When Are Ross Stores Opening Again
DUBLIN, Calif.--( BUSINESS WIRE )--Ross Stores, Inc. (NASDAQ: ROST) appear today further updates regarding the COVID-19 pandemic and additional steps management is taking in response to this rapidly-evolving situation. As a reminder, all Ross Dress for Less® and dd's DISCOUNTS® locations have been closed since March twentyth. The Company had been hoping to reopen stores past Apr 4th. Unfortunately, the increasing spread of the coronavirus prevents information technology from doing so.
Given the unprecedented economic disruption created by this health crisis, direction had already implemented measures to reduce expenses, and increment fiscal liquidity and flexibility. However, with limited visibility on when its stores will be able to reopen, the Company is now taking additional actions to further enhance liquidity and strengthen its ability to manage through these challenging times.
As stores remain airtight, the Visitor will temporarily furlough the majority of its Store and Distribution Center assembly, as well as some other associates beyond the business starting on Lord's day, April 5th, and until operations can resume in their areas.
All furloughed employees will remain Ross assembly with no alter to their wellness benefits. In addition, Ross volition pay the employee portion of premiums for those furloughed who currently receive wellness benefits through the Company. Direction'due south goal is to keep associates safe and go them back to piece of work as apace as possible in one case stores reopen. In the interim, furloughed associates will exist eligible to apply for unemployment benefits.
Barbara Rentler, Chief Executive Officer, commented, " Our decision to furlough associates was hard, but necessary equally nosotros navigate through this unprecedented situation. Equally we take this stride, Michael Balmuth, Chairman of the Board, and I volition receive no salaries. Our senior executive team has also agreed to take substantial bacon cuts during this period, with smaller salary reductions cascading down to all Associates through a sure level. In add-on, the Visitor'southward outside Lath members accept agreed to forgo their greenbacks retainer."
Ms. Rentler concluded, " Our objective with these actions today is to strengthen our power to navigate through the challenges and doubtfulness created past the COVID-xix pandemic for communities and businesses across the land. Our stores remain closed to help prevent the further spread of the coronavirus and equally we prioritize the health of our associates and our customers. The goal is to safely reopen our stores as soon as we are able and return to our mission of providing great bargains for our customers."
Forrad-Looking Statements: This press release contains forward-looking statements regarding expected sales, earnings levels, new shop growth, and other financial results in future periods that are subject to risks and uncertainties which could crusade our actual results to differ materially from management's electric current expectations. The words "plan," "look," "target," "anticipate," "estimate," "believe," "forecast," "projected," "guidance," "outlook," "looking ahead," and similar expressions place forward-looking statements. Take a chance factors for Ross Dress for Less® ("Ross") and dd's DISCOUNTS® include without limitation, the uncertainties and significant business organisation disruptions from the recent and ongoing COVID-19 pandemic, including shop closures and restrictions on customer access; competitive pressures in the apparel or home-related trade retailing industry; changes in the level of consumer spending on or preferences for apparel and home-related trade; impacts from the macro-economical environs, financial and credit markets, geopolitical weather condition, or public health problems (such every bit pandemics) that affect consumer confidence and consumer disposable income; market place availability, quantity, and quality of attractive make proper name merchandise at desirable discounts and our buyers' ability to buy trade that enables us to offer customers a wide array of trade at competitive prices; our power to continually attract, train, and retain associates to execute our off-toll strategies; unseasonable weather that may touch shopping patterns and consumer need for seasonal apparel and other merchandise, and may outcome in temporary store closures and disruptions in deliveries of trade to our stores; potential information or data security breaches, including cyber-attacks on our transaction processing and computer information systems, which could result in theft or unauthorized disclosure of customer, credit card, employee, or other private and valuable data that we handle in the ordinary course of our business organisation; potential disruptions in our supply chain or information systems; issues involving the quality, condom, or authenticity of products we sell, which could impairment our reputation, issue 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.South. tax, tariff, or merchandise policy regarding wearing apparel and home-related merchandise produced in other countries that could adversely affect our business; volatility in revenues and earnings; an agin issue in various legal, regulatory, or taxation matters; a pandemic, natural or human-fabricated 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 inbound new geographic markets; obtaining adequate 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 concatenation 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 heart growth plans, and stock repurchase and dividend programs. Other gamble factors are set along in our SEC filings including without limitation, the Form x-Thousand for financial 2019, and Form 8-Ks for fiscal 2020. The factors underlying our forecasts are dynamic and subject to change. As a upshot, our forecasts speak simply as of the appointment they are given and practise not necessarily reflect our outlook at any other point in fourth dimension. We do non undertake to update or revise these forwards-looking statements.
Ross Stores, Inc. is an S&P 500, Fortune 500, and NASDAQ 100 (ROST) visitor headquartered in Dublin, California, with fiscal 2022 revenues of $16.0 billion. Currently, the Company operates Ross Dress for Less® ("Ross"), the largest off-price apparel and home manner chain in the United States with one,566 locations in 39 states, the District of Columbia, and Guam. Ross offers start-quality, in-flavor, name brand and designer apparel, accessories, footwear, and home fashions for the entire family unit at savings of 20% to 60% off department and specialty store regular prices every twenty-four hour period. The Company also operates 266 dd'due south DISCOUNTS® in 20 states that feature a more moderately-priced array of commencement-quality, in-season, name brand apparel, accessories, footwear, and dwelling house fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com.
Source: https://www.businesswire.com/news/home/20200402005160/en/Ross-Stores-Provides-Additional-COVID-19-Business-Update
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