0000745732-23-000072 | 10-Q | XBRL Viewer

Debt (Tables)

9 Months Ended

Oct. 28, 2023

Unsecured senior debt (the “Senior Notes”), net of unamortized discounts and debt issuance costs, consisted of the following:


($000)	October 28, 2023		January 28, 2023		October 29, 2022





3.375% Senior Notes due 2024	$	249,598	$	249,257	$	249,144
4.600% Senior Notes due 2025	698,120		697,161		696,841
0.875% Senior Notes due 2026	496,960		496,038		495,732
4.700% Senior Notes due 2027	240,225		239,899		239,791
4.800% Senior Notes due 2030	132,732		132,602		132,559
1.875% Senior Notes due 2031	495,678		495,254		495,113
5.450% Senior Notes due 2050	146,358		146,299		146,280
Total long-term debt1	$	2,459,671	$	2,456,510	$	2,455,460

Less: current portion	249,598		—		—
Total due beyond one year	$	2,210,073	$	2,456,510	$	2,455,460

1 Net of unamortized discount and debt issuance costs of $15.3 million, $18.5 million, and $19.5 million as of October 28, 2023, January 28, 2023, and October 29, 2022, respectively.

Schedule of components of interest expense and income

The table below shows the components of interest expense and income for the three and nine month periods ended October 28, 2023 and October 29, 2022:


	Three Months Ended				Nine Months Ended
($000)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Interest expense on long-term debt	$	21,159	$	21,150	$	63,458	$	63,429

Other interest expense	424		448		1,169		1,242
Capitalized interest	(3,342)		(663)		(8,268)		(4,489)
Interest income	(61,560)		(23,737)		(168,289)		(34,621)
Interest (income) expense, net	$	(43,319)	$	(2,802)	$	(111,930)	$	25,561

Taxes on Earnings	9 Months Ended
Taxes on Earnings	Oct. 28, 2023
Income Tax Disclosure [Abstract]
Taxes on Earnings	Taxes on Earnings The Company’s effective tax rate for the three and nine month periods ended October 28, 2023 was approximately 25% compared to approximately 24% for the three and nine month periods ended October 29, 2022. The Company’s effective tax rate is impacted by changes in tax law and accounting guidance, location of new stores, level of earnings, tax effects associated with stock-based compensation, and uncertain tax positions. As of October 28, 2023, January 28, 2023, and October 29, 2022, the reserves for unrecognized tax benefits were $65.3 million, $60.6 million, and $70.7 million, inclusive of $8.4 million, $7.1 million, and $9.1 million of related interest and penalties, respectively. The Company accounts for interest and penalties related to unrecognized tax benefits as a part of its provision for taxes on earnings. If recognized, $52.2 million would impact the Company’s effective tax rate. It is reasonably possible that certain federal and state tax matters may be concluded or statutes of limitations may lapse during the next 12 months. Accordingly, the total amount of unrecognized tax benefits may decrease by up to $12.9 million. The difference between the total amount of unrecognized tax benefits and the amounts that would impact the effective tax rate relates to amounts attributable to deferred income tax assets and liabilities. These amounts are net of federal and state income taxes. The Company is open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2019 through 2022. The Company’s state income tax returns are generally open to audit under the various statutes of limitations for fiscal years 2018 through 2022. Certain federal and state tax returns are currently under audit by various tax authorities. The Company does not expect the results of these audits to have a material impact on the condensed consolidated financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Debt - Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Debt Disclosure [Abstract]
Interest expense on long-term debt	$ 21,159	$ 21,150	$ 63,458	$ 63,429
Other interest expense	424	448	1,169	1,242
Capitalized interest	(3,342)	(663)	(8,268)	(4,489)
Interest income	(61,560)	(23,737)	(168,289)	(34,621)
Interest (income) expense, net	$ (43,319)	$ (2,802)	$ (111,930)	$ 25,561

Debt

9 Months Ended

Oct. 28, 2023

Debt Disclosure [Abstract]

Debt

Senior Notes. Unsecured senior debt (the “Senior Notes”), net of unamortized discounts and debt issuance costs, consisted of the following:


