Ross Stores, Inc. is the largest off-price apparel and home fashion chain in the United States, operating under the brands Ross Dress for Less and dd’s DISCOUNTS. The company offers first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family at significant savings off regular prices . As of February 3, 2024, Ross had 1,764 locations across 43 states, the District of Columbia, and Guam, while dd’s DISCOUNTS had 345 stores in 22 states, providing a more moderately-priced assortment . Ross Stores targets value-conscious customers, with Ross focusing on middle-income households and dd’s DISCOUNTS targeting households with more moderate incomes .
- Home Accents and Bed and Bath - Offers a wide range of home décor items and essentials for the bedroom and bathroom, catering to diverse tastes and styles.
- Ladies' Apparel - Provides a variety of fashionable clothing options for women, including casual, formal, and seasonal wear.
- Men's Apparel - Features a selection of men's clothing, from everyday casual wear to more formal attire.
- Accessories, Lingerie, Fine Jewelry, and Cosmetics - Includes a diverse array of accessories, intimate wear, jewelry, and beauty products to complement any outfit.
- Shoes - Offers footwear for all occasions, including casual, athletic, and formal styles for the entire family.
- Children's Apparel - Provides clothing options for children, ranging from infants to teenagers, with a focus on comfort and style.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Barbara Rentler ExecutiveBoard | Chief Executive Officer | None | Barbara Rentler has been with Ross Stores since 1986, serving as CEO since 2014, and is known for her extensive merchandising experience. | |
Michael Balmuth ExecutiveBoard | Executive Chairman | None | Michael Balmuth rejoined the Board as Executive Chairman in September 2023, having previously served in various leadership roles at Ross Stores since 1989. | |
Michael J. Hartshorn ExecutiveBoard | Group President and Chief Operating Officer | None | Michael J. Hartshorn joined Ross Stores in 2000 and has held various financial and operational leadership roles, becoming Group President and COO in 2019. | |
Adam Orvos Executive | Executive Vice President and Chief Financial Officer | None | Adam Orvos joined Ross Stores in 2021, previously holding senior financial roles at various companies, and became CFO in October 2021. | |
Connie Kao Executive | Group Vice President, Investor Relations | None | Connie Kao is the Group Vice President of Investor Relations at Ross Stores, with no additional details available in the documents. | |
James G. Conroy Executive | Chief Executive Officer | None | James G. Conroy became CEO of Ross Stores in February 2025, previously serving as CEO of Boot Barn Holdings, Inc., with a strong track record in retail management. | |
Karen Fleming Executive | President and Chief Merchandising Officer, Ross Dress for Less | None | Karen Fleming joined Ross Stores in 1999 and has held various merchandising roles, becoming President and CMO of Ross Dress for Less in December 2024. | |
Karen Sykes Executive | President and Chief Merchandising Officer, dd's DISCOUNTS | None | Karen Sykes joined Ross Stores in 1992, holding various merchandising roles, and became President and CMO of dd's DISCOUNTS in December 2024. | |
Michael Kobayashi Executive | President and Chief Capability Officer | None | Michael Kobayashi has been with Ross Stores since 2004, focusing on operations, technology, and supply chain management. | |
Stephen Brinkley Executive | President, Operations | None | Stephen Brinkley joined Ross Stores in 2023, overseeing Property Development, Stores, and Supply Chain operations, with over 25 years of retail experience. | |
Doniel N. Sutton Board | Director | Chief People Officer, Pinterest, Inc.; Board Member at Morningstar, Inc. | Doniel N. Sutton joined the Board in 2021, with extensive experience in human resources leadership roles across various companies. | |
Edward G. Cannizzaro Board | Director | Board Member at PG&E Corporation and Pacific Gas and Electric Company | Edward G. Cannizzaro joined the Board in 2022, bringing over 35 years of experience from KPMG, with expertise in accounting and regulatory compliance. | |
K. Gunnar Bjorklund Board | Lead Independent Director | Chairman, Rev360 LLC | K. Gunnar Bjorklund has been a board member since 2003, with expertise in strategic planning and governance. | |
Michael J. Bush Board | Director | Managing Member, B IV Investments, LLC | Michael J. Bush has been a Director since 2001, with experience in strategic planning and retail operations. | |
Patricia H. Mueller Board | Director | None | Patricia H. Mueller joined the Board in 2020, with expertise in retail marketing and operational management. | |
Sharon D. Garrett Board | Director | None | Sharon D. Garrett has been a Director since 2000, with expertise in information technology and cyber risk management. | |
Stephen D. Milligan Board | Director | Board Member at Autodesk, Inc. | Stephen D. Milligan joined the Board in 2015, with extensive executive experience in technology and financial management. |
- Given the ongoing challenges with retail theft and the expected deterioration in shrink from last year, what specific loss prevention initiatives are you implementing to hold shrink at bay, and how do you anticipate this will impact your margins moving forward?
