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Ross Stores

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Ross Stores, Inc.
Company typePublic
Nasdaq: ROST
NASDAQ-100 Component
S&P 500 Component
IndustryRetail
Founded1982; 42 years ago (1982)
Pacifica, California, U.S.
FounderMorris Ross
Bill Isackson
Headquarters
Dublin, California
,
U.S.
Key people
Barbara Rentler (CEO)
Michael Balmuth(Executive Chairman)
Brian Morrow (President)
Michael OSullivan (COO)
ProductsClothing, footwear, bedding, furniture, jewelry, beauty products, toys, and housewares.
RevenueIncrease US$11.94 billion (FY 2015)
Increase US$1.61 billion (FY 2015)
Increase US$1.02 billion (FY 2015)
Total assetsIncrease US$4.87 billion (FY 2015)
Total equityIncrease US$2.47 billion (FY 2015)
Number of employees
88,100 (2019)
Subsidiariesdd's Discounts
Websiterossstores.com
Footnotes / references
[1]

Ross Stores, Inc., operating under the brand name Ross Dress for Less, is an American chain of discount department stores headquartered in Dublin, California.[2] It is the largest off-price retailer in the U.S., as of 2018, Ross operates 1,483 stores in 37 U.S. states, the District of Columbia and Guam,[3] covering much of the country, but with no presence in New England, New York, northern New Jersey, Alaska, Puerto Rico and areas of the Midwest.[4]

According to SEC filing, "Ross' target customers are primarily from middle income households."

History

Ross Store In Lewisville, being prepared for opening.
Ross Store In Lewisville, TX

Ross Department Store was first opened in San Bruno, 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 William Isackson to become a residential and commercial real estate developer.[5] Isackson built the company to six stores, located in San Bruno, Pacifica, Novato, Vacaville, Redwood City, and Castro Valley. 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.[6][7] 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 Discounts in 8 states.[8] Ross moved its headquarters from Newark to Pleasanton, California, in the Tri-Valley area, in 2003.

Barbara Rentler took the place of CEO Michael Balmuth on June 1, 2014; she was the 25th female CEO of a Fortune 500 company.[9] Ross moved its headquarters from Pleasanton to neighboring Dublin, California, in 2014.[10]

Expansion

Ross Stores opened up 28 new locations in July 2019 with the chain having 1,523 stores and operates 249 dd's DISCOUNTS in 39 states, the District of Columbia, and Guam.[11]

See also

References

  1. ^ "Fortune 500 - 209 Ross Stores". Fortune. Retrieved August 26, 2019.
  2. ^ "Ross Stores". True Work. Retrieved August 26, 2019.
  3. ^ "Ross investor presentation dated November 2014, downloaded Feb. 15, 2015".
  4. ^ rvl. "Ross locations & hours". www.storesinfo.com.
  5. ^ Pimsleur, J.L. (December 5, 1997). "Obituary -- Morris Ross". San Francisco Chronicle. Retrieved October 10, 2011.
  6. ^ "History of Ross Stores, Inc. – FundingUniverse". www.fundinguniverse.com.
  7. ^ "Ross Stores, Inc. - Company Profile, Information, Business Description, History, Background Information on Ross Stores, Inc". referenceforbusiness.com. referenceforbusiness. Retrieved June 21, 2014.
  8. ^ "Overview: Historical Highlights". Ross Dress for Less. Retrieved June 21, 2014.
  9. ^ Rupp, Lindsey (May 8, 2014). "Ross Stores' Rentler to Be 25th Female CEO in Fortune 500". Bloomberg Business. Retrieved February 26, 2015.
  10. ^ "Ross moving corporate headquarters to Dublin in 2014 - January 27, 2012 - Pleasanton Weekly - PleasantonWeekly.com -". www.pleasantonweekly.com.
  11. ^ Ross Stores, Inc. (July 22, 2019). "Ross Stores Opens 28 New Locations (On Track to Add Approximately 100 New Stores in 2019)". Prnewswire. New York City: Cision Inc. Retrieved August 6, 2020.
Wikimedia Commons has media related to Ross Stores.
  • Official website
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