($000)	October 28, 2023		January 28, 2023		October 29, 2022





3.375% Senior Notes due 2024	$	249,598	$	249,257	$	249,144
4.600% Senior Notes due 2025	698,120		697,161		696,841
0.875% Senior Notes due 2026	496,960		496,038		495,732
4.700% Senior Notes due 2027	240,225		239,899		239,791
4.800% Senior Notes due 2030	132,732		132,602		132,559
1.875% Senior Notes due 2031	495,678		495,254		495,113
5.450% Senior Notes due 2050	146,358		146,299		146,280
Total long-term debt1	$	2,459,671	$	2,456,510	$	2,455,460

Less: current portion	249,598		—		—
Total due beyond one year	$	2,210,073	$	2,456,510	$	2,455,460

1 Net of unamortized discount and debt issuance costs of $15.3 million, $18.5 million, and $19.5 million as of October 28, 2023, January 28, 2023, and October 29, 2022, respectively.

Interest on all Senior Notes is payable semi-annually and the Senior Notes are subject to prepayment penalties for early payment of principal.

The aggregate fair value of the seven outstanding series of Senior Notes was approximately $2.2 billion as of October 28, 2023 and October 29, 2022, and approximately $2.3 billion as of January 28, 2023. The fair value is estimated by obtaining comparable market quotes which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance.

Revolving credit facilities. The Company’s $1.3 billion senior unsecured revolving credit facility (“Credit Facility”) expires in February 2027 and may be extended at the Company’s request for up to two additional one-year periods subject to customary conditions. The Credit Facility contains a $300 million sublimit for issuance of standby letters of credit. It also contains an option allowing the Company to increase the size of its Credit Facility by up to an additional $700 million, with the agreement of the committing lenders. Interest on borrowings under this Credit Facility is a term rate based on the Secured Overnight Financing Rate (“Term SOFR”) (or an alternate benchmark rate, if Term SOFR is no longer available) plus an applicable margin and is payable quarterly and upon maturity.

The Credit Facility is subject to a quarterly Consolidated Adjusted Debt to Consolidated EBITDAR financial leverage ratio covenant. As of October 28, 2023, the Company was in compliance with the financial covenant, had no borrowings or standby letters of credit outstanding under the Credit Facility, and the $1.3 billion Credit Facility remained in place and available.

The table below shows the components of interest expense and income for the three and nine month periods ended October 28, 2023 and October 29, 2022:


	Three Months Ended				Nine Months Ended
($000)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Interest expense on long-term debt	$	21,159	$	21,150	$	63,458	$	63,429

Other interest expense	424		448		1,169		1,242
Capitalized interest	(3,342)		(663)		(8,268)		(4,489)
Interest income	(61,560)		(23,737)		(168,289)		(34,621)
Interest (income) expense, net	$	(43,319)	$	(2,802)	$	(111,930)	$	25,561

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Topic 470
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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	1 Months Ended							3 Months Ended
	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Mar. 31, 2022	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Oct. 29, 2022	Jul. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.335	$ 0.335	$ 0.335	$ 0.310	$ 0.310	$ 0.310	$ 0.310	$ 0.335	$ 0.335	$ 0.335	$ 0.310	$ 0.310

