Ross Stores

Ross Stores, Inc. is an off-price apparel and home fashion chain in the United States. Ross Stores, Inc. is an off-price apparel and home fashion chain in the United States. The Company operates two brands of off-price retail apparel and home fashion stores: Ross Dress for Less (Ross) and dd’s Discounts. 

Ross offers designer apparel, accessories, footwear, and home fashions for the entire family at everyday savings of 20% to 60% off department and speciality store regular prices. Its merchandise offerings also include, but are not limited to, small furniture and furniture accents, educational toys and games, luggage, gourmet food and cookware, watches, and sporting goods. 

As of February 1, 2014, it operated 130 dd’s Discounts stores in 10 states that feature brand apparel, accessories, footwear, and home fashions for the entire family at everyday savings of 20% to 70% off moderate department and discount store regular prices. As well, it operated a total of 1,276 stores, of which 1,146 were Ross locations in 33 states, the District of Columbia and Guam.

Two Ross "Dress for Less" stores were opened in the fall of 1982 and 18 stores the following year, more than tripling the size of Ross in little more than a year. Also in 1982, the six Ross Department Stores acquired a group of investors, including Mervin Morris, founder of Mervyn’s chain of department stores.

By the end of 1983, Ross "Dress for Less" stores were situated in Southern California and the first store beyond the state's borders--a store in Reno, Nevada--was opened, touching off a march across the map that in a few short years would extend the company's presence from coast to coast.

Early in 1984, plans called for the establishment of 20 stores in California, Arizona, Washington, and Oregon, but by the end of the year, Ross had opened twice as many, opening stores in California, Washington, Utah, Arizona, Texas, and Oklahoma.

Ross Stores went public with its IPO in August 1985, trading on Nasdaq under the symbol “ROST.” More stores meant more revenue and greater profits, so Moldaw and Rowlett focused their efforts on expansion, making an initial public offering of stock to help fund the opening of additional stores.

In 1986, however, the company suffered its first major setback when it was forced to shutter 25 unprofitable stores located primarily in Texas and Oklahoma, where anaemic economic conditions crimped Ross' profits. The in, January 1988, Ferber was also named Ross' chief executive officer, taking charge of the company as it was undergoing a series of changes to quickly restore its profitability.

The Company reincorporated in Delaware in June 1989. 95 percent of the company's 140 stores contained full cosmetic and fragrance departments staffed with beauty consultants, one of the new and decidedly upscale features adopted by Ross as it repositioned itself for consistent profitability. When Ross ranked as the third-largest off-price retailer in the country, company officials announced plans to open 100 to 150 stores during the ensuing five years. As the change of command was underway, Balmuth, who joined Ross in 1989 as senior vice president and general merchandise manager, could look forward to taking the helm of a company with justifiably strong expectations for consistent if not animated growth in the future. Ross operated 156 stores in 15 states at the end of the year with annual sales of $741 million. 

In 1990, 29 new stores were opened, giving it a total of 185 stores in 18 states by the end of the year and opening up new markets in Philadelphia and in Boise, Idaho. The Company ended with annual sales of $804 million and 185 stores in 18 states. Strategic investments were made in the buying organization to strengthen the Company’s ability to acquire the best bargains possible, with the merchandise staff growing more than four-fold during the 1990s.

Another 20 stores were opened the next two years, as annual sales jumped from $804 million to $930 million, and another 23 stores were added to the chain in 1992, when sales eclipsed the billion-dollar mark, reaching $1.04 billion. The concept was introduced in 20 stores early that year and quickly registered sufficient success to warrant its incorporation into other existing Ross "Dress for Less" stores.

By the end of 1995, the chain reached an annual sales of $1.4 billion with 292 stores in 18 states. Effective September 1996, Michael Balmuth, Ross' executive vice president of merchandising, was selected as the company's chief executive officer, replacing Ferber, who stayed on as chairman.

Annual sales grew to $2.7 billion by the end of fiscal 2000 with 409 stores in 17 states and Guam. With over 92 000 employees and more than 1 400 stores in 37 United States states, Ross Stores, Inc. is considered one of the largest off-price retail chains in the United States According to Forbes, it is considered one of the top 2000 largest public companies in the world.

