparel and accessories dealer have increased 33% compared with the industry’s 25.3% growth in a year.What’s More?Ross Stores is consistent with ...

Part I [Business](index=3&type=section&id=Item%201.%20Business) Ross Stores operates two off-price retail chains, Ross Dress for Less and dd's DISCOUNTS, offering discounted brand-name merchandise through opportunistic buying and a packaway inventory strategy, supported by efficient operations - As of February 3, 2024, the company operates **1,764 Ross Dress for Less stores** and **345 dd's DISCOUNTS stores**[6](index=6&type=chunk)[7](index=7&type=chunk) - The company's "packaway" merchandise accounted for approximately **40% of total inventories** at the end of fiscal 2023[16](index=16&type=chunk) - As of February 3, 2024, the company employed approximately **108,000 associates**, with about **85% working in retail stores**[30](index=30&type=chunk) Executive Officers of the Registrant | Name | Age | Position | | :--- | :--- | :--- | | Michael Balmuth | 73 | Executive Chairman | | Barbara Rentler | 66 | Chief Executive Officer | | Michael J. Hartshorn | 56 | Group President, Chief Operating Officer | | Michael Kobayashi | 59 | President, Chief Capability Officer | | Karen Fleming | 57 | President, Chief Merchandising Officer – dd's DISCOUNTS | | Stephen Brinkley | 50 | President, Operations | | Adam Orvos | 59 | Executive Vice President, Chief Financial Officer | [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant macroeconomic, strategic, operational, and legal risks, including inflation, intense competition, supply chain disruptions, cybersecurity threats, and legal proceedings - Macroeconomic risks include inflation, geopolitical conflicts, and other external events affecting consumer disposable income and increasing company costs[50](index=50&type=chunk)[52](index=52&type=chunk) - Strategic risks involve dependence on the availability of attractive brand-name merchandise at desirable discounts and the ability of buyers to procure it[58](index=58&type=chunk)[59](index=59&type=chunk) - Operational risks highlighted include potential data security breaches, cyberattacks (like ransomware), and disruptions to information systems or the supply chain, which could significantly impact operations[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) - The company faces a geographic concentration risk, with almost **50% of its stores located in California, Texas, and Florida**, and over half of its distribution capacity in California[85](index=85&type=chunk) - Compliance and legal risks include potential lawsuits related to employment matters, particularly class/representative actions in California, and issues with product quality, safety, or authenticity[87](index=87&type=chunk)[91](index=91&type=chunk) [Unresolved Staff Comments](index=19&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not applicable[97](index=97&type=chunk) [Cybersecurity](index=20&type=section&id=Item%201C.%20Cybersecurity) Ross Stores maintains a cybersecurity program led by its IT team and overseen by the Board's Audit Committee, utilizing industry frameworks like NIST to manage risks, with no material impact reported to date - The cybersecurity program is led by the IT team, with primary oversight from the Board's Audit Committee[99](index=99&type=chunk)[102](index=102&type=chunk) - The program utilizes industry frameworks, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework[99](index=99&type=chunk) - As of April 1, 2024, the company reports that its business strategy, operations, and financial condition have not been materially affected by cybersecurity risks or incidents[101](index=101&type=chunk) [Properties](index=20&type=section&id=Item%202.%20Properties) As of February 3, 2024, the company operated **2,109** mostly leased stores across 43 states, with high concentration in California, Texas, and Florida, supported by a network of owned and leased distribution and office facilities Store Count by State/Territory (Top 5) | State/Territory | Feb 3, 2024 | Jan 28, 2023 | | :--- | :--- | :--- | | California | 463 | 452 | | Texas | 304 | 294 | | Florida | 244 | 239 | | Illinois | 102 | 101 | | Arizona | 89 | 84 | | **Total** | **2,109** | **2,015** | Distribution/Warehouse and Office Facilities | Location | Number of Facilities | Total Approx. Square Footage (Owned, in thousands) | Total Approx. Square Footage (Leased, in thousands) | | :--- | :--- | :--- | :--- | | **Distribution/Warehouse** | | | | | Buckeye, AZ | 1 | 1,700 | — | | Moreno Valley, CA | 3 | 1,300 | 1,850 | | Perris, CA | 2 | 1,999 | — | | Shafter, CA | 3 | 1,700 | 1,353 | | Fort Mill/Rock Hill, SC | 7 | 3,251 | 846 | | Brookshire, TX | 1 | 1,890 | — | | **Office Space** | | | | | Dublin, CA (HQ) | 1 | 414 | — | | New York City, NY | 1 | 572 | — | [Legal Proceedings](index=23&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, primarily class action lawsuits in California regarding wage and hour laws, which management believes will not materially affect its financial condition - The company is named in class/representative action lawsuits, primarily in California, alleging violations of wage and hour laws[111](index=111&type=chunk) - Management believes that the resolution of currently pending litigation will not have a material adverse effect on the company's financials[112](index=112&type=chunk) [Mine Safety Disclosures](index=23&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[113](index=113&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=24&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Ross Stores' common stock (ROST) trades on Nasdaq, with the company detailing its dividend history, including a recent **$0.3675** per share declaration, and outlining stock repurchase programs, including a new **$2.1 billion** authorization - On March 5, 2024, the Board of Directors declared a quarterly cash dividend of **$0.3675 per common share**[114](index=114&type=chunk) - In March 2024, the Board approved a new two-year program to repurchase up to **$2.1 billion of common stock** through fiscal 2025[116](index=116&type=chunk) Issuer Purchases of Equity Securities (Q4 2023) | Period | Total number of shares purchased | Average price paid per share ($) | | :--- | :--- | :--- | | November 2023 | 461,842 | $122.54 | | December 2023 | 723,609 | $134.08 | | January 2024 | 672,906 | $138.18 | | **Total** | **1,858,357** | **$132.70** | [Reserved](index=27&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal 2023, sales increased **9.0%** to **$20.4 billion**, with net earnings reaching **$1.87 billion** and diluted EPS at **$5.56**, driven by higher merchandise margins and lower freight costs, while maintaining strong liquidity and projecting **$840 million** in capital expenditures for fiscal 2024 Fiscal 2023 vs. 2022 Performance | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Sales (in