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World's Most Admired Companies

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

Industries included in the sector are automotive retail, general merchandisers, internet retail, and specialty retail.

Fortune Sector Leaders: Retailing

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

This year’s Fortune 500 marks the 68th running of the list.

This year’s Fortune 500 marks the 67th running of the list.

F500-2021-242-Ross Stores

The discount retailer operates more than 1,500 Ross Dress for Less stores, which are located throughout 40 states, the District of Columbia, and Guam, as well as 277 dd’s DISCOUNTS stores across 21 states. The company temporarily closed all its stores for nearly two months in 2020 but has since made up for revenue losses as sales have bounced back.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-202-Ross-Stores

The discount retailer operates more than 1,500 Ross Dress for Less stores, which are located throughout 39 states, the District of Columbia, and Guam, as well as about 260 dd’s DISCOUNTS stores across 19 states.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

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Ross Stores operates one of the largest off-price apparel and home goods chains in the U.S. As of early 2025, there were more than 1,800 Ross Dress for Less stores across 44 U.S. states, plus Guam and the District of Columbia. Ross sells apparel, accessories, footwear, and home goods at a 20% to 60% discount compared with regular department store prices. The company also operates over 350 DD’s Discounts stores, offering clothes, accessories, and more at moderate prices. Founded in 1982, Ross Stores continues to add locations, opening 19 stores across 14 states in March 2025.

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Q1 2027

Q4 2026

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Q3 2025

Ross Stores (ROST): Company Profile, Stock Price, News, Rankings

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Ross Stores

ross stores

Before we get started, on behalf of Ross Stores, I would like to note that the comments made on this call will contain forward looking statements regarding expectations about future growth and financial results, including sales and earnings forecasts, new store openings and other matters that are based on the company's current forecast of aspects of its future business. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from historical performance or current expectations. Risk factors are included in today's press release and the company's fiscal 2023 Form 10 ks and fiscal 2024 Form 10 Qs and 8ks on file with the SEC.

And now, I would like to turn the call over to Barbara Rentler, Chief Executive

Good afternoon. Joining me on our call today are Michael Hartshorn, Group President and Chief Operating Officer Adam Orvos, Executive Vice President and Chief Financial Officer and Connie Kao, Group Vice President, Investor Relations. Before we get started, on behalf of our Board and the entire company, we are excited to welcome Jim Conroy to Ross Stores as CEO elect next month. Following a 2 month transition, Jim will assume the CEO role on February 2, 2025.

Jim is a talented and proven retail executive with a demonstrated track record of developing and leading successful management teams and creating tremendous value for shareholders. As I previously announced, I will move into an advisory role at the beginning of fiscal 2025 and will support Jim and our other senior executives on merchandising related strategies through March of 2027. Now let's turn to our earnings results. As noted in today's press release, we are disappointed with our 3rd quarter sales results as business slowed from the solid gains we reported in the first half of twenty twenty four. Although our low to moderate income customers continue to face persistently high costs on necessities, pressuring the discretionary spending, we believe we should have better executed some of our merchandising initiatives.

In addition, we estimate a combination of severe weather during the quarter from Hurricanes Helane and Milton along with unseasonably warm temperatures also negatively impacted comps by about 1%. Despite the below planned sales results, earnings were ahead of our expectations. Operating margin for the quarter was up 75 basis points to 11.9% versus 11.2% last year as lower incentive, freight and distribution costs more than offset the planned decline in merchandise margin. Total sales for the period grew to $5,100,000,000 up from $4,900,000,000 in the prior year with comparable store sales up 1%. Earnings per share for the 13 weeks ended November 2, 2024 were $1.48 compared to earnings per share of $1.33 last year.

Net income for the period rose to $489,000,000 versus $447,000,000 in the prior year period. For the 1st 9 months, earnings per share were $4.53 on net earnings of $1,500,000,000 compared to $3.74 per share on net income of $1,300,000,000 for the same period last year. Sales for the year to date period grew to $15,200,000,000 with comparable store sales up 3% over last year. For the Q3 at Ross, cosmetics, accessories and children were the strongest merchandise areas, while California and Texas were the best performing regions. Similar to the Q2, dd's Discount's strong value of fashion offerings continued to resonate with its shoppers, with comp gains exceeding Ross' results.

