Ross Stores (ROST) FY2025 10-K Annual Report
Ross Stores (ROST) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Apr 1, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Ross Stores FY2025 10-K Analysis
Business Overview
- • Core business model: Off-price apparel and home fashion retail with 2,186 stores in 39 states/territories as of Feb 2025, up from 2,109 stores in Feb 2024
- • Store expansion in FY25: Net increase of 77 stores, notable growth in Michigan (+8), Minnesota (+3), and New York (+3)
- • Distribution network: 26 distribution/warehouse facilities with over 15 million sq ft ground floor area, includes new construction near completion
- • Lease strategy: Majority leased stores with original lease terms 3-10 years plus multiple 5-year renewal options
- • Operating footprint: Office space includes 414,000 sq ft in Dublin, CA and 572,000 sq ft in NYC; NYC buying office under 99-year ground lease
Management Discussion & Analysis
- • Revenue $21.13B, up 3.7% YoY with $752.3M increase driven by 3% comparable store sales and 77 net new stores
- • Operating margin 12.2% vs 11.3%; net margin 9.9% vs 9.2% led by lower COGS and SG&A as % of sales
- • Best segment Ross Dress for Less: 1,831 stores (+67 YoY); worst dd’s DISCOUNTS: 355 stores (+10 YoY) with slower store growth
- • Cash from operations $2.36B vs $2.51B; capex $720M vs $763M; share repurchases $1.05B vs $950M; dividends $489M vs $455M
- • Management expects ~90 new stores in 2025; projects higher operating costs and sales deleverage; risks from inflation, interest rates, weather, geopolitical events
Risk Factors
- • Cybersecurity risk oversight by Audit Committee with quarterly reports including incident response and recovery protocols
- • CIO and CISO lead cybersecurity risk mitigation with expertise in retail and decades of experience
- • Cybersecurity program subject to internal and third-party audits with results reported to Audit Committee
Ross Stores FY2025 Key Financial MetricsXBRL
Revenue
$21.1B
▲ +3.7% YoY
Net Income
$2.1B
▲ +11.5% YoY
Operating Margin
12.2%
▲ +91bp YoY
Net Margin
9.9%
▲ +70bp YoY
ROE
37.9%
▼ -53bp YoY
Total Assets
$14.9B
▲ +4.2% YoY
EPS (Diluted)
$6.32
▲ +13.7% YoY
Operating Cash Flow
$2.4B
▼ -6.3% YoY
Source: XBRL data from Ross Stores FY2025 10-K filing on SEC EDGAR. All figures in USD.
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