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Oct. 28, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of October 28, 2023 and October 29, 2022, and the results of operations, comprehensive income, and stockholders’ equity for the three and nine month periods ended October 28, 2023 and October 29, 2022, and the cash flows for the nine month periods ended October 28, 2023 and October 29, 2022. The Condensed Consolidated Balance Sheet as of January 28, 2023, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended. Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended January 28, 2023. The results of operations, comprehensive income, and stockholders’ equity for the three and nine month periods ended October 28, 2023 and October 29, 2022, and the cash flows for the nine month periods ended October 28, 2023 and October 29, 2022 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. The fiscal year ending February 3, 2024 is referred to as fiscal 2023 and is a 53-week year. The fiscal year ended January 28, 2023 is referred to as fiscal 2022 and was a 52-week year.
Recently adopted accounting standards	Recently adopted accounting standards. In September 2022, the FASB issued Accounting Standards Update (ASU) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, to enhance transparency about an entity’s use of supplier finance programs. The ASU requires enhanced and additional disclosures about the key terms of supplier finance programs including a description of where in the financial statements any related amounts are presented. The Company adopted ASU 2022-04 in the first quarter of fiscal 2023 on a retrospective basis, excluding the rollforward requirements which will be adopted in fiscal 2024 on a prospective basis. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements for the three and nine month periods ended October 28, 2023 and is not expected to have a material impact on the Company’s fiscal 2023 financial statements.
Use of accounting estimates	Use of accounting estimates. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from the Company’s estimates. The Company’s significant accounting estimates include valuation reserves for inventory, packaway and other inventory carrying costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, and legal claims.
Cash and cash equivalents and Restricted cash and cash equivalents	Cash and cash equivalents. Cash equivalents consist of highly liquid, fixed income instruments purchased with an original maturity of three months or less. The institutions where these instruments are held could potentially subject the Company to concentrations of credit risk. The Company manages its risk associated with these instruments primarily by holding its cash and cash equivalents across a highly diversified set of banks and other financial institutions. Restricted cash and cash equivalents. Restricted cash and cash equivalents serve as collateral for certain insurance obligations. These restricted funds are invested in bank deposits, money market funds, and U.S. Government and agency securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The classification between current and long-term is based on the timing of expected payments of the obligations.
Property and equipment	Property and equipment. As of October 28, 2023 and October 29, 2022, the Company had $47.0 million and $30.2 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets.
Supply chain finance program	Supply chain finance program. The Company facilitates a voluntary supply chain finance program (the “program”) to provide certain suppliers with the opportunity to sell receivables due from the Company to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. A third-party bank administers the program. The Company’s responsibility is limited to making payment on the terms originally negotiated with each supplier, regardless of whether a supplier sells its receivable to a financial institution. The Company is not a party to the agreements between the participating financial institutions and the suppliers in connection with the program and receives no financial incentives from the suppliers or the financial institutions. No guarantees are provided by the Company under the program and the Company’s rights and obligations to its suppliers are not affected by the program. The range of payment terms negotiated with a supplier is consistent, irrespective of whether a supplier participates in the program. All outstanding payments owed under the program are recorded within Accounts payable in the Condensed Consolidated Balance Sheets. The Company accounts for all payments made under the program as a reduction to operating cash flows in Accounts payable within the Condensed Consolidated Statements of Cash Flows.
Fair Value Measurements	Fair Value Measurements Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions, maximize the use of observable inputs, and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
Earnings Per Share	Earnings Per Share The Company computes and reports both basic earnings per share (“EPS”) and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards and unvested shares of both performance and non-performance based awards of restricted stock and restricted stock units.

Stock-Based Compensation - Unvested Restricted Stock, RSU, and Performance Shares Activity (Details) - Restricted Stock, Restricted Stock Units, and Performance Shares shares in Thousands	9 Months Ended
	Oct. 28, 2023 $ / shares shares
Number of shares
Beginning balance (in shares) \| shares	3,943
Awarded (in shares) \| shares	1,276
Released (in shares) \| shares	(1,139)
Forfeited (in shares) \| shares	(68)
Ending balance (in shares) \| shares	4,012
Weighted-average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 99.69
Awarded (in dollars per share) \| $ / shares	109.52
Released (in dollars per share) \| $ / shares	95.98
Forfeited (in dollars per share) \| $ / shares	101.63
Ending balance (in dollars per share) \| $ / shares	$ 103.97

Stock-Based Compensation

9 Months Ended

Oct. 28, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

For the three and nine month periods ended October 28, 2023 and October 29, 2022, the Company recognized stock-based compensation expense as follows:


	Three Months Ended				Nine Months Ended
($000)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Restricted stock	$	23,546	$	22,177	$	69,094	$	63,337
Performance awards	14,232		6,186		38,994		25,800
Employee stock purchase plan	1,099		1,130		3,281		3,230
Total	$	38,877	$	29,493	$	111,369	$	92,367

Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Earnings for the three and nine month periods ended October 28, 2023 and October 29, 2022 is as follows:


	Three Months Ended				Nine Months Ended
($000)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Cost of goods sold	$	20,254	$	16,547	$	58,885	$	50,768
Selling, general and administrative	18,623		12,946		52,484		41,599
Total	$	38,877	$	29,493	$	111,369	$	92,367

The tax benefits related to stock-based compensation expense for the three and nine month periods ended October 28, 2023 were $7.9 million and $23.2 million, respectively. The tax benefits related to stock-based compensation expense for the three and nine month periods ended October 29, 2022 were $6.1 million and $18.9 million, respectively.

Restricted stock awards. The Company grants shares of restricted stock or restricted stock units to directors, officers, and key employees. The market value of shares of restricted stock and restricted stock units at the date of grant is amortized to expense over the vesting period of generally three to five years.