At quarter end, total consolidated inventories were up 9% versus last year, while average store inventories were up 1%. Packaway merchandise represented 38% of total inventories compared to 39% last year. During the Q3, we also completed our expansion program for 2024 with the addition of 43 new Ross and 4 dd's discount stores. For the year, we added a total of 89 locations comprised of 75 Ross and 14 dd's. We plan to close and or relocate 7 locations in the Q4 and expect to end the year with 1831 Ross stores and 354 DD's discount locations.

Now Adam will provide further details on our Q3 results and Q4 guidance.

Thank you, Barbara. As previously stated, comparable store sales rose 1% in the quarter. Operating margin increased 75 basis points to 11.9 percent. Cost of goods sold improved by 70 basis points in the quarter. Buying levered by 65 basis points mainly due to lower incentives, while distribution and domestic freight costs declined by 50 basis points and 40 basis points respectively.

Occupancy rose by 25 basis points, while merchandise margin decreased by 60 basis points. SG and A costs for the period improved by 5 basis points, primarily due to lower incentive costs. During the Q3, we repurchased 1,800,000 shares of common stock for an aggregate cost of $262,000,000 We remain on track to buy back a total of $1,050,000,000 in stock for the year. Now let's discuss our 4th quarter guidance. For the 13 weeks ending February 1, 2025, we continue to project comparable store sales to increase 2% to 3%.

Earnings per share for the Q4 are planned to be in the range of 1.57 dollars to $1.64 compared to $1.82 in the Q4 of 2023. This guidance range includes an unfavorable impact of approximately $0.03 per share primarily from the timing of Packaway related expenses that benefited the Q3. Based on our year to date results and our Q4 forecast, earnings per share for the 52 weeks ending February 1, 2025 are now expected to be in the range of $6.10 to $6.17 versus $5.56 last year. As a reminder, last year's 4th quarter and full year results included an extra week that benefited earnings by approximately $0.20 The operating statement assumptions that support our 4th quarter guidance include the following. Total sales are projected to decline 1% to 3%.

As a reminder, last year's extra week contributed $308,000,000 to sales. We expect operating margin to be in the range of 11.2% to 11.5% versus 12.4% last year. Last year's Q4 included an 80 basis point benefit from the extra week. This outlook reflects lower merchandise margin as we continue to increase the penetration of quality branded merchandise, partially offset by lower incentive and freight expenses. Net interest income is estimated to be about $35,000,000 Our tax rate is expected to be approximately 24% and weighted average diluted shares outstanding are projected to be about 329,000,000.

Now I'll turn the call back to Barbara for closing comments.

Thank you, Adam. To sum up, we believe we have opportunities to improve our merchandise execution and remain confident that our ongoing focus and commitment to delivering the most compelling value possible will best position our company for profitable growth over the near and long term. At this point, we'd like to open up the call and respond to any questions you might have.

Thank you. At this time, we will be conducting a question and answer session. And the first question comes from the line of Matthew Boss with JPMorgan. Please proceed with your question.

Great, thanks. So Barbara, could you elaborate maybe on the opportunities to improve merchandising execution that you cited? Any assortment changes for holiday or just your confidence in 2 to 3 comps for the Q4? And then Adam, as we think about gross margin, maybe just gross margin relative to plan, especially on the merchandise margin side in the Q3. And any differences in drivers as we think about 4th quarter puts and takes relative to the 3rd?

Sure, Matt. So, 1st opportunities to changes in the assortment. I think we had some execution issues in a couple of businesses that we've identified and that we think we can correct. Didn't probably move it quickly as we should have in some things where there was some, I would say, shifts in the world from product perspective. I feel like that's an opportunity and we missed some volume there.

