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Ross Stores history
Ross Stores company history timeline
Two Ross "Dress for Less" stores were opened in the fall of 1982 and 18 stores the following year, more than tripling the size of Ross in little more than a year.
In 1982, the six Ross Department Stores have acquired a group of investors, including Mervin Morris, founder of Mervyn’s chain of department stores.
By the end of 1983, Ross "Dress for Less" stores were situated in Southern California and the first store beyond the state's borders--a store in Reno, Nevada--was opened, touching off a march across the map that in a few short years would extend the company's presence from coast to coast.
Early in 1984, plans called for the establishment of 20 stores in California, Arizona, Washington, and Oregon, but by the end of the year Ross had opened twice as many, opening stores in California, Washington, Utah, Arizona, Texas, and Oklahoma.
Ross Stores went public with its IPO in August 1985, trading on Nasdaq under the symbol “ROST.”
More stores meant more revenue and greater profits, so Moldaw and Rowlett focused their efforts on expansion, making an initial public offering of stock in 1985 to help fund the opening of additional stores.
In 1986, however, the company suffered its first major setback when it was forced to shutter 25 unprofitable stores located primarily in Texas and Oklahoma, where anemic economic conditions crimped Ross' profits.
Less than a year later, in January 1988, Ferber was also named Ross' chief executive officer, taking charge of the company as it was undergoing a series of changes to quickly restore its profitability.
The Company reincorporated in Delaware in June 1989.
By 1989, 95 percent of the company's 140 stores contained full cosmetic and fragrance departments staffed with beauty consultants, one of the new and decidedly upscale features adopted by Ross as it repositioned itself for consistent profitability.
In 1989, when Ross ranked as the third-largest off-price retailer in the country, company officials announced plans to open 100 to 150 stores during the ensuing five years.
As the change of command was underway, Balmuth, who joined Ross in 1989 as senior vice-president and general merchandise manager, could look forward to taking the helm of a company with justifiably strong expectations for consistent if not animated growth in the future.
Ross operated 156 stores in 15 states at the end of 1989 with annual sales of $741 million.
In 1990, 29 new stores were opened, giving it a total of 185 stores in 18 states by the end of the year and opening up new markets in Philadelphia and in Boise, Idaho.
The Company ended 1990 with annual sales of $804 million and 185 stores in 18 states.
Strategic investments were made in the buying organization to strengthen the Company’s ability to acquire the best bargains possible, with the merchandise staff growing more than four-fold during the 1990’s.
Another 20 stores were opened the following year, as annual sales jumped from $804 million to $930 million, and another 23 stores were added to the chain in 1992, when sales eclipsed the billion dollar mark, reaching $1.04 billion.
The concept was introduced in 20 stores early in 1992 and quickly registered sufficient success to warrant its incorporation into other existing Ross "Dress for Less" stores.
By the end of 1995, when the total number of stores had increased to 292, 282 stores contained Home Accents departments.
By the end of 1995 the chain reached an annual sales of $1.4 billion with 292 stores in 18 states.
Effective September 1996, Michael Balmuth, Ross' executive vice president of merchandising, was selected as the company's chief executive officer, replacing Ferber, who stayed on as chairman.
Annual sales grew to $2.7 billion by the end of fiscal 2000 with 409 stores in 17 states and Guam.
With over 92 000 employees and more than 1 400 stores in 37 United States states, Ross Stores, Inc. is considered one of the largest off-price retail chains in the United States According to Forbes, it is considered one of the top 2000 largest public companies in the world.
The Company launched dd’s DISCOUNTS in 2004, which targeted customers from households with more moderate income compared to Ross customers.
Annual sales were $7.9 billion by 2010 fiscal year end, with 988 Ross Dress for Less stores in 27 states and Guam, and 67 dd's DISCOUNTS in six states.
Ross Dress for Less entered the Midwest region in 2011, its first major new market in almost a decade, with the initial opening of 12 stores in the greater Chicago area.
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.
Barbara Rentler took the place of CEO Michael Balmuth on June 1, 2014; she was the 25th female CEO of a Fortune 500 company.
Annual sales reached a record $14.1 billion for fiscal year 2017, with 1,409 Ross Dress for Less stores in 37 states, the District of Columbia and Guam, and 213 dd's DISCOUNTS locations in 16 states.
In 2018, based on internal research, the Company increased its long-term store target to 2,400 locations across the country for Ross Dress for Less and that dd’s DISCOUNTS can become a chain of approximately 600 stores.
Ross Stores opened 28 new locations in July 2019 with the chain having 1,523 stores and operating 249 dd's DISCOUNTS in 39 states, the District of Columbia, and Guam.
Fiscal 2021 sales reached a record $18.9 billion for the year, with 1,628 Ross Dress for Less stores in 40 states, the District of Columbia, and Guam, and 295 dd’s DISCOUNTS locations in 21 states.
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Ross Stores competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Forever 21 | 1984 | $4.0B | 30,000 | 35 |
| The TJX Companies | 1987 | $56.4B | 270,000 | 4,397 |
| Aeropostale | 1987 | $1.8B | 21,007 | 715 |
| Kohl's | 1962 | $16.2B | 110,000 | 1,095 |
| Macy's | 1929 | $23.0B | 130,000 | 2,206 |
| Gap Inc. | 1969 | $15.1B | 117,000 | 49 |
| Toys"R"Us | 1948 | $11.5B | 64,000 | - |
| Burlington | 1972 | $10.6B | 40,000 | 4,560 |
| JCPenney | 1902 | $11.2B | 60,000 | 4,278 |
| Dollar General | 1939 | $40.6B | 143,000 | 4,947 |
Ross Stores history FAQs
Zippia gives an in-depth look into the details of Ross Stores, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Ross Stores. The employee data is based on information from people who have self-reported their past or current employments at Ross Stores. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Ross Stores. The data presented on this page does not represent the view of Ross Stores and its employees or that of Zippia.
Ross Stores may also be known as or be related to Ross Stores, Ross Stores Inc, Ross Stores Inc., Ross Stores, Inc. and Ross Dress for Less.