When Will Ross Stores Open Again

DUBLIN, Calif.--(BUSINESS WIRE)--Apr. ii, 2020-- Ross Stores, Inc. (NASDAQ: ROST) announced today further updates regarding the COVID-19 pandemic and additional steps direction is taking in response to this rapidly-evolving situation. As a reminder, all Ross Apparel for Less ^® and dd'southward DISCOUNTS^® locations have been airtight since March 20 ^th. The Company had been hoping to reopen stores past April four ^th. Unfortunately, the increasing spread of the coronavirus prevents information technology from doing so.

Given the unprecedented economic disruption created past this health crunch, management had already implemented measures to reduce expenses, and increase financial liquidity and flexibility. However, with express visibility on when its stores will be able to reopen, the Company is now taking boosted actions to further heighten liquidity and strengthen its ability to manage through these challenging times.

As stores remain airtight, the Company will temporarily furlough the majority of its Store and Distribution Centre assembly, as well as some other associates across the business starting on Sunday, April five ^th, and until operations can resume in their areas.

All furloughed employees will remain Ross associates with no change to their health benefits. In addition, Ross will pay the employee portion of premiums for those furloughed who currently receive wellness benefits through the Company. Management'southward goal is to proceed associates rubber and go them dorsum to piece of work as quickly every bit possible one time stores reopen. In the interim, furloughed assembly will be eligible to apply for unemployment benefits.

Barbara Rentler, Master Executive Officeholder, commented, "Our decision to furlough associates was difficult, but necessary as we navigate through this unprecedented situation. Equally nosotros accept this pace, Michael Balmuth, Chairman of the Lath, and I will receive no salaries. Our senior executive squad has also agreed to take substantial salary cuts during this period, with smaller salary reductions cascading down to all Assembly through a certain level. In addition, the Company's outside Board members have agreed to forgo their cash servant."

Ms. Rentler concluded, "Our objective with these actions today is to strengthen our ability to navigate through the challenges and incertitude created by the COVID-19 pandemic for communities and businesses across the country. Our stores remain closed to assistance prevent the farther spread of the coronavirus and every bit we prioritize the health of our associates and our customers. The goal is to safely reopen our stores as soon every bit we are able and render to our mission of providing great bargains for our customers."

Forward-Looking Statements: This press release contains forward-looking statements regarding expected sales, earnings levels, new store growth, and other fiscal results in futurity periods that are subject to risks and uncertainties which could cause our bodily results to differ materially from direction'due south current expectations. The words "programme," "expect," "target," "anticipate," "guess," "believe," "forecast," "projected," "guidance," "outlook," "looking ahead," and similar expressions place forward-looking statements. Chance factors for Ross Dress for Less® ("Ross") and dd's DISCOUNTS® include without limitation, the uncertainties and pregnant business organisation disruptions from the contempo and ongoing COVID-nineteen pandemic, including store closures and restrictions on customer access; competitive pressures in the apparel or dwelling-related merchandise retailing industry; changes in the level of consumer spending on or preferences for apparel and home-related merchandise; impacts from the macro-economical environment, fiscal and credit markets, geopolitical conditions, or public health issues (such as pandemics) that bear upon consumer conviction and consumer disposable income; market availability, quantity, and quality of bonny brand proper noun merchandise at desirable discounts and our buyers' ability to purchase trade that enables us to offer customers a wide assortment of merchandise at competitive prices; our ability to continually attract, railroad train, and retain assembly to execute our off-toll strategies; unseasonable weather that may affect shopping patterns and consumer demand for seasonal wearing apparel and other merchandise, and may issue in temporary shop closures and disruptions in deliveries of merchandise to our stores; potential information or data security breaches, including cyber-attacks on our transaction processing and calculator information systems, which could result in theft or unauthorized disclosure of client, credit card, employee, or other private and valuable information that we handle in the ordinary course of our business concern; potential disruptions in our supply chain or data systems; issues involving the quality, safety, or authenticity of products we sell, which could harm our reputation, outcome in lost sales, and/or increase our costs; our ability to effectively manage our inventories, markdowns, and inventory shortage to achieve planned gross margin; changes in U.S. tax, tariff, or trade policy regarding apparel and home-related trade produced in other countries that could adversely affect our business organisation; volatility in revenues and earnings; an agin upshot in diverse legal, regulatory, or tax matters; a pandemic, natural or man-made disaster in California or in some other region where we have a concentration of stores, offices, or a distribution center; unexpected issues or costs from expanding in existing markets and entering new geographic markets; obtaining acceptable new shop sites with favorable consumer demographics; damage to our corporate reputation or brands; effectively advertising and marketing our brands; issues from selling and importing merchandise produced in other countries and from supply chain disruptions in other countries, including due to the COVID-19 closures; and maintaining sufficient liquidity to back up our continuing operations, new store and distribution eye growth plans, and stock repurchase and dividend programs. Other hazard factors are ready forth in our SEC filings including without limitation, the Grade x-1000 for fiscal 2019, and Form 8-Ks for fiscal 2020. The factors underlying our forecasts are dynamic and subject to alter. As a result, our forecasts speak merely as of the appointment they are given and exercise not necessarily reverberate our outlook at any other point in time. We do non undertake to update or revise these forwards-looking statements.

Ross Stores, Inc. is an South&P 500, Fortune 500, and NASDAQ 100 (ROST) company headquartered in Dublin, California, with fiscal 2019 revenues of $16.0 billion. Currently, the Company operates Ross Dress for Less® ("Ross"), the largest off-price apparel and home way chain in the United States with 1,566 locations in 39 states, the District of Columbia, and Guam. Ross offers start-quality, in-season, name brand and designer apparel, accessories, footwear, and habitation fashions for the unabridged family at savings of 20% to 60% off section and specialty store regular prices every day. The Company as well operates 266 dd'due south DISCOUNTS® in 20 states that feature a more moderately-priced array of offset-quality, in-flavor, name make apparel, accessories, footwear, and home fashions for the entire family at savings of xx% to 70% off moderate department and disbelieve shop regular prices every solar day. Boosted information is bachelor at www.rossstores.com.

View source version on businesswire.com: https://www.businesswire.com/news/dwelling/20200402005160/en/

Travis Marquette
Group Senior Vice President,
Chief Fiscal Officer
(925) 965-4550

Connie Kao
Vice President, Investor Relations
(925) 965-4668
connie.kao@ros.com

Source: Ross Stores, Inc.

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Source: https://investors.rossstores.com/news-releases/news-release-details/ross-stores-provides-additional-covid-19-business-update

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