And also as we continue to iterate on our brand strategy and keep improving the brand strategy, listening to the customer and making those changes. So that continues. In terms of the Q4 and the acceleration and guiding to 2 to 3, as you get into the Q4, many of the businesses that are really important during the holiday season, and I know you know this, whether it's gifting or cosmetics, those businesses accessories have been strengths for us. So as we go into that period, we're going to some of our strongest businesses and also gifting last year in a lot of our home world was very good and we're building on that. So I feel like those businesses should do well during the period.

They're doing well now. And that gives us the confidence on the 2% to 3%. And again, we'll continue to iterate on our other strategies in the remainder of the box and where we had some execution issues, we are in the process of fixing them. And obviously, we had some weather issues in Q3 that who knows what will happen from a weather perspective across the country for any of us, but we also had some of that.

And Matt, on your question on Q3 and Q4, I would I'd probably start with merchandise margin. And I mentioned it declined by 60 basis points in Q3. Now that result benefited from better than expected drink results as we completed our physical inventory process and trued up

results in Q3. And then looking forward to Q4, probably an uptick in pressure for merchandise margin as we continue to push to offer more brands that are sharply priced to deliver the strong value proposition that we want for our customers in the holiday season. Domestic freight, we mentioned was 40 basis points it was worth 40 basis points in Q3. I would expect that to be pretty consistent in Q4. I'll always caveat it with fuel costs, but assuming they stay where they are, would expect that to be comparable.

Distribution cost again were another source of strength for us. We mentioned the packaway shift that we have to take into account. So that was worth $0.03 that'll put pressure on us in Q4.

both on both sides will continue to be favorable. We would expect in Q4 as we're again up against a 2023 where we are outperforming in a significant way. And then lastly, obviously, we have the 53rd week impact that we talked about.

And the next question comes from the line of Mark Altschwager with Baird. Please proceed with your question.

Thank you for taking my question. Barbara, you're going to be passing the reins here in a few months, but remaining in an advisory role. Maybe speak a little bit more to your areas of focus as you transition your responsibilities. Relatedly, merchant team still seems to be in the early innings of this value strategy or brand strategy iterating there. I guess, any changes to expect there or could anything change there with the new leadership?

Okay. My areas of focus obviously will be to spend time with Jim and help him onboard and to spend my time on merchandising. It will be an advisory role heavily focused on merchandising. I don't foresee any changes to our strategy because our brand strategy is really the key to our market share gains. I don't foresee that.

And but it will continue to iterate and that's really where I will spend my time. Obviously, Jim is a very seasoned CEO, and he complements the strengths that we have in merchandising and our operational team. So I feel like Jim is a great add and the team, it will be a good combination together and my role will be to make sure that merchandising continues going forward and that Jim gets transitioned appropriately.

And the next question comes from the line of Paul Lejuez with Citigroup. Please proceed with your question.

Thanks guys. Couple of quick ones. Curious if the execution issues related at all to the strategy of moving more towards recognizable brands and how quick you can fix those issues. And Adam, any quantification of that shrink benefit, how much it helped the merch margin line? And then also curious if you could talk about the performance of some of your initial store openings in the Northeast?

Okay. The execution issues are potentially merchandise, I would say merchandise mix issues, not so much on the brand thing. However, the brand strategy, we keep iterating on that and keep listening to the customers. We keep making changes as we go. So obviously, as we started this in the beginning, I said that each business is at different points at the starting point to where we are now.

And so we keep responding to what the customer is telling us. So I would say that across the board we'll continue to do. And just some things we're just execution issues, which we can fix.

Paul, it's Michael Hartshorn. On the shrink, we don't break out shrink separately. What I would say is we and you know this covering us from over the years as we completed our physical inventory in the Q3, We had assumed that shrink was going to be worse for a couple of reasons. 1, just the external landscape, but also the increased number of brands in the stores. So what that meant is we accrued more going up to physical inventory.

