Quarterlytics / Consumer Cyclical / Apparel - Retail / Ross Stores

Ross Stores

rost · NASDAQ Consumer Cyclical
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Ticker rost
Exchange NASDAQ
Sector Consumer Cyclical
Industry Apparel - Retail
Employees 10,000+
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FY2025 Annual Report · Ross Stores
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2025 Annual Report
Ross Stores, Inc.  2025 Annual Report

We are pleased to deliver a solid performance for fiscal 2025. While the first half 
presented challenges amid a dynamic macroeconomic environment, including the impact 
of tariffs and broader consumer uncertainty, we remained focused on executing our 
strategy and managing the business with discipline. As the year progressed, underlying 
trends steadily improved, reflecting the strength of our merchandising efforts, enhanced 
marketing programs, and improved shopping experience. This momentum built 
throughout the back half of the year and culminated in a strong finish, positioning  
us well as we move into the year ahead.  
FINANCIAL RESULTS  Total sales for the year increased 8% to a record $22.8 billion, 
up from $21.1 billion last year. Comparable store sales grew 5% on top of a solid 3% gain 
in fiscal 2024. 
Operating margin for fiscal 2025 was 11.9% versus 12.2% in the prior year, which 
included approximately 30 basis points gain from a packaway facility sale. Excluding last 
year’s facility sale and this year’s tariff-related costs of about 30 basis points, operating 
margin for fiscal 2025 would have increased approximately 30 basis points compared  
to the prior year.
Net income for the year was $2.1 billion, similar to last year. Earnings per share were 
$6.61, up from $6.32 in the prior year. Excluding the $0.14 per share gain from the 
previously mentioned facility sale last year and the approximate $0.16 per share impact 
from tariff-related costs this year, earnings per share grew 10%. 
dd’s DISCOUNTS  In 2025, dd’s DISCOUNTS posted healthy sales gains as the 
chain’s value and fashion offerings continued to resonate with shoppers. We are 
pleased with the chain’s consistent performance over the past two years. As a result, 
we have been strengthening our pipeline and look forward to reaccelerating store 
growth beginning in 2026.
STORE GROWTH  Regarding our store expansion program, 2025 was an exciting year 
of continued growth. Ross Dress for Less opened 80 new locations across the country, 
growing in long‑established regions while also entering vibrant new markets such as 
Connecticut, New York Metro, and Puerto Rico. We also strengthened Ross’ presence  
in key core states, including California, Florida, and Texas, reinforcing the strong demand 
for our value-focused offerings. dd’s DISCOUNTS continued its steady growth with  
10 new stores, extending our presence across high‑growth Sunbelt states and Georgia. 
Inclusive of nine closures, we ended the year with 2,267 stores, consisting of 1,904 Ross 
Dress for Less across 44 states, the District of Columbia, Guam, and Puerto Rico, and 
363 dd’s DISCOUNTS locations in 22 states, demonstrating our ongoing success in 
bringing great value to more communities nationwide.
To Our Stockholders

2025 Annual Report  1

2  Ross Stores, Inc.
Looking ahead, many of the merchandising, marketing, and in-store initiatives that helped 
drive comparable sales growth in 2025 also had a positive impact on our new store 
productivity, which further bolsters our confidence in accelerating store opening plans 
going forward. As a result, we are planning to open 110 new locations in 2026, which 
represents 5% growth versus last year.   
Over the long term, we remain confident in the potential to grow Ross and dd’s chains to 
2,900 and 700 stores, respectively, and expand our reach to even more customers over 
time. This represents a combined opportunity of 3,600 stores, offering significant runway 
for continued expansion relative to our current footprint. 
CONSISTENT CASH FLOWS FUND GROWTH AND STOCK REPURCHASES  
AND DIVIDENDS  Operating cash flows helped to fund new store growth and additional 
infrastructure improvements in 2025. We invested approximately $819 million in capital 
projects during the year, including $421 million to open new locations and refresh and 
enhance existing stores and $398 million for distribution, information technology, and 
other projects. We ended the year with about $4.6 billion in cash and $1.5 billion in debt.
To maximize our ability to capture profitable market share, we plan to continue investing 
over the next several years in our stores, through accelerated new store growth as well 
as enhancements to our existing fleet to deliver an improved customer experience. In 
addition, we will invest in our supply chain and merchant processes to support long-term 
expansion. We also expect to invest in technology to further increase efficiency across 
our business.
During fiscal 2025, the Company repurchased a total of 7.1 million shares of common 
stock for an aggregate purchase price of $1.05 billion, completing the two-year  
$2.1 billion program announced in March 2024, as planned.
Our Board of Directors recently approved a new two-year $2.55 billion stock repurchase 
authorization, or approximately $1.275 billion each year for fiscal years 2026 and 2027. 
This new plan represents a 21% increase over the recently completed repurchase program.
In addition, the Board also approved a 10% increase in our quarterly cash dividend  
to $0.445.

