Financial Data and Key Metrics Changes - Total sales for the third quarter grew 10% to $5.6 billion, with comparable store sales increasing by 7% [5][6] - Earnings per share for the third quarter were $1.58 on net income of $512 million, compared to $1.48 per share on net earnings of $489 million in the prior year [6][7] - For the first nine months, earnings per share were $4.61 on net earnings of $1.5 billion, compared to $4.53 per share on net income of $1.5 billion for the same period last year [7] - Operating margin for the third quarter was 11.6%, which was stronger than expected [6][12] Business Line Data and Key Metrics Changes - Strongest merchandise areas in the third quarter included cosmetics, shoes, and ladies' apparel [8] - The branded strategy has positively impacted the ladies' business, which comped above the chain average [10][48] - Average store inventories were up 15% as the company advanced inventory build for the holiday season [8] Market Data and Key Metrics Changes - Broad-based strength was observed across geographic regions, with the Southeast and Midwest performing the best [8][37] - Hispanic stores showed solid comparable sales despite trailing the chain slightly [37] Company Strategy and Development Direction - The company has fully embedded its branded strategy into its merchandising approach, focusing on delivering high-quality branded bargains [9][10] - The company plans to close and/or relocate 10 locations in the fourth quarter, expecting to end the year with 1,903 Ross stores and 360 dd's locations [9] - The company is optimistic about its prospects for the fourth quarter, supported by strong merchandising plans and product assortments [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macro uncertainties and maintain a strong value proposition [11][16] - The company expects tariff-related costs in the fourth quarter to be negligible, with a full-year cost of approximately $0.15 per share [14] - Management highlighted the importance of maintaining a strong value gap against traditional retailers [63] Other Important Information - The company repurchased 1.7 million shares of common stock for an aggregate cost of $262 million, remaining on track to buy back a total of $1.05 billion in shares this year [13] - The company opened 36 new Ross and four dd's DISCOUNTS stores during the third quarter [8] Q&A Session Summary Question: Can you break down the inflection in same-store sales? - Management noted broad-based strength across all major merchandise categories and geographic regions, attributing some improvement to internal initiatives and favorable weather conditions [20][22] Question: What are the major drivers of the improvement in momentum? - Management credited the sophisticated merchandising team and emphasized the importance of marketing and store experience in driving traffic [25][26] Question: How are you addressing the marketing changes? - Management indicated that the refreshed marketing message has improved engagement with both new and lapsed customers, with early metrics showing positive results [41][42] Question: Can you discuss the branded strategy's impact? - Management stated that the branded strategy has significantly improved the ladies' business and expects continued growth opportunities in this area [48][50] Question: What is the outlook for merchandise margins? - Management expects merchandise margins to remain stable over time, with ongoing opportunities for improvement as vendor relationships strengthen [101][104] Question: How is the self-checkout rollout progressing? - Self-checkout is currently in 80 stores, showing lower shrink and high customer adoption, with plans for further rollout next year [78] Question: How did dd's perform compared to Ross? - dd's performance was consistent with Ross, with no significant pressure noted during the quarter [82]

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Financial Data and Key Metrics Changes - Total first quarter revenues were $282.2 million, an increase of 16.4% compared to the previous year [23] - Same restaurant sales growth was positive at 0.7%, while same restaurant traffic was down 0.7% [23] - Adjusted EBITDA was $22.8 million, with adjusted EBITDA margins slipping to 8.1% from 11.8% [27][28] Business Line Data and Key Metrics Changes - The company opened 13 new system-wide restaurants during the quarter, including 10 company-owned and 3 franchise-owned [28] - New restaurants contributed significantly to revenue, with 33 new company-owned restaurants opened in the last two quarters [25][28] - Restaurant level operating profit margin was 16.5%, down from 20.8% in the same quarter last year [26] Market Data and Key Metrics Changes - The company experienced a return to positive traffic in January and March, with April showing the best monthly same restaurant traffic result in over two years [10][11] - The New England market is highlighted as a significant opportunity for expansion, with new locations performing above expectations [14] Company Strategy and Development Direction - The company is focused on growth through new restaurant openings and enhanced marketing efforts to drive brand awareness [9][12] - Strategic acquisitions of franchise restaurants in North and South Carolina and Missouri were completed to bolster presence in key states [15][16] - The company aims for double-digit percentage unit growth targets and a capital allocation strategy targeting cash on cash returns of around 35% [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment remains volatile, with shifting expectations for consumer demand and input costs [9][10] - Despite current margin pressures from inflation and commodity costs, management believes these challenges are transitory [20][28] - The company maintains a positive outlook for the second half of 2025, expecting to sustain positive same restaurant traffic [33] Other Important Information - The company reported a net loss of $829,000 for the quarter [28] - Commodity inflation is expected to peak in the second quarter, with full-year expectations remaining in the high single digits [29][30] Q&A Session Summary Question: Can you expand on the comment that sales turned positive in March and then traffic turned positive in April? - Management noted that traffic trends improved sequentially, with positive dine-in traffic improvement for all four quarters last year [36][39] Question: What gives you confidence in driving traffic through third-party actions at a lower margin? - Management expressed confidence in the effectiveness of their strategies to drive traffic, despite cost pressures [40][41] Question: Can you discuss the learnings from increased media spend and engagement? - Management highlighted improved traffic trends as a result of their marketing efforts, with ongoing adjustments based on data [48][50] Question: What are your thoughts on commodity costs peaking in Q2? - Management explained that crop-related factors and the rebuilding of egg flocks contribute to the expectation of peaking commodity costs [51][52] Question: Can you elaborate on the marketing support across the system? - Almost the entire system is receiving marketing support, with elevated levels in certain markets [55][56] Question: How is the Florida market performing relative to the system? - Florida has outperformed the rest of the country, with continued new restaurant openings [96][97]