Ross Stores, Inc. operates as an off-price retailer of apparel and home fashion, primarily through its Ross Dress for Less and dd's DISCOUNTS brands. Ross is the largest off-price apparel and home fashion chain in the United States, offering first-quality, in-season, name brand and designer merchandise at savings of 20% to 60% off department and specialty store regular prices. dd's DISCOUNTS features more moderately-priced merchandise at savings of 20% to 70% off moderate department and discount store regular prices. The company's core business model focuses on providing value-conscious customers with a wide assortment of products in organized and easy-to-shop store environments. Ross and dd's DISCOUNTS target different customer demographics, with Ross catering to middle-income households and dd's DISCOUNTS targeting households with more moderate incomes. The merchant, store field, and distribution operations for Ross and dd's DISCOUNTS are separate, although the two chains share certain corporate and support services.

• Employees: Approximately 108,000 (as of February 3, 2024)
• Geographic Footprint: Ross operates in 43 states, the District of Columbia, and Guam; dd's DISCOUNTS operates in 22 states
• Headquarters: Dublin, California
• Founded: Not explicitly stated in the document
• Number of locations/facilities: 2,109 stores (1,764 Ross and 345 dd's DISCOUNTS)
• Revenue: $20.377 billion (FY2023)
• Market Capitalization: $38.089 billion (as of July 29, 2023, for non-affiliates)
• Key Subsidiaries/Brands: Ross Dress for Less, dd's DISCOUNTS

• Executive Chairman: Michael Balmuth
• Chief Executive Officer: Barbara Rentler
• Group President, Chief Operating Officer: Michael J. Hartshorn
• President, Chief Capability Officer: Michael Kobayashi
• President, Chief Merchandising Officer – dd's DISCOUNTS: Karen Fleming
• President, Operations: Stephen Brinkley
• Executive Vice President, Chief Financial Officer: Adam Orvos

Key leaders have extensive experience in retail and merchandising, with many having served in various roles within the company for several years.

• Annual Revenue: $20.377 billion (FY2023)
• Net Income: $1.874 billion (FY2023)
• Market Cap: $38.089 billion (as of July 29, 2023, for non-affiliates)
• Total Assets: $14.300 billion (as of February 3, 2024)
• Employees: Approximately 108,000 (as of February 3, 2024)
• Key Financial Highlights: Sales growth of 9.0% and comparable store sales growth of 5% in FY2023. Net earnings as a percentage of sales for fiscal 2023 was higher than in fiscal 2022 primarily due to lower cost of goods sold and higher interest income, partially offset by higher SG&A expenses. Diluted earnings per share in fiscal 2023 was $5.56.

The company offers a wide assortment of first-quality, in-season, brand name and designer apparel, accessories, footwear, and home fashions for the entire family.

• Apparel: Includes a variety of clothing for men, women, and children.
• Accessories: Includes items such as jewelry, handbags, and other fashion accessories.
• Footwear: A range of shoes, boots, and other footwear.
• Home Fashions: Includes items such as bedding, bath products, and home decor.

Ross offers these products at savings of 20% to 60% below department and specialty store regular prices, while dd's DISCOUNTS offers similar products at savings of 20% to 70% below moderate department and discount store regular prices.

The company operates through two main business segments:

• Ross Dress for Less: Operates 1,764 stores in 43 states, the District of Columbia, and Guam, offering a wide assortment of brand name and designer apparel, accessories, footwear, and home fashions at significant discounts.
• dd's DISCOUNTS: Operates 345 stores in 22 states, featuring more moderately-priced, in-season, name brand apparel, accessories, footwear, and home fashions at savings of 20% to 70% off moderate department and discount store regular prices.

The merchant, store field, and distribution operations for Ross and dd's DISCOUNTS are separate, although the two chains share certain corporate and support services.

The company's mission is to offer competitive values to its target customers by focusing on key strategic objectives:

• Maintaining an appropriate level of recognizable brands, labels, and fashions at strong discounts throughout the store.
• Meeting customer needs on a local basis.
• Delivering an in-store shopping experience that reflects the expectations of the off-price customer.
• Managing real estate growth to compete effectively across all markets.

The company emphasizes opportunistic buying, lean inventory levels, and frequent inventory turns. They also focus on strengthening vendor relationships to procure desirable brands and fashions at competitive discounts. The company is investing in new information systems and technology to support future growth and enhance its supply chain, merchandising, and cybersecurity systems. The company also focuses on talent development, compensation and benefits, and diversity, equality, and inclusion.

The company operates in the highly competitive off-price retail apparel and home fashion industry. Key market trends include:

• Market Position: Ross is the largest off-price apparel and home fashion chain in the United States.
• Key Competitors: The company faces competition from various retailers, including online retailers, department stores, specialty stores, discount stores, warehouse stores, other off-price retailers, and manufacturer-owned outlet stores.
• Industry Trends: The retail apparel and home fashion markets are highly fragmented and competitive. The company faces challenges from online retailers and other forms of retail commerce.

• Macroeconomic and Retail Industry Risks: The company is subject to impacts from the macroeconomic environment, financial and credit markets, and geopolitical conditions that affect consumer confidence and consumer disposable income. Inflation, supply chain disruptions, and other economic impacts from geopolitical conflicts and public health crises may continue to have negative effects on the company's costs, consumer confidence, shopping behavior, and spending.
• Competitive Pressures: The retail industry is highly competitive and the marketplace is highly fragmented. The company expects competition to increase in the future. There are limited economic barriers for others to enter the off-price retail sector.
• Merchandise Availability: The company depends on the market availability, quantity, and quality of attractive brand name merchandise at desirable discounts. Shortages, delays, or disruptions in the availability of high-quality, value-priced merchandise would likely have a material adverse effect on the company's sales and margins.
• Labor and Talent: The company's inability to continually attract, train, and retain associates with the retail talent necessary to execute its off-price retail strategies, along with labor shortages, increased turnover, or increased labor costs, could adversely affect its operating results.
• Cybersecurity Risks: Information or data security breaches, including cyberattacks on the company's transaction processing and computer information systems, could disrupt operations, result in theft or unauthorized disclosure of confidential and valuable business information, and could adversely affect the business.