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    Ross Stores Inc (ROST)

    CEO Change

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    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 .

    1. 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.
    2. Ladies' Apparel - Provides a variety of fashionable clothing options for women, including casual, formal, and seasonal wear.
    3. Men's Apparel - Features a selection of men's clothing, from everyday casual wear to more formal attire.
    4. Accessories, Lingerie, Fine Jewelry, and Cosmetics - Includes a diverse array of accessories, intimate wear, jewelry, and beauty products to complement any outfit.
    5. Shoes - Offers footwear for all occasions, including casual, athletic, and formal styles for the entire family.
    6. Children's Apparel - Provides clothing options for children, ranging from infants to teenagers, with a focus on comfort and style.
    NamePositionStart DateShort Bio
    Michael BalmuthExecutive ChairmanSeptember 2023Michael Balmuth has been with Ross Stores since 1989. He served as Strategic Advisor from 2021 to August 2023, and as Chairman of the Board and Senior Advisor from 2019 to 2021 .
    Barbara RentlerChief Executive Officer (until February 1, 2025), then Senior AdvisorFebruary 1, 2025Barbara Rentler has been CEO since 2014. She joined Ross in 1986 and held various merchandising roles. She will transition to Senior Advisor through March 31, 2027 .
    Michael J. HartshornGroup President, Chief Operating Officer2019Michael J. Hartshorn joined Ross in 2000. He has held various financial roles, including CFO and Group Executive Vice President, Finance and Legal .
    Michael KobayashiPresident, Chief Capability OfficerFebruary 2022Michael Kobayashi joined Ross after being a Partner at Accenture. He held roles such as President, Operations and Technology from 2019 to 2022 .
    Karen FlemingPresident and Chief Merchandising Officer, Ross Dress for LessDecember 1, 2024Karen Fleming joined Ross in 1999. She has held various merchandising positions and was President and Chief Merchandising Officer at dd’s DISCOUNTS since April 2024 .
    Stephen BrinkleyPresident, OperationsOctober 30, 2023Stephen Brinkley joined Ross after serving as President of SportChek. He held senior roles at Save A Lot Food Stores Ltd. and Target Corporation .
    Adam OrvosExecutive Vice President, Chief Financial OfficerOctober 2021Adam Orvos joined Ross in January 2021. He held senior financial roles at Lowe's and Neiman Marcus before joining Ross .
    James G. ConroyChief Executive Officer (effective February 2, 2025)February 2, 2025James G. Conroy will become CEO in February 2025. He joined Ross as CEO-Elect on December 2, 2024, and was previously CEO of Boot Barn Holdings, Inc. .
    Karen SykesPresident and Chief Merchandising Officer, dd’s DISCOUNTSDecember 1, 2024Karen Sykes joined Ross in 1992. She has held various merchandising roles and was most recently Executive Vice President, Merchandising since January 2022 .
    Connie KaoGroup Vice President, Investor RelationsN/AThe documents do not provide specific details about Connie Kao's start date or a detailed biography. However, she is mentioned as the Group Vice President, Investor Relations at Ross Stores, Inc. .
    1. 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?
    2. 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?
    3. 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?
    4. 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?
    5. 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?
    Program DetailsProgram 1
    Approval DateMarch 2024
    End Date/DurationJanuary 31, 2026
    Total additional amount$2.1 billion
    Remaining authorization amount$1,312,520,000 as of November 2, 2024
    DetailsEnhances stockholder value and returns, reflecting strong balance sheet and cash generation
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2025699.4 4.600% Senior Notes4.600 31.6% = (699.4 / 2,213.9) * 100
    2026498.2 0.875% Senior Notes0.875 22.5% = (498.2 / 2,213.9) * 100
    2027240.7 4.700% Senior Notes4.700 10.9% = (240.7 / 2,213.9) * 100
    2030132.9 4.800% Senior Notes4.800 6.0% = (132.9 / 2,213.9) * 100
    2031496.2 1.875% Senior Notes1.875 22.4% = (496.2 / 2,213.9) * 100
    2050146.4 5.450% Senior Notes5.450 6.6% = (146.4 / 2,213.9) * 100
    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP1982 PresentCurrent auditor

    Recent developments and announcements about ROST.

    Financial Reporting

      Earnings Report

      ·
      Nov 21, 2024, 9:29 PM

      Ross Stores, Inc. (ROST) Third Quarter Earnings Report

      On November 21, 2024, Ross Stores, Inc. released its financial results for the fiscal quarter ended November 2, 2024. Here are the key highlights from the earnings report:

      • Earnings Per Share (EPS): The company reported an EPS of $1.48 for the 13 weeks ended November 2, 2024, which is an increase from $1.33 per share for the same period in 2023.
      • Net Income: Net income rose to $489 million, up from $447 million in the previous year.
      • Sales: Sales for the third quarter of 2024 were $5.1 billion, compared to $4.9 billion in the prior year, marking a comparable store sales gain of 1%.
      • Year-to-Date Performance: For the nine months ended November 2, 2024, EPS was $4.53 on net earnings of $1.5 billion, compared to $3.74 per share on net income of $1.3 billion for the same period in 2023. Sales for the first nine months of 2024 were $15.2 billion, with a 3% increase in comparable store sales over the prior year.

      Operational Insights:

      • The company faced challenges in the third quarter due to high costs on necessities affecting discretionary spending among low-to-moderate income customers. Additionally, severe weather and unseasonably warm temperatures negatively impacted sales.
      • Despite these challenges, the operating margin improved to 11.9% from 11.2% last year, due to lower incentive, freight, and distribution costs.
      • Ross Stores repurchased 1.8 million shares of common stock for $262 million during the third quarter and is on track to repurchase $1.05 billion in common stock during fiscal 2024 under its two-year $2.1 billion repurchase program.

      Fourth Quarter Guidance:

      • The company projects a 2% to 3% increase in comparable store sales for the fourth quarter ending February 1, 2025.
      • EPS for the fourth quarter is expected to be between $1.57 and $1.64, compared to $1.82 for the 14 weeks ended February 3, 2024. The guidance includes a $0.03 per share unfavorable impact from the timing of packaway-related expenses.
      • For the full fiscal year ending February 1, 2025, EPS is expected to be in the range of $6.10 to $6.17, up from $5.56 last year.

      Ross Stores remains focused on delivering compelling values to maximize potential for profitable growth .

    Corporate Leadership

      CEO Change

      ·
      Oct 28, 2024, 12:00 AM

      Barbara Rentler, the current CEO of Ross Stores, Inc., will step down from her role effective February 1, 2025. James G. Conroy has been appointed as the next CEO, effective February 2, 2025. Conroy will join the company as CEO-Elect on December 2, 2024, and will report to the Executive Chairman until he assumes the CEO position .