<SEC-DOCUMENT>0000745732-25-000039.txt : 20250922
<SEC-HEADER>0000745732-25-000039.hdr.sgml : 20250922
<ACCEPTANCE-DATETIME>20250630164130
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000745732-25-000039
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250630

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROSS STORES, INC.
		CENTRAL INDEX KEY:			0000745732
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FAMILY CLOTHING STORES [5651]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				941390387
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0201

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5130 HACIENDA DRIVE
		CITY:			DUBLIN
		STATE:			CA
		ZIP:			94568
		BUSINESS PHONE:		9259654400

	MAIL ADDRESS:	
		STREET 1:		5130 HACIENDA DRIVE
		CITY:			DUBLIN
		STATE:			CA
		ZIP:			94568

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROSS STORES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i4fa5720a156a482483b5aafdf843f0e5_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><img alt="image_0a.jpg" src="image_0a.jpg" style="height:57px;margin-bottom:5pt;vertical-align:text-bottom;width:214px"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">June 30, 2025</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-style:italic;font-weight:400;line-height:120%">Via EDGAR </font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">Patrick Kuhn and Lyn Shenk</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">U.S. Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">Office of Trade and Services</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">100 F. Street, N.E.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">Washington, D.C. 20549</font></div><div><font><br></font></div><div style="margin-bottom:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:62.820%"><tr><td style="width:1.0%"></td><td style="width:3.236%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.787%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.677%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:125%">Re&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:125%">Ross Stores, Inc.</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:125%">Form 10-K for Fiscal Year Ended February 1, 2025</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:125%">File No. 000-14678</font></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">Dear Mr. Kuhn and Mr. Shenk&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">On behalf of Ross Stores, Inc. (the &#8220;Company&#8221;), we are providing the following response to the comment set forth in the comment letter from the staff of the Securities and Exchange Commission (the &#8220;Staff&#8221;) to Adam Orvos, Executive Vice President and Chief Financial Officer of the Company, dated June 17, 2025. To facilitate your review, we repeat the caption and numbered paragraph from your comment letter, followed by our response to the comment&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;text-decoration:underline">Form 10-K for Fiscal Year Ended February 1, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;text-decoration:underline">Management's Discussion and Analysis of Financial Condition and Results of Operations</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%;text-decoration:underline">Results of Operations, page 26</font></div><div><font><br></font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-style:italic;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.38pt">Please revise to quantify factors to which changes are attributed. For example, revise to quantify the impact of the increase in comparable store sales and sales attributed to the opening of new stores during the fiscal year. Please also revise to quantify impacts of changes in price and volume on revenue. Refer to Item 303(b)(2) of Regulation S-K.</font></div><div style="padding-left:18pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:125%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:700;line-height:120%">Response&#58; </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">We acknowledge the Staff&#8217;s comment and appreciate the opportunity to respond.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">We respectfully believe that the current disclosure in Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operation (&#8220;MD&#38;A&#8221;) on page 27 of the Form 10-K for our fiscal year ended February 1, 2025 (the &#8220;Fiscal 2024 Form&#160;10-K&#8221;) appropriately quantifies the material factors to which the changes are attributed. Throughout the MD&#38;A section, the principal drivers for the financial statement line-item variances, such as net sales, are presented in order of significance. The majority of the 3.7% increase in net sales was due to the 3% increase in comparable store sales (3 of the 3.7%). Comparable stores are defined on page 26 of the Fiscal 2024 Form&#160;10-K as stores open for more than 14 complete months. For fiscal 2024, the remaining percentage increase in net sales was primarily driven by the opening of 77 net new stores during the fiscal year, partially offset by the impact of the 53rd week in fiscal 2023. We separately quantified our sales from the additional (53</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7.47pt;font-weight:400;line-height:120%;position:relative;top:-4.02pt;vertical-align:baseline">rd</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">) week in fiscal 2023. In future filings, we will include additional clarification in regard to quantification of the noted factors, as applicable. While we do not believe that additional quantification of less significant components is useful to investors, there are other metrics, relating to customer purchasing behavior, such as traffic (defined as the number of transactions) and basket (defined as average transaction value), that may provide additional insight into our comparable store sales results.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">To clarify and enhance our disclosure regarding changes in net sales, for future periodic filings we propose additional clarification such as the following, subject to variation as applicable and as deemed material for the relevant period (using the Fiscal 2024 Form 10-K disclosure for illustration&#59; changes are underlined)&#58;</font></div><div><font><br></font></div><div style="padding-left:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-style:italic;font-weight:400;line-height:120%">Sales for fiscal 2024 increased $752.3 million, or 3.7%, compared to the prior year. This was primarily due to the 3% increase in comparable store sales</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:line-through"> and</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">. The 3% increase in comparable store sales reflects an approximate 2% increase in the number of transactions (traffic) and a 1% increase in average transaction value (basket). The remaining percentage increase in sales was primarily driven by</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-style:italic;font-weight:400;line-height:120%"> the opening of 77 net new stores during fiscal 2024</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">, partially offset by the impact of the 53rd week in fiscal 2023</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-style:italic;font-weight:400;line-height:120%">. Sales for fiscal 2023 included approximately $308 million from the additional week of sales due to the 53rd week.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">With respect to the impacts of changes in price and volume on revenue, we believe this updated disclosure also appropriately reflects and quantifies that information. As disclosed on page four of the Fiscal 2024 Form 10-K, our merchandise offerings include apparel, footwear, home accents and furniture, bed and bath, beauty, accessories, toys, gourmet food, luggage, electronics, pet accessories, jewelry and watches, and cookware. Due to our off-price business model and flexible, opportunistic sourcing of merchandise, the assortments of goods we offer is constantly changing and spans a wide range of vendors, labels, products, and prices. The goods sold in one period are not the same as the goods sold in another period. As discussed above, we believe that other metrics, such as transaction volume (traffic) and average transaction value (basket), may provide further insight into our sales results and general trends in volume and pricing. </font></div><div><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:125%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:8pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:125%">If the Staff has any questions regarding our response or any additional comments, please feel free to contact me at (925) 965-4550.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">Sincerely,</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">&#47;s&#47; Adam Orvos</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">Adam Orvos</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">Executive Vice President and Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11.5pt;font-weight:400;line-height:120%">(Principal Financial Officer)</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:8pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:125%">3</font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