- With increased wage pressures due to statutory increases and a tight labor market, how are you balancing the need to adjust wages to retain staff while managing overall wage inflation, and what is the anticipated impact on your operating expenses?
- As you continue to intensify your value offerings to gain market share in a highly promotional environment, how do you plan to maintain merchandise margins, especially considering the 80 basis point drop in merchandise margin and the expectation of increased pressure in the second half?
- Considering your strategy focuses on domestic growth with plans to expand to 2,900 Ross stores and 700 dd's DISCOUNTS, how do you address concerns about potential market saturation in the U.S., and what are your plans for growth once you reach these store counts?
- With the addition of new vendors and expansion of your vendor base, how are you ensuring that the quality of inventory remains high and aligns with customer expectations, and are the new vendor partnerships contributing to better mark-on rates for margins?
Research analysts who have asked questions during ROSS STORES earnings calls.
Aneesha Sherman
AllianceBernstein
6 questions for ROST
Brooke Roach
Goldman Sachs Group, Inc.
6 questions for ROST
Dana Telsey
Telsey Advisory Group
6 questions for ROST
Mark Altschwager
Robert W. Baird & Co.
6 questions for ROST
Marni Shapiro
The Retail Tracker
6 questions for ROST
Matthew Boss
JPMorgan Chase & Co.
6 questions for ROST
Michael Binetti
Evercore ISI
6 questions for ROST
Charles Grom
Gordon Haskett Research Advisors
5 questions for ROST
Laura Champine
Loop Capital Markets LLC
5 questions for ROST
Alexandra Straton
Morgan Stanley
4 questions for ROST
Corey Tarlowe
Jefferies
4 questions for ROST
John Kernan
Cowen Inc.
4 questions for ROST
Paul Lejuez
Citigroup
4 questions for ROST
Adrienne Yih-Tennant
Barclays
3 questions for ROST
Irwin Boruchow
Wells Fargo Securities
3 questions for ROST
Jay Sole
UBS
3 questions for ROST
Lorraine Hutchinson
Bank of America
3 questions for ROST
Lorraine Maikis
Bank of America
3 questions for ROST
Simeon Siegel
BMO Capital Markets
3 questions for ROST
Alex Straton
Morgan Stanley
2 questions for ROST
Angus Kelleher-Ferguson
Barclays
2 questions for ROST
Jessica Taylor
Deutsche Bank
2 questions for ROST
Juliana Duque
Wells Fargo & Company
2 questions for ROST
Tracy Kogan
Citigroup
2 questions for ROST
Adrienne Yih
Barclays
1 question for ROST
Ike Boruchow
Wells Fargo
1 question for ROST
Krisztina Katai
Deutsche Bank AG
1 question for ROST
Robert Drbul
Guggenheim Securities
1 question for ROST
Ryan Bulger
Gordon Haskett Research Advisors
1 question for ROST
Recent press releases and 8-K filings for ROST.
- Invested $451 million in 110 retail net lease properties; raised full-year 2025 investment guidance to $1.50 billion–$1.65 billion and AFFO per share guidance to $4.31–$4.33.
- Q3 net income per share of $0.45 (+7.9% YoY), Core FFO per share of $1.09 (+8.4%), and AFFO per share of $1.10 (+7.2%).
- Declared a $0.256 monthly dividend for September, a 2.4% YoY increase.
- Ended the quarter with over $1.9 billion of liquidity; net debt to recurring EBITDA of 5.1× (3.5× pro forma) and an A- issuer rating from Fitch.
- Ross opened 36 Ross Dress for Less and 4 dd’s DISCOUNTS locations across 17 states in September and October, completing its fiscal 2025 plan of 90 new stores.
- The retailer now operates 2,273 total stores—including 1,909 Ross Dress for Less and 364 dd’s DISCOUNTS—in 44 states, DC, Guam, and Puerto Rico.
- Management remains confident in its expansion, targeting at least 2,900 Ross and 700 dd’s DISCOUNTS locations over time.
- Ross Stores reported $21.1 billion in fiscal 2024 revenues.