And so we took a benefit, a larger benefit in Q3 that helped EBIT margin not only versus what we guided, but versus last year. For the year though, shrink looks like it's going to be about flat to 2023 again with the upside in the Q3.

Your last question Paul was on the Northeast. It's too early to comment on the overall store productivity, but we are pleased with what we've seen thus far.

And the next question comes from the line of Lorraine Hutchinson with Bank of America. Please proceed with your question.

Thank you. Good afternoon. As the branded strategy continues to evolve, do you view this as a multiyear merchandise margin headwind? And are there other offsets that you're working on to ease some of this pressure in 2025 and beyond?

Lorraine, our expectation is that over time that as we build our brand relationships and as we learn what works best with our customer that over time it would be earnings accretion. And we'd expect slight improvements of margins over time.

And the next question comes from the line of Chuck Grom with Gordon Haskett. Please proceed with your question.

Thanks. Good afternoon and congrats on your upcoming retirement, Barbara. Can you talk about the cadence of sales throughout the quarter and then also the composition of the comp between traffic and ticket? And then if you could double click on ticket between UBT and AUR? Thank you.

Sure. On the cadence during the quarter, comps were strongest early in the quarter as the weather became more difficult gradually as we move through the quarter. We did see improvements in sell throughs in markets when the weather became more seasonable. As we said in the commentary, the comps were driven by traffic. The other components of comp were relatively neutral.

And the next question comes from the line of Simeon Siegel with BMO Capital Markets.

you dig in a little bit more to the brand strategy pivot? I guess just first maybe to contextualize, how meaningful is the shift within the mix? Maybe how's the early reception? Just curious if you're seeing learnings from or feedback from vendors or consumers? And then maybe just following up on Lorraine's, just recognizing the merch margin pressure now, I'm just wondering ultimately with better brands, do you think you get to raise price there to fix that margin pressure if so long does it take before maybe the customers can accept those higher price points at the stronger value?

Okay. On the early customers acceptance, I'll say of our branches, in many of these businesses, these are not major branches, right? And so I just want to emphasize that the brand shift is good, better, best, all kinds of values and pricings, moderate and above. And so in some businesses, the brand shifts aren't that great because they were already at the, I would say, appropriate level that the customer is responding to and really liked and so we didn't do it. In other areas, we felt like we needed to make bolder moves.

And ladies, we felt like we needed to make bolder moves than we have. And so we're at again, we're at different journeys and different acceptance levels by the customer based on what the product is and the area that it is. So it's not just a straight line that I could say, hey, this is where we are completely on the journey. Some places we feel that we're there and in other places we feel like we have a long road to go and not a long road, that's probably a better question. We have a ways to go in figuring out exactly what it is she wants.

And that really tends to be more in our ladies business. And as you know ladies is a tougher business. And so we're learning, merchants are shifting as customers is voting and we want to get that right mix of the right brands that she likes and a mix of good, better, best at the level that she enjoys. And we want to just make sure in the entire thing that we're giving compelling values there, particularly in ladies as ladies is a tough business always compared to other parts of apparel.

So thanks. So would you expect AUR to naturally progress higher through this or is it not that meaningful?

No, not necessarily. It's not an AUR strategy. It's really a brand and value strategy. So we're not going in and saying we want to raise our AUR by X. We're putting out different brands at different levels in a good, better, best and then and it's seeking its own level with customers.

We can see what they like more than others and making adjustments as we go. Because some businesses didn't have to make it as big a move perhaps as the latest business has to make, but it's not an ABR strategy. It's a value strategy at all brands here so that we're addressing all the customer base, right? So we have customers who like every price point and we want to make sure that we fine tune that so that we can consider that we can still give that treasure hunt experience to all customers in the store. So it's a learning and an adjustment as we go and we think that ladies will continue to improve as time goes on and some other businesses are again, some are tweaked and some are bigger moves.

And the merchant team is very, very on this and we are very focused on value because delivering compelling values is really the single most important thing we need to do for our future and for our market share gains.

Great. Thanks very much. Good luck for all of you.