Performance share awards. The Company has a performance share award program for senior executives. A performance share award represents a right to receive shares of restricted stock on a specified settlement date based on the Company’s attainment of a performance goal during the performance period, which is the Company’s fiscal year. If attained, the restricted stock then vests over a service period, generally three years from the date the performance award was granted.

As of October 28, 2023, shares related to unvested restricted stock, restricted stock units, and performance share awards totaled 4.0 million shares. A summary of restricted stock, restricted stock units, and performance share award activity for the nine month period ended October 28, 2023, is presented below:


(000, except per share data)	Number of shares	Weighted-average grant date fair value
Unvested at January 28, 2023	3,943	$	99.69
Awarded	1,276	109.52
Released	(1,139)	95.98
Forfeited	(68)	101.63
Unvested at October 28, 2023	4,012	$	103.97

The unamortized compensation expense at October 28, 2023 was $199.0 million which is expected to be recognized over a weighted-average remaining period of 2.0 years. The unamortized compensation expense at October 29, 2022 was $213.6 million which was expected to be recognized over a weighted-average remaining period of 2.0 years.

Shares repurchased for tax withholding are considered treasury shares which are available for reissuance. During the three and nine month periods ended October 28, 2023, shares purchased by the Company for tax withholding totaled 85,761 and 461,889, respectively. During the three and nine month periods ended October 29, 2022, shares purchased by the Company for tax withholding totaled 74,844 and 490,060, respectively.

Employee stock purchase plan. Under the Employee Stock Purchase Plan (“ESPP”), eligible employees participating in the quarterly offering period can choose to have up to the lesser of 10% of their annual base earnings or the IRS annual share purchase limit of $25,000 in aggregate market value withheld to purchase the Company’s common stock. The purchase price of the stock is 85% of the closing market price on the date of purchase. Purchases occur on a quarterly basis (on the last trading day of each calendar quarter). The Company recognizes expense for ESPP purchase rights equal to the value of the 15% discount given on the purchase date.