millions) | $20,377 | $18,696 | | Sales growth | 9.0% | (1.2)% | | Comparable store sales growth | 5% | (4)% | | Net earnings (as % of sales) | 9.2% | 8.1% | | Diluted EPS | $5.56 | $4.38 | - Cost of goods sold as a percentage of sales decreased by **195 basis points** from fiscal 2022, primarily due to a **160 basis point increase in merchandise margin** (mainly from lower ocean freight costs) and a **60 basis point decrease in domestic freight costs**[136](index=136&type=chunk) - Net cash provided by operating activities was **$2.5 billion** in fiscal 2023, a significant increase from **$1.7 billion** in fiscal 2022[145](index=145&type=chunk) - Capital expenditures for fiscal 2024 are projected to be approximately **$840 million**, up from **$762.8 million** in fiscal 2023, with a focus on supply chain investments and new stores[152](index=152&type=chunk) Stock Repurchase Activity | Fiscal Year | Shares repurchased (in millions) | Amount repurchased (in millions) | | :--- | :--- | :--- | | 2023 | 8.2 | $950 | | 2022 | 10.3 | $950 | | 2021 | 5.7 | $650 | [Quantitative and Qualitative Disclosures about Market Risk](index=35&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate fluctuations, though with no outstanding variable-rate borrowings and fixed-rate Senior Notes, a hypothetical **100 basis point** change would not materially impact its financials - The primary market risk exposure is to changes in interest rates[170](index=170&type=chunk) - As of February 3, 2024, there were no borrowings outstanding under the company's revolving credit facility[170](index=170&type=chunk) - A hypothetical **100 basis point** increase or decrease in prevailing market interest rates would not have a material negative impact on the company's financials[171](index=171&type=chunk) [Financial Statements and Supplementary Data](index=36&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2023-2021, including key statements and notes, with Deloitte & Touche LLP providing an unqualified opinion on both the financials and internal controls Consolidated Statements of Earnings (in thousands) | | Fiscal Year Ended Feb 3, 2024 | Fiscal Year Ended Jan 28, 2023 | | :--- | :--- | :--- | | Sales | $20,376,941 | $18,695,829 | | Cost of goods sold | $14,801,601 | $13,946,230 | | Earnings before taxes | $2,471,781 | $1,987,489 | | **Net earnings** | **$1,874,520** | **$1,512,041** | | **Diluted EPS** | **$5.56** | **$4.38** | Consolidated Balance Sheets (in thousands) | | As of Feb 3, 2024 | As of Jan 28, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | **$7,398,138** | **$6,904,719** | | Cash and cash equivalents | $4,872,446 | $4,551,876 | | Merchandise inventory | $2,192,220 | $2,023,495 | | **Total Assets** | **$14,300,109** | **$13,416,463** | | **Total Current Liabilities** | **$4,185,796** | **$3,636,246** | | Long-term debt | $2,211,017 | $2,456,510 | | **Total Stockholders' Equity** | **$4,871,326** | **$4,288,583** | | **Total Liabilities and Stockholders' Equity** | **$14,300,109** | **$13,416,463** | - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion, stating the financial statements are presented fairly and the company maintained effective internal control over financial reporting[263](index=263&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=58&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None reported[271](index=271&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and internal control over financial reporting were effective as of February 3, 2024, a conclusion affirmed by Deloitte & Touche LLP - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of the end of the fiscal year[271](index=271&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of February 3, 2024, based on the COSO framework[274](index=274&type=chunk) [Other Information](index=58&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[276](index=276&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=60&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) The company reports no information under this item - None[278](index=278&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=60&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the company's 2024 Proxy Statement, with executive officer details also in Part I - Required information is incorporated by reference from the Proxy Statement for the 2024 Annual Meeting of Stockholders[279](index=279&type=chunk) [Executive Compensation](index=60&type=section&id=Item%2011.%20Executive%20Compensation) All required information regarding executive and director compensation, including the Compensation Discussion and Analysis, is incorporated by reference from the company's 2024 Proxy Statement - Required information is incorporated by reference from the Proxy Statement for the 2024 Annual Meeting of Stockholders[280](index=280&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=61&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section summarizes the company's equity compensation plans as of February 3, 2024, with further details on security ownership incorporated by reference from the 2024 Proxy Statement Equity Compensation Plan Information (as of Feb 3, 2024) | Plan Category | Securities to be issued upon exercise (in thousands) | Securities remaining available for future issuance (in thousands) | | :--- | :--- | :--- | | Approved by security holders | 719 | 11,426 | | Not approved by security holders | — | — | | **Total** | **719** | **11,426** | - Information on security ownership of certain beneficial owners and management is incorporated by reference from the Proxy Statement[284](index=284&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=61&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) All required information regarding related person transactions and director independence is incorporated by reference from the company's 2024 Proxy Statement - Required information is incorporated by reference from the Proxy Statement for the 2024 Annual Meeting of Stockholders[285](index=285&type=chunk) [Principal Accountant Fees and Services](index=61&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information concerning fees and services provided by the principal accountant is incorporated by reference from the Audit Committee Report section of the company's 2024 Proxy Statement - Required information is incorporated by reference from the Proxy Statement for the 2024 Annual Meeting of Stockholders[286](index=286&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=62&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements, schedules, and exhibits filed as part of the 10-K report, with financial statements in Item 8 and a detailed index of all exhibits provided - This section lists the consolidated financial statements included in Item 8 and provides an index of all exhibits filed with the report[288](index=288&type=chunk)[290](index=290&type=chunk)

