Ross Stores

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Ross Stores, Inc.
Type Public
S&P 500 Component
NASDAQ-100 Component
Traded as NASDAQROST
Industry Retail
Founded Pacifica, California (1950)
Founders Bill Isackson
Headquarters Dublin, California, U.S.
Key people Barbara Rentler, CEO
Products Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares.
Revenue Increase US$9.72 Billion (FY 2012)[1]
Operating income Increase US$1.27 Billion (FY 2012)[1]
Net income Increase US$787 Million (FY 2012)[1]
Total assets Increase US$3.67 Billion (FY 2012)[2]
Total equity Increase US$1.77 Billion (FY 2012)[2]
Employees 57,500 (January 2013) [3]
Subsidiaries dd's Discounts
Website www.rossstores.com

Ross Stores, Inc. is an American chain of off-price department stores headquartered in Pleasanton, California,[4] operating under the name Ross Dress for Less. It is the third largest off-price retailer in the United States, behind T.J. Maxx and Marshalls, both of which are owned by TJX Companies.

As of March 2014 Ross operates 1,173 locations in 33 U.S. states, the District of Columbia and Guam,[5] covering much of the country, but with no presence in New England, New York, northern New Jersey, Alaska, and areas of the Midwest.[6]

History[edit]

A Ross store in Hillsboro, Oregon

The Ross Department Store was first opened in Pacifica, California, in 1950 by Morris "Morrie" Ross. Morris would work 85 hours a week doing all of the buying and bookkeeping for his department store. In 1958 Ross sold his store to become a residential and commercial real estate developer. [7] In 1982 a group of investors, including Mervin Morris, founder of the Mervyns chain of department stores, purchased the six Ross Department Stores in San Francisco, changed the format to off-price retail units, and within three years rapidly expanded the chain to 107 stores under Stuart Moldaw and Don Rowlett.[8][9] By the end of 1995 the chain reached an annual sales of $1.4 billion with 292 stores in 18 states. 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 Discount in 8 states.[10]

dd's Discounts[edit]

Ross also operates dd's Discounts, a chain of clothing and furniture stores, with prices below those of the main Ross stores. The "dd's" stands for "deep discounts". Ross and dd's Discounts stores often operate side by side in space formerly used by a large box store such as a grocery store and then subdivided.

References[edit]

  1. ^ a b c Ross Stores (ROST) annual SEC income statement filing via Wikinvest
  2. ^ a b Ross Stores (ROST) annual SEC balance sheet filing via Wikinvest
  3. ^ Ross website http://phx.corporate-ir.net/phoenix.zhtml?c=64847&p=irol-faq#5182
  4. ^ "Contact Us." Ross Stores. Retrieved on July 9, 2010.
  5. ^ Ross news release dated March 10, 2014 [1]
  6. ^ Ross Store Locator
  7. ^ Pimsleur, J.L. (December 5, 1997, B8). "Obituary -- Morris Ross". San Francisco Chronicle. Retrieved 10 October 2011. 
  8. ^ Ross Stores Company History
  9. ^ "Ross Stores, Inc. - Company Profile, Information, Business Description, History, Background Information on Ross Stores, Inc.". referenceforbusiness.com. referenceforbusiness. Retrieved June 21, 2014. 
  10. ^ "Overview: Historical Highlights". Ross Dress for Less. Retrieved June 21, 2014. 

External links[edit]