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Ross Stores Announces Senior Merchandise Management Promotions
Barbara Rentler, 49, Executive Vice President and Chief Merchandising Officer of dd's DISCOUNTS(R), has been promoted to Executive Vice President, Merchandising for all Apparel and Related Products at Ross Dress for Less. In her new role, she will direct all merchandising activities at Ross for Women's, Men's, Children's, Shoes, Accessories, Jewelry, Lingerie and Dresses. Lisa Panattoni, 44, Executive Vice President, Merchandising, for the Ross Dress for Less Home businesses, will now have expanded responsibility for all Home-related categories for both Ross and dd's DISCOUNTS. Doug Baker, 49, Senior Vice President, General Merchandise Manager for dd's DISCOUNTS, will now oversee all Apparel and Related Products for this division, adding Shoes, Accessories and Lingerie to his prior Ready-to-Wear responsibilities. All three executives will report to Michael Balmuth, Vice Chairman, President and Chief Executive Officer.
In commenting, Mr. Balmuth said, "We are delighted to report these new senior management promotions and pleased to have such a deep bench of experienced and highly skilled merchandising executives to support the evolving needs of our business. All three of these talented merchants have significant knowledge and expertise in off-price merchandising. Our actions today recognize their prior accomplishments and our ongoing belief and confidence in their business acumen and leadership capabilities."
Mr. Balmuth continued, "Barbara Rentler is an outstanding merchant and proven leader with more than 20 years of extensive merchandising management experience at Ross. Her 28-year retail career also includes merchandising positions with Macy's, Bergdorf Goodman and Howland-Steinbach-Hochschilds. I am confident that she will continue to be successful in her new role as she assumes responsibility for businesses that account for over 70% of our total revenues."
"Lisa Panattoni joined the Company in 2004, after spending 14 years at The TJX Companies, most recently as Senior Vice President of Merchandising and Marketing for Home Goods. Under her direction, the Ross Home departments have been among the top performing businesses in our stores. We believe that combining the management of Home for both Ross and dd's under Lisa's demonstrated leadership will allow us to realize economies of scale and maximize the future expansion potential of this high growth area, as we continue to develop a wider network of merchandise resources and import relationships," said Mr. Balmuth.
"Doug Baker is also a seasoned off-price merchant, with more than 27 years of retail experience. After joining the Company in 1995 as Vice President and Divisional Merchandise Manager for Juniors, Outerwear and Women's World, he assumed responsibility for all dd's DISCOUNTS Ready-to-Wear businesses when we launched our new concept in 2004. We are pleased to report that sales trends to date at dd's DISCOUNTS have outperformed our expectations, and we believe that Doug's expanded leadership role will be an important driver to the continued growth and success of this new concept," said Mr. Balmuth.
Separately, and as previously announced, Barry Gluck, 54, and Barbara Levy, 51, will be retiring by early 2007 from their positions as Executive Vice Presidents, Merchandising. In commenting, Mr. Balmuth said, "Barry and Barbara have been instrumental in developing and executing our merchandising strategies over the past several years. We appreciate their dedication and leadership and thank them both for their numerous contributions to the growth and success of our Company."
Ross Stores, Inc., a Fortune 500 and Nasdaq 100 (ROST) company headquartered in Pleasanton, California, is the nation's second largest off- price company with fiscal 2005 revenues of $4.9 billion. As of November 25, 2006, the Company operated 773 Ross stores and 26 dd's DISCOUNTS(R) locations in 27 states and Guam. Ross Stores offers first-quality, in-season, name brand and designer apparel, accessories, footwear and home fashions for the entire family at everyday savings of 20 to 60 percent off department and specialty store regular prices. dd's DISCOUNTS features a more moderately- priced assortment of first-quality, in-season, name brand apparel, accessories, footwear and home fashions for the entire family at everyday savings of 20 to 70 percent off moderate department and discount store regular prices. Additional information is available at www.rossstores.com.
SOURCE Ross Stores, Inc.
John G. Call, Senior Vice President, Chief Financial Officer, +1-925-965-4315, or
Katie Loughnot, Vice President, Investor Relations, +1-925-965-4509, or
katie.loughnot@ros.com, both of Ross Stores, Inc.