2025 Annual Report  3

4  Ross Stores, Inc.
The increases to our stock repurchase and dividend programs reflect our continued 
commitment to return excess cash to our shareholders after funding growth and other 
capital needs of our business.
OUTLOOK  Overall, we are encouraged by the positive impact our merchandising, 
marketing, and in-store initiatives have had on our 2025 performance and we see 
opportunities to build on these learnings to support our growth plans in 2026 and beyond.
First with merchandising, we are pleased with the strength of our assortments across 
the store, where we have delivered more brands at the right values for our customers. 
Our buying organization has done an incredible job navigating through tariffs and 
strengthening our vendor relationships to deliver merchandise that is resonating with our 
customers. Looking forward, we are pleased with our inventory levels and are seeing 
ample availability in the marketplace to support our business trend going forward.
On the marketing front, we were pleased with our new campaigns as we continue to 
refine our brand messaging and believe it is connecting with today’s shopper. We are 
encouraged by the higher levels of customer awareness and engagement we are seeing, 
contributing to increased traffic trends as we moved through the year. We believe this 
positions us well for continued growth as we look ahead.
In our stores, we have made meaningful merchandising and operational improvements, 
which we believe also contributed to the sales growth. The stores team did a great job of 
improving the customer experience. Additionally, the supply chain organization executed 
extremely well throughout the year, which enabled us to drive exceptional sales growth 
through fresh receipts and fast turning inventory.

2025 Annual Report  5
SOCIAL RESPONSIBILITY  Our Associates play essential roles not only in delivering 
great values to our customers but also in evolving and strengthening the culture at Ross. 
We remain committed, as a Company, to fostering an inclusive culture that values and 
celebrates the diversity of backgrounds, identities, and ideas of all of our approximately 
111,000 Associates and the customers that we serve. We also believe that cultivating an 
inclusive work environment where every Associate is treated with dignity and respect is 
fundamental to their growth, success, and positively impacts the communities where they 
live and work.
To support this, we continued to help Associates connect with one another and support 
our ongoing diversity, equality, and inclusion efforts. Our employee resource groups 
(known at Ross as “CommUnity Networks”) enable thousands of Associate participants 
across our entire organization to connect and build CommUnity. We also continued our 
efforts to attract diverse talent across the organization.
In 2025, we maintained our commitment to Associate development through a combination 
of digital and in-person learning and engagement opportunities. We also advanced other 
ongoing initiatives, including delivering competitive wages and benefits in each of our 
geographic markets, offering internships, as well as continuing education opportunities for 
hundreds of our Associates and their dependents through the Stuart Moldaw Scholarship 
Program. Lastly, we continued to support the communities where we operate through local 
hiring and expanded philanthropic efforts, including through our Ross Foundation that 
furthers the charitable mission of helping to create a brighter future for today’s youth.
To learn more about our commitments to our Associates, we invite shareholders to read 
more on our website, www.rossstores.com, in the Social Responsibility section. 

Merchandise Mix
6  Ross Stores, Inc.
26%
Home Accents and 
Bed and Bath
9%
Children’s
13%
Shoes
15%
Accessories, Lingerie, 
Fine Jewelry, and 
Cosmetics
15%
Men’s
22%
Ladies

2025 Annual Report  7
INVESTING IN A SUSTAINABLE FUTURE  Sustainability is deeply embedded in 
our business, reflecting our commitment to treating the environment with respect and 
supporting the communities we serve. For decades we have worked hard to drive out 
waste and inefficiency from our operations, which also serves to reduce our impact 
on the environment. Moving forward, we will continue to elevate our sustainability 
ambitions to increase transparency and help create a sustainable future for all, while 
also delivering value to our customers.
Last year we maintained our commitment to transparency by again participating in 
the Carbon Disclosure Project Climate Change Questionnaire. We also published 
our 2024 Corporate Social Responsibility Report, which includes our sustainability 
efforts and accomplishments. In the report, we share the progress we made towards 
our greenhouse gas emissions target and our ambition to reach net-zero greenhouse 
gas emissions by 2050 or sooner. We are continuing to explore strategies to reduce 
emissions while also creating business value. To learn more about our efforts, please 
refer to our website, www.rossstores.com, in the Social Responsibility section.
In closing, we extend our sincere appreciation to our approximately 111,000 talented 
Associates throughout the Ross organization. Our 2025 results are a direct reflection of 
their dedication and hard work throughout the year. We believe their continued efforts 
will position us well for future sales and earnings growth and enhance our ability to 
deliver competitive returns to stockholders in the years ahead.
Finally, we also thank our customers, business partners, and stockholders for their 
ongoing support and partnership.
Sincerely,
JAMES G. CONROY
Chief Executive Officer
K. GUNNAR BJORKLUND
Chairman of the Board

Location
Alabama
Arizona
Arkansas
California
Colorado
Connecticut 
Delaware
District of Columbia
Florida
Georgia
Guam
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maryland
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Jersey
New Mexico
New York
North Carolina
Ross
30
76
10
359
36
1
3
2
208
63
3
19
13
91
35
 10
15
19
20
34
23
 7
13
32
 6
10
37
25
19
12
54
dd’s
20
1
132
6
1
45
11
16
2
4
4
7
2
5
3
Location
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Puerto Rico
South Carolina
South Dakota
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Ross
4
29
28
31
59
3
29
2
42
236
28
41
49
4
30
4
dd’s
4
5
3
4
85
2
1
8  Ross Stores, Inc.
Stores

