Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Preuves
By purchasing later in the merchandise buying cycle than department, specialty, and discount stores, we are able to take advantage of imbalances between retailers’ demand for products and manufacturers’ supply of those products.
Business / Merchandising, Purchasing, and Pricing · Dépôt 31/03/2026
We typically do not require that vendors or manufacturers provide promotional allowances, co-op advertising allowances, return privileges, drop shipments to stores, or delayed deliveries of merchandise.
Business / vendor purchasing requirements · Dépôt 31/03/2026
These flexible requirements further enable our buyers to obtain significant discounts on purchases.
Business / purchasing discounts · Dépôt 31/03/2026
The off-price buying strategies utilized by our experienced team of merchants enable us to purchase Ross merchandise at net prices that are lower than prices paid by department and specialty stores, and to purchase dd’s DISCOUNTS merchandise at net prices that are lower than prices paid by moderate department and discount stores.
Business / comparative merchandise acquisition costs · Dépôt 31/03/2026
Packaway inventory was 37% of total inventory at the end of fiscal 2025, compared to 41% at the end of fiscal 2024.
MD&A / packaway inventory · Dépôt 31/03/2026
The off-price buying strategies utilized by our experienced team of merchants enable us to purchase Ross merchandise at net prices that are lower than prices paid by department and specialty stores, and to purchase dd’s DISCOUNTS merchandise at net prices that are lower than prices paid by moderate department and discount stores.
Business / comparative merchandise acquisition costs · Dépôt 02/04/2024
18 Store Openings The following table summarizes the stores opened and closed during the three and six month periods ended August 1, 2026 and August 2, 2025: Three Months Ended Six Months Ended Store Count August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Ross Dress for Less Beginning of the period 1,917 1,847 1,904 1,831 Opened in the period 35 28 48 44 Closed in the period — (2) — (2) Total Ross Dress for Less stores end of period 1,952 1,873 1,952 1,873 dd’s DISCOUNTS Beginning of the period 365 358 363 355 Opened in the period 12 3 16 6 Closed in the period (1) (1) (3) (1) Total dd’s DISCOUNTS stores end of period 376 360 376 360 Total stores end of period 2,328 2,233 2,328 2,233 We opened 47 new stores in the second quarter of fiscal 2026, consisting of 35 Ross stores and 12 dd’s DISCOUNTS stores.
MD&A / Store Openings · Dépôt 01/09/2026
•Comparable store sales increased 17%.
MD&A / first-quarter fiscal 2026 comparable-store sales · Dépôt 02/06/2026
•Comparable store sales increased 10%.
MD&A / second-quarter fiscal 2026 comparable-store sales · Dépôt 01/09/2026
We face a challenging and rapidly changing macroeconomic and retail environment that creates intense competition for our business from online retailers, department stores, specialty stores, discount stores, warehouse stores, other off-price retailers, and manufacturer-owned outlet stores, many of which are units of large national or regional chains that have substantial resources.
Competition / competing retail formats · Dépôt 31/03/2026
While our business is exclusively in brick-and-mortar stores, consumer e-commerce spending continues to increase.
Competition / physical stores and e-commerce · Dépôt 31/03/2026
STRATEGIC RISKS We depend on the market availability, quantity, and quality of attractive brand name merchandise at desirable discounts, and on the ability of our buyers to source and purchase merchandise to enable us to offer customers a wide assortment of merchandise at competitive prices.
Strategic Risks / merchandise availability · Dépôt 31/03/2026
If we make packaway purchases that do not align with consumer preferences at the later time of release to our stores, we could have significant inventory markdowns.
Risk Factors / packaway markdown exposure · Dépôt 31/03/2026
26 Operating income. Operating income as a percentage of sales for fiscal 2025 decreased by 35 basis points compared to fiscal 2024, as both SG&A and cost of goods sold increased as a percentage of sales period-over-period.
MD&A / fiscal 2025 operating income · Dépôt 31/03/2026
To the extent that certain of our vendors decide not to sell to us or go out of business, the amount of high quality merchandise available to us could also be materially reduced.
Risk Factors / vendor supply availability · Dépôt 02/04/2024
Pricing. We sell brand name merchandise at Ross that is priced 20% to 60% below most department and specialty store regular prices.
Business / Ross selling-price discounts · Dépôt 31/03/2026
We generally purchase our merchandise at lower prices and mark it up less than a department or specialty store.
