ROSS STORES Business Summary

Ross Stores, Inc. operates as a leading off-price apparel and home fashion retailer, generating revenue through high-volume, transaction-based sales of branded merchandise at significant discounts. The company’s business model leverages an opportunistic procurement strategy, purchasing excess inventory from manufacturers to offer prices 20% to 60% below traditional department store rates. Its operations are divided into two primary segments: Ross Dress for Less, which targets middle-income households with a "treasure hunt" shopping experience, and dd’s DISCOUNTS, which caters to more price-sensitive, lower-income demographics. Within the competitive landscape, Ross maintains a dominant position as the second-largest off-price retailer in the United States, trailing only The TJX Companies (T.J. Maxx, Marshalls) while consistently outperforming Burlington Stores and Kohl’s in operating margin and inventory turnover efficiency. The company’s leadership is currently spearheaded by Chief Executive Officer James Conroy, who assumed the role in February 2025 following a successful tenure as CEO of Boot Barn, bringing over 25 years of retail management and consulting experience. He is supported by Michael Hartshorn, Group President and Chief Operating Officer, and Adam Orvos, Executive Vice President and Chief Financial Officer, who previously held senior finance roles at Belk and Lowe’s. The modern off-price iteration of the company was established in 1982 by a group of investors including Stuart Moldaw and Mervin Morris, who pivoted the business from its 1950s department store roots. As of February 2026, K. Gunnar Bjorklund serves as Chairman of the Board, succeeding Michael Balmuth, while former CEO Barbara Rentler continues to provide strategic oversight as a Senior Advisor. The company maintains high institutional ownership, with major stakes held by The Vanguard Group, BlackRock, and State Street.