The Company launched dd’s Discounts in 2004, which targeted customers from households with more moderate income compared to Ross customers. By 2010, Annual sales were $7.9 billion by 2010 fiscal year-end, with 988 Ross Dress for Less stores in 27 states and Guam, and 67 dd's Discounts in six states. Ross Dress for Less entered the Midwest region in 2011, its first major new market in almost a decade, with the initial opening of 12 stores in the greater Chicago area.

By 2012 Ross reached $9.7 billion for the fiscal year with 1,091 stores in 33 states with an additional 108 for Dd's Discounts in 8 states. Barbara Rentler took the place of CEO Michael Balmuth on June 1, 2014; she was the 25th female CEO of a Fortune 500 company. Annual sales reached a record $14.1 billion for the fiscal year 2017, with 1,409 Ross Dress for Less stores in 37 states, the District of Columbia and Guam, and 213 dd's DISCOUNTS locations in 16 states.

In 2018, based on internal research, the Company increased its long-term store target to 2,400 locations across the country for Ross Dress for Less and that dd’s Discounts can become a chain of approximately 600 stores. Ross Stores opened 28 new locations in July 2019 with the chain having 1,523 stores and operating 249 dd's Discounts in 39 states, the District of Columbia, and Guam.

Fiscal 2021 sales reached a record $18.9 billion for the year, with 1,628 Ross Dress for Less stores in 40 states, the District of Columbia, and Guam, and 295 dd’s DISCOUNTS locations in 21 states.

Ross Stores' mission statement emphasizes its commitment to offering the best name-brand bargains possible to its customers. To achieve this goal, the company also aims to empower its associates, reduce its environmental impact, and give back to the communities where it operates.

Empowering its associates is a critical aspect of Ross Stores' mission. The company recognizes that its success depends on the talent, dedication, and expertise of its employees. Therefore, Ross Stores aims to foster a culture of teamwork, open communication, and continuous learning that enables its associates to thrive and contribute to the company's growth.

Another important aspect of Ross Stores' mission is its commitment to environmental sustainability. The company recognizes the impact of its operations on the environment and is committed to reducing that impact through sustainable practices, such as energy efficiency, waste reduction, and responsible sourcing.

Finally, Ross Stores believes in giving back to the communities where it conducts business. The company supports a range of charitable organizations and causes through donations, volunteer work, and other initiatives. By investing in the communities it serves, Ross Stores aims to create a positive impact and build long-term relationships with its customers and stakeholders.

Ross Stores' vision is focused on constantly evolving and finding fresh approaches to grow and improve. The company aims to remain flexible and adaptable to changing cultural, technological, and societal challenges and opportunities. The vision emphasizes the importance of keeping a pulse on the interests and needs of internal and external stakeholders and being responsive to those needs.

In pursuit of its vision, Ross Stores continues to expand its business and explore new opportunities. The company aims to maintain its position as a leading off-price retailer in the United States, offering customers access to a wide range of high-quality name-brand products at affordable prices. It also seeks to maintain its commitment to sustainability and community involvement, working to reduce its environmental impact and give back to the communities where it conducts business. Overall, Ross Stores' vision emphasizes its commitment to innovation, growth, and responsible business practices.

Ross Stores is a discount retail chain that operates over 1,900 stores across the United States. The company specializes in offering a wide range of brand-name and designer apparel, accessories, footwear, and home décor products at discounted prices.

Ross Stores' products are sourced from a variety of suppliers, including over 1,000 vendors from around the world. The company's merchandising strategy focuses on opportunistic buying, which involves purchasing excess inventory, cancelled orders, and overstock from manufacturers, department stores, and other retailers. This allows Ross Stores to offer a constantly changing selection of high-quality merchandise at bargain prices.

In addition to apparel and home décor, Ross Stores also offers a range of other products, including jewelry, beauty products, luggage, toys, and gourmet food items. The company also operates its own private-label brands, which include apparel, accessories, and home décor products.

Ross Stores' services include a layaway program, which allows customers to reserve items for purchase with a small deposit. The company also offers a credit card program, which provides customers with special financing options and rewards. Additionally, Ross Stores offers an online store, where customers can shop for a selection of products and have them shipped directly to their home or a nearby store for pickup.