And the next question comes from the line of Adrienne Yih with Barclays. Please proceed with your question.

Good afternoon. And Barbara, congratulations on your retirement, your

So just to sort of like sorry, another question

on this. Have you given any color on what the kind of brand penetration or the tweaking that you've done, like how much tweaking? Is it mid single digit percent of the assortment? And I know it's going to be very, very hard to kind of do that on a global basis, but any color there on the amount more in brands? And then Michael or Adam, perhaps if you could help give us some color on sort of the differential and I guess it will be different per brand, what the differential to kind of the current merch margin is relative to kind of what a brand might be like the increased brand penetration.

And I guess my final just like wrap up on that. Back when you were doing 14%, 15% operating margins, the gross margin was 100 and change, higher 29%. So if we do have kind of merch margin pressure, is the offset to come from leverage from just gaining higher than a year over year historical kind of 1% to 2% comp? Is that the how we should think about it? Thank you.

I'll start with your last question first. It's Michael. How we see our operating margins going forward? Obviously, we have a model over time driven partly by new store growth, comp growth which has historically been in the 3% to 4% range and some operating margin improvement in the middle and in our share buyback. We have initiatives throughout the company whether it's technology investments, whether it's cost control to be able to offset any impact to merchant margins.

As I said though earlier over the longer term, we believe that we can grow merchant margins from this base based on our vendor relationships as this gains traction and also as we learn more about what the customer wants.

And in terms of the penetrations, I mean, that's very it's hard to do, you're right. You can't do it at a global level. It's different by business. And so it's hard to do that. I think that the thing as we started this whole brand thing, and as I sit back and we've been talking about we've talked about brands, we always had brands in

I mean our business model is to have brands. What we realized is that in some getting surveys and feedback and everything in some areas we needed more. What more it's something that I can't pick a number and say, hey, this is where we're going to march to because the customer has to decide what that is. I think the most important thing for us to recognize and for everyone to recognize is that we're responding to what she's saying, right. And so and then making changes to it.

It's hard to just pick a I can't pick percent. In some areas, if we were talking about an area like shoes, we would have said we are highly brand, we are highly branded, we were highly branded. There weren't so many changes. So it just it depends what it is. I can't give you one number.

And the other thing, it will seek its own level and we'll know when we've got to like in some businesses where we feel like we are where we want to be. In some of those, we'll know by the terms, we'll know by the markdowns, we'll know by how quickly the merchandise is moving through the store. And I think that's really the way to go, which is why it's kind of hard to just quantify here's where we're going because the biggest mistake we can make would be picking a number and just kind of really forging forward to a very large number that maybe is incorrect. So we started out with a number to begin and we keep iterating again on what she's telling us. And that can be different by products and it can be different by where I am in some of our businesses for classification.

And the next question comes from the line of Brooke Roche with Goldman Sachs. Please proceed with your question.

Good afternoon. Thank you for taking our question. Barbara, can you comment on what you're seeing in the macro backdrop for the Ross Stores consumer? Outside of the weather events that we saw this quarter, have you seen any change in the way that the consumer is engaging with the brand? And then as a follow-up, it sounds like Didi's is still outperforming the Ross Stores banner.

What insights are you gleaning from that regarding your low income consumer or is that an execution differential? Thank you.

It's Michael Artson. I'll start with the dd's. First, it potentially is the dd's group and merchants have done a very nice job and we're happy with the adjustments we've been able to make in the dd's chain. They've been able to improve our value in fashion offerings

it's resonated very well with the customer and dd's outcome for us for the quarter. One other bright spot for dd's is the newer markets where we slowed growth have improved. But we need to see given that their sales volume started at levels below our expectations, we'll need to see sustained growth there before we ramp up new store growth in some of those newer markets.

And Brock, do me a favor. Give me more flavor around what you want as you're saying the customer engaging with the brand. You're just saying that

Is there any change in the macro or consumer engagement with your business as we've moved through the early holiday season outside of the weather events?