2025 Annual Report  9
Ross Dress for Less  
& dd’s DISCOUNTS 
Store Locations
Ross Dress for Less  
Store Locations Only
No Store Locations
2025 Annual Report  9

Total Sales (in billions)
Earnings Per Share2
Return on Average  
Stockholders’ Equity2
Cash Returned to  
Stockholders3 (in millions)
$1,055
$1,381
$1,405
$1,539
$1,578
$18.9
$18.7
$20.4
’21
’21
’22
’22
’23
’23
’24
’24
’25
’25
$21.1
$22.8
47%
36%
41%
40%
37%
$4.87
$4.38
$5.56
’21
’21
’22
’22
’23
’23
’24
’24
$6.32
’25
’25
$6.61
Financial Highlights
1
1  2023 results are based on a 53-week fiscal year; all other years are on a 52-week basis.
2  Includes a gain on sale of a packaway facility in 2024.
3  Includes cash dividends and stock repurchases.
10  Ross Stores, Inc.

Ross Stores, Inc.  
2025 Annual Report
Form 10-K


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13

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67

Directors and Officers
BOARD OF DIRECTORS
CORPORATE OFFICERS
K. Gunnar Bjorklund 2, 3  
Chairman of the Board, 
Ross Stores, Inc.; 
Former Chairman, 
Rev360 LLC
Michael J. Bush 2, 3 
Managing Member,  
B IV Investments, LLC; 
Former Executive Chairman, 
Trumaker, Inc.
Edward G. Cannizzaro 1, 3 
Board Member,  
PG&E Corporation and  
Pacific Gas and Electric Company; 
Former Global Head,  
Quality, Risk, and Regulatory,  
KPMG International 
James G. Conroy 
Chief Executive Officer 
Michael J. Hartshorn 
Group President and  
Chief Operating Officer
James G. Conroy 
Chief Executive Officer,  
Ross Stores, Inc.
Sharon D. Garrett 1, 3 
Management Consultant;  
Former Board Member,  
Jerome’s Furniture and  
Scott’s Liquid Gold-Inc. 
Michael J. Hartshorn  
Group President and  
Chief Operating Officer,  
Ross Stores, Inc.
Stephen D. Milligan 1, 3 
Board Member, Autodesk, Inc.; 
Former Chief Executive Officer  
and Board Member,  
Western Digital Corporation
Karen Fleming  
President and  
Chief Merchandising Officer, 
Ross Dress for Less
Karen Sykes  
President and  
Chief Merchandising Officer, 
dd’s DISCOUNTS
Patricia H. Mueller 2, 3  
Management Consultant;  
Former Board Member,  
Dave & Buster’s Entertainment, Inc.
George P. Orban 3 
Managing Partner,  
Orban Partners
Doniel N. Sutton 2, 3 
Chief People Officer, Pinterest, Inc.; 
Board Member, Morningstar, Inc.
Stephen Brinkley 
President, Operations
William W. Sheehan II 
Executive Vice President and 
Chief Financial Officer
1  Audit Committee
2  Compensation Committee 
3  Nominating and Corporate Governance Committee

Corporate Data
CORPORATE HEADQUARTERS
TRANSFER AGENT AND REGISTRAR
TELEPHONE
WEBSITE
ONLINE
CORPORATE WEBSITE
NEW YORK BUYING OFFICE
LOS ANGELES BUYING OFFICE
ANNUAL REPORT (FORM 10-K)
Ross Stores, Inc. 
5130 Hacienda Drive 
Dublin, CA 94568-7579 
(925) 965-4400
Computershare 
P.O. Box 43006 
Providence, RI 02940-3006
or
Overnight Correspondence: 
150 Royall Street, Suite 101 
Canton, MA 02021
Inquiries by:
1-866-455-3120 (domestic holders) 
1-800-231-5469 (TDD#) 
1-201-680-6578 (foreign holders) 
1-201-680-6610 (foreign TDD#)
www.computershare.com/investor
or
https://www-us.computershare.com/investor/Contact
www.rossstores.com
Ross Stores, Inc. 
1372 Broadway 
New York, NY 10018-6141
Ross Stores, Inc. 
110 East 9th Street, Suite A-979 
Los Angeles, CA 90079-1711
A copy of the Company’s 2025 Annual 
Report on Form 10-K as filed with the 
Securities and Exchange Commission 
is available on our corporate website, 
or without charge, by contacting  
the following:
Investor Relations Department 
Ross Stores, Inc. 
5130 Hacienda Drive 
Dublin, CA 94568-7579

Ross Stores, Inc.
5130 Hacienda Drive 
Dublin, CA 94568-7579
(925) 965-4400
www.rossstores.com
SUSTAINABLE CHOICE. REDUCE, REUSE  
AND RECYCLE.  To minimize our environmental 
impact, the Ross Stores, Inc. 2025 Annual Report was 
printed on paper containing fibers from environmentally 
appropriate, socially beneficial, and economically 
viable forest resources.