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained earnings
Beginning balance (in shares) at Jan. 29, 2022		351,720
Beginning balance at Jan. 29, 2022	$ 4,060,050	$ 3,517	$ 1,717,530	$ (535,895)	$ 2,874,898
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	338,445				338,445
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		1,131
Common stock issued under stock plans, net of shares used for tax withholding	(32,196)	$ 11	5,906	(38,113)
Stock-based compensation	36,071		36,071
Common stock repurchased, inclusive of excise tax (in shares)		(2,524)
Common stock repurchased, inclusive of excise tax	(239,565)	$ (25)	(10,266)		(229,274)
Dividends declared	(108,908)				(108,908)
Ending balance (in shares) at Apr. 30, 2022		350,327
Ending balance at Apr. 30, 2022	4,053,897	$ 3,503	1,749,241	(574,008)	2,875,161
Beginning balance (in shares) at Jan. 29, 2022		351,720
Beginning balance at Jan. 29, 2022	4,060,050	$ 3,517	1,717,530	(535,895)	2,874,898
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 1,064,998
Common stock repurchased, inclusive of excise tax (in shares)	(8,200)
Ending balance (in shares) at Oct. 29, 2022	344,808	344,808
Ending balance at Oct. 29, 2022	$ 4,147,000	$ 3,448	1,793,265	(581,267)	2,931,554
Beginning balance (in shares) at Apr. 30, 2022		350,327
Beginning balance at Apr. 30, 2022	4,053,897	$ 3,503	1,749,241	(574,008)	2,875,161
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	384,517				384,517
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		153
Common stock issued under stock plans, net of shares used for tax withholding	5,454	$ 1	5,974	(521)
Stock-based compensation	26,803		26,803
Common stock repurchased, inclusive of excise tax (in shares)		(2,928)
Common stock repurchased, inclusive of excise tax	(235,435)	$ (29)	(12,594)		(222,812)
Dividends declared	(108,285)				(108,285)
Ending balance (in shares) at Jul. 30, 2022		347,552
Ending balance at Jul. 30, 2022	4,126,951	$ 3,475	1,769,424	(574,529)	2,928,581
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	342,036				342,036
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		47
Common stock issued under stock plans, net of shares used for tax withholding	(332)	$ 1	6,405	(6,738)
Stock-based compensation	29,493		29,493
Common stock repurchased, inclusive of excise tax (in shares)		(2,791)
Common stock repurchased, inclusive of excise tax	(243,693)	$ (28)	(12,057)		(231,608)
Dividends declared	$ (107,455)				(107,455)
Ending balance (in shares) at Oct. 29, 2022	344,808	344,808
Ending balance at Oct. 29, 2022	$ 4,147,000	$ 3,448	1,793,265	(581,267)	2,931,554
Beginning balance (in shares) at Jan. 28, 2023	342,753	342,753
Beginning balance at Jan. 28, 2023	$ 4,288,583	$ 3,428	1,820,249	(584,750)	3,049,656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	371,191				371,191
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		461
Common stock issued under stock plans, net of shares used for tax withholding	(31,373)	$ 4	6,145	(37,522)
Stock-based compensation	33,063		33,063
Common stock repurchased, inclusive of excise tax (in shares)		(2,169)
Common stock repurchased, inclusive of excise tax	(236,274)	$ (22)	(9,729)		(226,523)
Dividends declared	(114,794)				(114,794)
Ending balance (in shares) at Apr. 29, 2023		341,045
Ending balance at Apr. 29, 2023	$ 4,310,396	$ 3,410	1,849,728	(622,272)	3,079,530
Beginning balance (in shares) at Jan. 28, 2023	342,753	342,753
Beginning balance at Jan. 28, 2023	$ 4,288,583	$ 3,428	1,820,249	(584,750)	3,049,656
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 1,264,837
Common stock repurchased, inclusive of excise tax (in shares)	(6,400)
Ending balance (in shares) at Oct. 28, 2023	336,952	336,952
Ending balance at Oct. 28, 2023	$ 4,582,956	$ 3,370	1,920,908	(633,318)	3,291,996
Beginning balance (in shares) at Apr. 29, 2023		341,045
Beginning balance at Apr. 29, 2023	4,310,396	$ 3,410	1,849,728	(622,272)	3,079,530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	446,319				446,319
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		89
Common stock issued under stock plans, net of shares used for tax withholding	5,296	$ 1	6,208	(913)
Stock-based compensation	39,429		39,429
Common stock repurchased, inclusive of excise tax (in shares)		(2,152)
Common stock repurchased, inclusive of excise tax	(232,693)	$ (21)	(9,959)		(222,713)
Dividends declared	(114,005)				(114,005)
Ending balance (in shares) at Jul. 29, 2023		338,982
Ending balance at Jul. 29, 2023	4,454,742	$ 3,390	1,885,406	(623,185)	3,189,131
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	447,327				447,327
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		34
Common stock issued under stock plans, net of shares used for tax withholding	(3,901)	$ 1	6,231	(10,133)
Stock-based compensation	38,877		38,877
Common stock repurchased, inclusive of excise tax (in shares)		(2,064)
Common stock repurchased, inclusive of excise tax	(240,756)	$ (21)	(9,606)		(231,129)
Dividends declared	$ (113,333)				(113,333)
Ending balance (in shares) at Oct. 28, 2023	336,952	336,952
Ending balance at Oct. 28, 2023	$ 4,582,956	$ 3,370	$ 1,920,908	$ (633,318)	$ 3,291,996

Summary of Significant Accounting Policies - Cash, Cash Equivalents, Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022	Jan. 29, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,499,497	$ 4,551,876	$ 3,906,490
Restricted cash and cash equivalents included in:
Prepaid expenses and other	13,127	12,677	11,446
Other long-term assets	49,384	47,688	48,797
Total restricted cash and cash equivalents	62,511	60,365	60,243
Total cash, cash equivalents, and restricted cash and cash equivalents	$ 4,562,008	$ 4,612,241	$ 3,966,733	$ 4,982,382

