罗斯百货 2025年度报告

We are pleased to deliver a solid performance for fiscal 2025. While the first halfpresented challenges amid a dynamic macroeconomic environment, including the impactof tariffs and broader consumer uncertainty, we remained focused on executing ourstrategy and managing the business with discipline. As the year progressed, underlyingtrends steadily improved, reflecting the strength of our merchandising efforts, enhancedmarketing programs, and improved shopping experience. This momentum builtthroughout the back half of the year and culminated in a strong finish, positioningus well as we move into the year ahead. FINANCIAL RESULTSTotal sales for the year increased 8% to a record $22.8 billion,up from $21.1 billion last year. Comparable store sales grew 5% on top of a solid 3% gainin fiscal 2024. Operating margin for fiscal 2025 was 11.9% versus 12.2% in the prior year, whichincluded approximately 30 basis points gain from a packaway facility sale. Excluding lastyear’s facility sale and this year’s tariff-related costs of about 30 basis points, operatingmargin for fiscal 2025 would have increased approximately 30 basis points comparedto the prior year. Net income for the year was $2.1 billion, similar to last year. Earnings per share were$6.61, up from $6.32 in the prior year. Excluding the $0.14 per share gain from thepreviously mentioned facility sale last year and the approximate $0.16 per share impactfrom tariff-related costs this year, earnings per share grew 10%. dd’s DISCOUNTSIn 2025, dd’s DISCOUNTS posted healthy sales gains as thechain’s value and fashion offerings continued to resonate with shoppers. We arepleased with the chain’s consistent performance over the past two years. As a result,we have been strengthening our pipeline and look forward to reaccelerating storegrowth beginning in 2026. STORE GROWTHRegarding our store expansion program, 2025 was an exciting yearof continued growth. Ross Dress for Less opened 80 new locations across the country,growing in long-established regions while also entering vibrant new markets such asConnecticut, New York Metro, and Puerto Rico. We also strengthened Ross’ presencein key core states, including California, Florida, and Texas, reinforcing the strong demandfor our value-focused offerings. dd’s DISCOUNTS continued its steady growth with10 new stores, extending our presence across high-growth Sunbelt states and Georgia.Inclusive of nine closures, we ended the year with 2,267 stores, consisting of 1,904 RossDress for Less across 44 states, the District of Columbia, Guam, and Puerto Rico, and363 dd’s DISCOUNTS locations in 22 states, demonstrating our ongoing success inbringing great value to more communities nationwide. To Our Stockholders Looking ahead, many of the merchandising, marketing, and in-store initiatives that helpeddrive comparable sales growth in 2025 also had a positive impact on our new storeproductivity, which further bolsters our confidence in accelerating store opening plansgoing forward. As a result, we are planning to open 110 new locations in 2026, whichrepresents 5% growth versus last year. Over the long term, we remain confident in the potential to grow Ross and dd’s chains to2,900 and 700 stores, respectively, and expand our reach to even more customers overtime. This represents a combined opportunity of 3,600 stores, offering significant runwayfor continued expansion relative to our current footprint. CONSISTENT CASH FLOWS FUND GROWTH AND STOCK REPURCHASES AND DIVIDENDSOperating cash flows helped to fund new store growth and additionalinfrastructure improvements in 2025. We invested approximately $819 million in capitalprojects during the year, including $421 million to open new locations and refresh andenhance existing stores and $398 million for distribution, information technology, andother projects. We ended the year with about $4.6 billion in cash and $1.5 billion in debt. To maximize our ability to capture profitable market share, we plan to continue investingover the next several years in our stores, through accelerated new store growth as wellas enhancements to our existing fleet to deliver an improved customer experience. Inaddition, we will invest in our supply chain and merchant processes to support long-termexpansion. We also expect to invest in technology to further increase efficiency acrossour business. During fiscal 2025, the Company repurchased a total of 7.1 million shares of commonstock for an aggregate purchase price of $1.05 billion, completing the two-year$2.1 billion program announced in March 2024, as planned. Our Board of Directors recently approved a new two-year $2.55 billion stock repurchaseauthorization, or approximately $1.275 billion each year for fiscal years 2026 and 2027.This new plan represents a 21% increase over the recently completed repurchase program. In addition, the Board also approved a 10% increase in our quarterly cash dividendto $0.445. The increases to our stock repurchase an