Business / acquisition prices and markups · Dépôt 31/03/2026
Our buyers review their departments in our stores for possible markdowns based on the rate of sale on a weekly basis, as well as at the end of fashion seasons, to promote faster turnover of merchandise inventory and to accelerate the flow of fresh product to our stores.
Business / buyer discretion over markdowns · Dépôt 31/03/2026
FINANCIAL STATEMENTS Condensed Consolidated Statements of Earnings Three Months Ended Six Months Ended ($000, except per share data, unaudited) August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Sales $ 6,264,886 $ 5,529,152 $ 12,275,362 $ 10,514,123 Costs and Expenses Cost of goods sold 4,145,215 4,002,167 8,375,804 7,583,533 Selling, general and administrative 1,016,053 888,711 1,991,914 1,685,846 Operating income 1,103,618 638,274 1,907,644 1,244,744 Interest income, net (31,144) (32,346) (64,593) (66,755) Earnings before taxes 1,134,762 670,620 1,972,237 1,311,499 Provision for taxes on earnings 283,463 162,625 470,974 324,255 Net earnings $ 851,299 $ 507,995 $ 1,501,263 $ 987,244 Earnings per share Basic $ 2.68 $ 1.57 $ 4.72 $ 3.05 Diluted $ 2.66 $ 1.56 $ 4.69 $ 3.03 Weighted-average shares outstanding (000) Basic 317,687 323,000 318,322 323,938 Diluted 319,450 324,796 320,343 325,909 The accompanying notes are an integral part of these condensed consolidated financial statements.
Condensed Consolidated Statements of Earnings · Dépôt 01/09/2026
For the three month period ended August 1, 2026, the Company recognized a benefit of approximately $253 million related to these tariff recoveries in Cost of goods sold, with substantially all amounts received as of August 1, 2026.
Note A / recognized tariff recoveries · Dépôt 01/09/2026
6 Condensed Consolidated Statements of Cash Flows Six Months Ended ($000, unaudited) August 1, 2026 August 2, 2025 Cash Flows From Operating Activities Net earnings $ 1,501,263 $ 987,244 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 272,790 242,337 Stock-based compensation 106,377 83,239 Deferred income taxes 51,130 51,945 Change in assets and liabilities: Merchandise inventory (456,400) (163,972) Other current assets (85,729) (92,049) Accounts payable 226,307 101,937 Other current liabilities 65,676 (83,135) Income taxes 29,788 (54,139) Operating lease assets and liabilities, net 166 4,301 Other long-term, net 399 369 Net cash provided by operating activities 1,711,767 1,078,077 Cash Flows From Investing Activities Additions to property and equipment (460,217) (409,105) Net cash used in investing activities (460,217) (409,105) Cash Flows From Financing Activities Issuance of common stock related to stock plans 13,183 12,380 Treasury stock purchased (136,595) (64,420) Repurchase of common stock (637,500) (525,021) Excise tax paid on repurchase of common stock (9,496) (9,443) Dividends paid (286,191) (265,637) Payment of long-term debt (500,000) (700,000) Net cash used in financing activities (1,556,599) (1,552,141) Net decrease in cash, cash equivalents, and restricted cash and cash equivalents (305,049) (883,169) Cash, cash equivalents, and restricted cash and cash equivalents: Beginning of period 4,661,973 4,796,462 End of period $ 4,356,924 $ 3,913,293 Supplemental Cash Flow Disclosures Interest paid $ 19,839 $ 35,939 Income taxes paid, net $ 390,056 $ 326,449 The accompanying notes are an integral part of these condensed consolidated financial statements.
