| Type | Public (NASDAQ: ROST) S&P 500 Component |
|---|---|
| Industry | Retail |
| Founded | San Bruno, California (1950) |
| Headquarters | Pleasanton, California, U.S. |
| Key people | Michael Balmuth, CEO |
| Products | Clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares. |
| Revenue | US$6.49 Billion (FY 2009)[1] |
| Operating income | US$495 Million (FY 2009)[1] |
| Net income | US$305 Million (FY 2009)[1] |
| Total assets | US$2.36 Billion (FY 2009)[2] |
| Total equity | US$996 Million (FY 2009)[2] |
| Website | http://www.rossstores.com/ |
Ross Stores, Inc. (NASDAQ: ROST), is a chain of American off-price department stores headquartered in Pleasanton, California,[3] 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 January 2011, the company operated 988 Ross stores in 27 U.S. states and Guam,[4] covering much of the country but with no presence in New England, New York, northern New Jersey, Alaska, and a large area of the Midwest.[5]
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Ross Department Store was first opened in San Bruno, California, in 1950 by Morris "Morrie" Ross.[6] The next store was established in Pacifica, California, in the late 1950s. In 1982 a group of investors, including Mervin Morris, founder of the Mervyns chain of department stores, purchased the six Ross Department Stores, changed the format to off-price retail units, and within three years rapidly expanded the chain to 107 stores.[7]
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.