Welcome to our dedicated page for Ross Stores news (Ticker: ROST), a resource for investors and traders seeking the latest updates and insights on Ross Stores stock.
Ross Stores, Inc. (NASDAQ: ROST) is a prominent player in the retail industry, renowned for its off-price apparel and accessories. Founded over 30 years ago, the company has evolved from a modest six-store chain into an $11 billion Fortune 500 company. The growth of Ross Stores has been remarkable, with its sales consistently outpacing traditional retailers over the past three years.
Ross Stores operates through two main retail chains: Ross Dress for Less® and DD’s Discounts®. The Ross Dress for Less® brand boasts over 1,250 stores spread across 33 states, the District of Columbia, and Guam. DD’s Discounts® complements this with more than 165 stores in 15 states. The company’s core business model revolves around procuring excess brand-name merchandise from manufacturing overruns and retail liquidations at prices significantly lower than their original retail value, often between 20%-60% off. This allows Ross Stores to offer consumers high-quality goods at reduced prices and creates a unique treasure hunt shopping experience.
The bulk of Ross Stores’ operations under its flagship, Ross Dress for Less, target middle-income consumers in densely populated suburban regions. The firm ensures a diverse array of stock-keeping units with minimal product depth, enhancing the shopping adventure. On the other hand, DD’s Discounts caters to lower-income shoppers with similarly discounted, brand-name merchandise.
Ross Stores’ strategy of cost-efficient operations and continuous expansion has underpinned its financial success. The company keeps operational costs low, passing the savings directly to customers, which has been a significant factor in maintaining its competitive edge. As of now, Ross Stores continues to open new outlets and adapt to market trends, ensuring sustainable growth and customer satisfaction.
For more information, visit the company’s official websites: www.rossstores.com and www.ddsdiscounts.com.
Ross Stores announced the opening of four Ross Dress for Less and three dd's DISCOUNTS locations across five states in February and March 2021. This initiative is part of a broader plan to open approximately 60 new stores in fiscal 2021, including 40 Ross and 20 dd's DISCOUNTS locations. Currently, the company operates a total of 1,866 stores across 40 states, with a long-term goal of reaching 2,400 Ross and 600 dd's DISCOUNTS locations. Fiscal 2020 revenues were reported at $12.5 billion.
Ross Stores, Inc. (NASDAQ: ROST) has appointed Doniel Sutton to its Board of Directors, effective March 11, 2021. Sutton brings over 20 years of experience in human capital leadership, having served as Chief People Officer at Fastly and held senior roles at PayPal, Prudential, Bank of America, and Honeywell. Michael Balmuth, Chairman of Ross Stores, expressed confidence in Sutton's capabilities to enhance the company’s people strategy and overall shareholder value. The company reported fiscal 2020 revenues of $12.5 billion and operates 1,585 Ross and 274 dd's DISCOUNTS locations.
Ross Stores, Inc. (NASDAQ: ROST) reported Q4 2020 earnings of $238 million, or $0.67 per share, with sales of $4.2 billion, reflecting a 6% drop in comparable store sales due to COVID-19 impacts. Full-year 2020 earnings were $0.24 per share on $12.5 billion in sales, affected by a $240 million one-time charge. The board reinstated a quarterly dividend of $0.285 per share. For Q1 2021, comparable store sales are projected to decline 1%-5%, with EPS guidance of $0.74 to $0.86. Optimism remains for long-term growth with plans to open 60 new locations in 2021.
Ross Stores, Inc. (NASDAQ: ROST) will announce its fourth quarter and fiscal 2020 earnings on March 2, 2021, at approximately 4:00 p.m. Eastern time. Investors can listen to a live audio webcast of the conference call starting at 4:15 p.m. Eastern time on the company's website. A recorded version will be accessible on the site and via telephone until March 9, 2021. This earnings announcement could offer insights into the company's financial performance and future outlook.
Ross Stores, Inc. (NASDAQ: ROST) reported Q3 2020 earnings of $0.37 per share, down from $1.03 in Q3 2019. Net income fell to $131 million, compared to $371 million last year, impacted by a one-time charge of $240 million due to debt refinancing. Sales decreased 2% to $3.8 billion, with comparable store sales down 3%. For the first nine months, the company posted a loss of $(0.43) per share, netting a loss of $153 million, contrasting with a profit of $1.2 billion in 2019. The company maintains strong liquidity of $5.2 billion amid a challenging retail environment.
Ross Stores, Inc. (NASDAQ: ROST) is set to announce its third quarter 2020 earnings results on November 19, 2020, around 4:00 p.m. Eastern time. A conference call will follow at 4:15 p.m. Eastern time, providing further insights into the results. Investors can access the real-time audio webcast on the company's website. A recorded version will be available through November 27, 2020. This upcoming announcement may provide critical insights into the company's financial performance amidst changing retail dynamics.
Ross Stores announced the opening of 30 Ross Dress for Less and nine dd's DISCOUNTS stores across 17 states in October 2020, bringing the total new stores for fiscal 2020 to 66. The expansion includes 12 stores in California, Texas, and Florida, and entry into West Virginia and Arkansas. Ross operates 1,594 locations in 40 states, while dd's has 275 stores in 21 states. The company reported fiscal 2019 revenues of $16.0 billion, emphasizing its commitment to growth in existing and new markets.
Ross Stores, Inc. (NASDAQ: ROST) announced the closing of its public offering of $500 million in 0.875% senior notes due 2026 and $500 million in 1.875% senior notes due 2031 on October 21, 2020. The company raised approximately $987.2 million in net proceeds to fund the early settlement of pending tender offers. The early settlement on October 22, 2020, involved purchasing senior notes totaling $999,998,614, reaching the Aggregate Tender Cap of $1 billion. No additional senior notes will be accepted for purchase in the tender offers.
Ross Stores, Inc. (NASDAQ: ROST) announced the pricing of a public offering of $500 million in senior notes, split between $500 million due in 2026 at 0.875% interest and $500 million due in 2031 at 1.875%. The net proceeds will be used to repurchase outstanding senior notes ahead of previously announced tender offers, aiming to improve financial leverage. The offering is set to close on October 21, 2020, subject to conditions. The notes offering was executed under an effective registration statement with the SEC.
Ross Stores, Inc. (ROST) announced Reference Yields for its cash tender offers, increasing the Aggregate Tender Cap to $1 billion from $800 million. The Tender Offers aim to purchase senior notes listed in a priority table, with a total principal amount of up to $1 billion. The offers will expire on October 29, 2020. Key details include the Total Consideration based on Fixed Spread and Reference Yield for each series. No minimum tender condition is specified, and the company can waive or adjust terms as necessary. Investors can find more details in the Offer to Purchase document.
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