Ross Stores, Inc. (ROST) has announced a significant expansion effort that underscores its bullish outlook on the value retail market. In a strategic move to augment its footprint across the United States, this prominent off-price retailer inaugurated 11 Ross Dress for Less stores and seven dd's DISCOUNTS outlets through February and March, spreading its reach across 11 diverse states.This expansion is part of the company’s ambitious plan for fiscal 2024, aiming to launch 90 locations, which will include ab ...

Ross Stores, Inc.’s (ROST) top and bottom lines beat estimates in the fourth quarter of fiscal 2023. Both metrics improved year over year. The strong results can be attributed to customers' favorable response to quality, branded bargains, leading to significant earnings growth. The year witnessed a strategic increase in merchandise offerings and efficient operational adjustments, positioning Ross well for fiscal 2024 despite potential economic uncertainties.Consequently, this Zacks Rank #2 (Buy) company’s s ...

Ross Stores, Inc. (NASDAQ:ROST) Q4 2023 Results Conference Call March 5, 2024 4:15 PM ET Company Participants Barbara Rentler - Chief Executive Officer Adam Orvos - Executive Vice President and Chief Financial Officer Michael Hartshorn - Group President and Chief Operating Officer Connie Kao - Group Vice President, Investor Relations Conference Call Participants Lorraine Hutchinson - Bank of America Matthew Boss - JPMorgan Mark Altschwager - Baird Chuck Grom - Gordon Haskett Michael Binetti - Evercore ISI A ...

Ross Stores (ROST) came out with quarterly earnings of $1.82 per share, beating the Zacks Consensus Estimate of $1.63 per share. This compares to earnings of $1.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.66%. A quarter ago, it was expected that this discount retailer would post earnings of $1.22 per share when it actually produced earnings of $1.33, delivering a surprise of 9.02%.Over the last four quarters, the com ...

Ross Stores Inc. late Tuesday blew past expectations for its holiday quarter but spooked investors by saying that higher costs of living continue to pressure its customers.While inflation has moderated, there is ongoing macroeconomic and geopolitical uncertainty, and “housing, food, and gasoline costs remain elevated and continue to pressure our low- to moderate-income customers’ discretionary spend,” the off-price retailer said.“As a result, while we hope to do better, we believe it is prudent to continue ...

DUBLIN, Calif.--(BUSINESS WIRE)--Ross Stores, Inc. (NASDAQ: ROST) today reported earnings per share for the 14 weeks ended February 3, 2024 of $1.82, up from $1.31 per share for the 13 weeks ended January 28, 2023. Net income for the period rose to $610 million versus $447 million last year. Sales for the 14 weeks ended February 3, 2024 grew to $6.0 billion, with comparable store sales for the 13 weeks ended January 27, 2024 up a robust 7% over the same period last year. Fiscal 2023 earnings per share for ...

Exhibit 99.1 __________________________________________________________________ FOR IMMEDIATE RELEASE Contact: Adam Orvos Connie Kao Executive Vice President, Group Vice President, Investor Relations Chief Financial Officer (925) 965-4668 (925) 965-4550 connie.kao@ros.com ROSS STORES REPORTS RESULTS FOR FOURTH QUARTER AND FISCAL 2023 ANNOUNCES NEW TWO-YEAR STOCK REPURCHASE AUTHORIZATION AND RAISES QUARTERLY CASH DIVIDEND PROVIDES FIRST QUARTER AND FISCAL 2024 GUIDANCE Dublin, California, March 5, 2024 -- Ro ...

Investors are always looking for stocks that are poised to beat at earnings season and Ross Stores, Inc. (ROST) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Ross Stores is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty good ...