You mean just has the customer now that weather is gone, is the business improving and is the customer out shopping again? Yes. I think when I think if we went through the Q3, I think the Q3 started off strong, then weather came. And then obviously, as Michael said before, as the weather changed by region, we watch the consumer come back. So part of it is weather.

And then there's a lot of shifts going on as holidays coming earlier this year. So, I think part of it is just that. And I think an earlier Christmas, I think might change a little bit of the dynamic to how the customer is going to shop. It's been a long time since we've had Christmas the week before. So, but yes, coming out of the weather, the customer did come back.

Brooke, from a just a customer basis on whether income basis or age basis, we have not we did not in Q3. We haven't seen over time a significant shift on that basis either.

And the next question comes from the line of Alex Straton with Morgan Stanley. Please proceed with your question.

Perfect. Thanks so much. I just wanted to focus on the 4th quarter guidance. Is it correct that the outlook hasn't changed much from last time we spoke except for the packaway shift or have some pieces within there moved? And then just on the comp acceleration that you're still embedding, should I just assume that that's reflective of what you're seeing quarter to date or what gives you the confidence there?

On the guidance it hasn't changed. The only thing that's changed is Packaway. On the guidance itself, 1st, the unfavorable weather had a negative impact on the Q3 that we're not expecting in the Q4. We'll see how it plays out. As Barbara mentioned earlier, as we move into the Q4, many of our merchandise areas that have been performing well are important Q4 and holiday businesses.

And then finally, the guides based, we feel good about our assortments we have planned for the holiday especially in gift giving.

And the next question comes from the line of Michael Binetti with Evercore. Please proceed with your question.

Hey guys, congrats on a nice quarter. This is a really big beat margin beat for 1 comp guys. Any is there any near term change in the leverage point we should think about? Or could you help us contextualize what you think this in this quarter would not repeat if in the theoretical if we saw 1 comp again? And then on the branded goods strategy, maybe you can just help us understand if the underlying merch margin decelerate or accelerate versus 2Q?

If we exclude the shrink true up, are we past the peak of the branded goods pressure? Or what would maybe what would cause it to accelerate or continue to moderate?

Yes. Michael, on the first piece. So, our EPS beat, we talked about merchandising merchandise margin coming in better than expected related to strength. I would say, we also felt good about just our overall cost management within the quarter. So multiple parts of the P and L benefiting.

Now does that change our leverage point? No, we still think 3% to 4% comp growth is the right place for us to leverage. The shrink is obviously a one time piece, right, because we true up in Q3 as we always do. And then of course the pack away is one time in nature. So I think the only other moving part that we haven't talked about, EPS benefited by higher interest income that embedded in our guidance is some pressure assuming further rate cuts the balance of the year.

Michael, we don't our leverage point hasn't changed. As Adam said, we had a lot of one timers in the quarter. Looking forward and even longer term, the leverage point is pretty constant between 3% 4%.

And the next question comes from the line of Dana Telsey with the Telsey Advisory Group. Please proceed with your question.

Hi, good afternoon everyone. As you think about the implementation potentially of tariffs going forward, How do you think of your assortment and pricing relative to the tariffs that may come into place and remind us of what happened last time? And then when you think about some of the changes in management like with dd's, any holes to fill or with this branded strategy, is anything shifting within dd's also, given the improved results that we've seen there? Thank you.

Dana, on the tariffs, we'll be are closely monitoring any developments there. I'm sure everybody across the industry is doing so. It's too early to say what the potential impact could be on us and the rest of retail. Our focus in the case of a tariff increase would be to maintain a pricing umbrella versus traditional retailers and offer the best values to the customer. We will not be a leader in raising prices.

And in terms of dd's, there are dd's has their strategy in place that they've been working on and that'll just continue. So there won't be any other new strategies or additional changes. They'll just be building upon their successes.

And the next question comes from the line of Ike Boruchow with Wells Fargo. Please proceed with your question.

Ross Stores (ROST) Q3 2025 Earnings Call Transcript

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