Condensed Consolidated Statements of Cash Flows · Dépôt 01/09/2026
4 Condensed Consolidated Balance Sheets ($000, except share data, unaudited) August 1, 2026 January 31, 2026 August 2, 2025 Assets Current Assets Cash and cash equivalents $ 4,288,124 $ 4,594,392 $ 3,847,016 Accounts receivable 248,140 181,301 210,520 Merchandise inventory 3,087,370 2,630,970 2,608,485 Prepaid expenses and other 252,726 233,434 259,815 Total current assets 7,876,360 7,640,097 6,925,836 Property and Equipment Land and buildings 1,838,383 1,836,167 1,821,855 Fixtures and equipment 5,310,383 5,056,827 4,883,392 Leasehold improvements 1,900,782 1,861,160 1,727,314 Construction-in-progress 558,837 477,290 394,493 9,608,385 9,231,444 8,827,054 Less accumulated depreciation and amortization 5,350,579 5,142,684 4,920,714 Property and equipment, net 4,257,806 4,088,760 3,906,340 Operating lease assets 3,545,351 3,519,610 3,374,582 Other long-term assets 302,763 300,270 288,761 Total assets $ 15,982,280 $ 15,548,737 $ 14,495,519 Liabilities and Stockholders’ Equity Current Liabilities Accounts payable $ 2,621,740 $ 2,386,418 $ 2,205,613 Accrued expenses and other 744,284 666,978 655,218 Current operating lease liabilities 752,302 727,855 716,162 Accrued payroll and benefits 440,837 484,407 315,893 Income taxes payable 84,916 61,779 — Current portion of long-term debt 241,459 499,743 499,122 Total current liabilities 4,885,538 4,827,180 4,392,008 Long-term debt 777,053 1,017,863 1,017,218 Non-current operating lease liabilities 2,968,337 2,966,877 2,835,481 Other long-term liabilities 295,611 287,947 279,258 Deferred income taxes 312,557 261,427 238,985 Commitments and contingencies Stockholders’ Equity Common stock, par value $.01 per share Authorized 1,000,000,000 shares Issued and outstanding 319,668,000, 322,333,000 and 325,531,000 shares, respectively 3,197 3,223 3,255 Additional paid-in capital 2,359,505 2,257,354 2,170,734 Treasury stock (935,883) (799,288) (783,830) Retained earnings 5,316,365 4,726,154 4,342,410 Total stockholders’ equity 6,743,184 6,187,443 5,732,569 Total liabilities and stockholders’ equity $ 15,982,280 $ 15,548,737 $ 14,495,519 The accompanying notes are an integral part of these condensed consolidated financial statements.
Condensed Consolidated Balance Sheets · Dépôt 01/09/2026
•Restricted Stock Awards: Restricted stock awards granted to our NEOs are structured to vest in large increments in future years after grant, and generally vest over four to five years of service.
Executive Compensation / restricted stock vesting · Dépôt 07/04/2026
A performance share award represents a right to receive shares of restricted stock on a specified settlement date based on the Company’s attainment of a performance goal during the performance period, which is the Company’s fiscal year.
Note C / performance share award conditions · Dépôt 01/09/2026
If attained, the restricted stock then vests over a service period, generally three years from the date the performance award was granted.
Note C / subsequent service vesting · Dépôt 01/09/2026
Our formal stock ownership guidelines for directors and executive officers are as follows: Position Stock Ownership Guidelines (Dollar Value of Shares) Directors 5 x Authorized Base Annual Cash Retainer Compensation Chief Executive Officer 6 x Base Salary Other NEOs 3 x Base Salary Directors and executive officers are allowed five years to initially meet the stock ownership levels.
Executive Compensation / ownership guidelines · Dépôt 07/04/2026
38 As of January 31, 2026, all current executive officers, and all independent Board members, have met or are on track to meet the applicable stock ownership guidelines within the five-year window.
Executive Compensation / ownership guideline status · Dépôt 07/04/2026
During the fiscal year, the independent directors held five meetings in executive session without management.
Corporate Governance / independent director executive sessions · Dépôt 07/04/2026
Board Leadership Structure. Our Board has long separated the roles of Chair of the Board (“Board Chair”) and Chief Executive Officer (“CEO”).
Corporate Governance / separation of chair and CEO · Dépôt 07/04/2026
In November 2023, the Committee adopted a Policy for Recovery of Erroneously Awarded Compensation (“Clawback Policy”) for current and former executive officers (those officers who are required to file reports under Section 16(a) of the Exchange Act), which is intended to comply with applicable Nasdaq listing standards and other relevant requirements.
Executive Compensation / adopted clawback policy · Dépôt 07/04/2026
In response to this highly uncertain environment, the Committee adopted broader performance ranges and revised the payout schedules for the fiscal 2025 annual cash incentive bonuses and performance share awards, while maintaining a fully formulaic payout structure.
Executive Compensation / fiscal 2025 performance ranges · Dépôt 07/04/2026
The initial reserve represents an increase of 9.0 million shares from the total number of shares that remained available for issuance under the Predecessor Plan.
Note C / approved equity plan reserve increase · Dépôt 01/09/2026
•Operating income as a percentage of sales was 13.4%, compared to 12.2% in the first quarter of fiscal 2025.
MD&A / first-quarter operating margin · Dépôt 02/06/2026