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Cash Flows From Operating Activities
Net earnings	$ 1,264,837	$ 1,064,998
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	300,366	290,565
Stock-based compensation	111,369	92,367
Deferred income taxes	(4,193)	76,380
Change in assets and liabilities:
Merchandise inventory	(590,313)	(231,729)
Other current assets	(48,803)	(72,079)
Accounts payable	259,105	(452,968)
Other current liabilities	284,989	(308,202)
Income taxes	(25,524)	3,397
Operating lease assets and liabilities, net	8,336	8,634
Other long-term, net	5,566	1,304
Net cash provided by operating activities	1,565,735	472,667
Cash Flows From Investing Activities
Additions to property and equipment	(540,458)	(417,901)
Net cash used in investing activities	(540,458)	(417,901)
Cash Flows From Financing Activities
Issuance of common stock related to stock plans	18,590	18,298
Treasury stock purchased	(48,568)	(45,372)
Repurchase of common stock	(703,400)	(718,693)
Dividends paid	(342,132)	(324,648)
Net cash used in financing activities	(1,075,510)	(1,070,415)
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents	(50,233)	(1,015,649)
Cash, cash equivalents, and restricted cash and cash equivalents:
Beginning of period	4,612,241	4,982,382
End of period	4,562,008	3,966,733
Supplemental Cash Flow Disclosures
Interest paid	80,316	80,316
Income taxes paid	$ 440,419	$ 261,309

Debt - Narrative (Details)	9 Months Ended
Debt - Narrative (Details)	Oct. 28, 2023 USD ($) note renewal_option	Jan. 28, 2023 USD ($) note	Oct. 29, 2022 USD ($) note
Senior Notes
Debt Instrument [Line Items]
Number of series notes \| note	7	7	7
Senior Notes \| Level 1
Debt Instrument [Line Items]
Unsecured senior notes estimated fair value	$ 2,200,000,000	$ 2,300,000,000	$ 2,200,000,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,300,000,000
Number of renewal options \| renewal_option	2
Renewal option, term	1 year
Option to increase credit facility, additional amount (up to)	$ 700,000,000
Amount outstanding under the revolving credit facility	0
Senior Unsecured Revolving Credit Facility \| Standby Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	300,000,000
Amount outstanding under the revolving credit facility	$ 0

Insider Trading Arrangements shares in Thousands	9 Months Ended
Insider Trading Arrangements shares in Thousands	Oct. 28, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Michael J. Hartshorn [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	A Rule 10b5-1 Trading Plan that is intended to satisfy the affirmative defense of Rule 10b5-1(c) was adopted on October 6, 2023 by Michael J. Hartshorn, Group President and Chief Operating Officer, and a member of our Board of Directors. The trading plan has a duration of up to one year, and provides for the sale of up to 76,000 shares of the Company's common stock (prior to reduction for shares withheld for taxes). The number of shares that may be sold is also dependent in part on the number of shares that vest under specified restricted stock and performance share awards.
Name	Michael J. Hartshorn
Title	Group President and Chief Operating Officer, and a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	October 6, 2023
Arrangement Duration	1 year
Aggregate Available	76

Fair Value Measurements - Underlying Asset Value (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 145,003	$ 155,496	$ 148,849

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	336,952,000	342,753,000	344,808,000
Common stock, shares outstanding (in shares)	336,952,000	342,753,000	344,808,000

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Statement [Abstract]
Sales	$ 4,924,849	$ 4,565,489	$ 14,354,440	$ 13,481,598
Costs and Expenses
Cost of goods sold	3,564,268	3,424,046	10,426,241	10,020,027
Selling, general and administrative	810,470	693,367	2,364,590	2,029,926
Interest (income) expense, net	(43,319)	(2,802)	(111,930)	25,561
Total costs and expenses	4,331,419	4,114,611	12,678,901	12,075,514
Earnings before taxes	593,430	450,878	1,675,539	1,406,084
Provision for taxes on earnings	146,103	108,842	410,702	341,086
Net earnings	$ 447,327	$ 342,036	$ 1,264,837	$ 1,064,998
Earnings per share
Basic (in dollars per share)	$ 1.34	$ 1.00	$ 3.76	$ 3.09
Diluted (in dollars per share)	$ 1.33	$ 1.00	$ 3.74	$ 3.08
Weighted-average shares outstanding (000)
Basic (in shares)	334,282	342,120	336,187	344,686
Diluted (in shares)	336,261	343,720	338,107	346,212

Earnings Per Share - Schedule of Basic and Diluted EPS Computations (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Earnings Per Share [Abstract]
Basic EPS, Shares (in shares)	334,282	342,120	336,187	344,686
Basic EPS , Amount (in dollars per share)	$ 1.34	$ 1.00	$ 3.76	$ 3.09
Effect of dilutive common stock equivalents, Shares (in shares)	1,979	1,600	1,920	1,526
Effect of dilutive common stock equivalents, Amount (in dollars per share)	$ (0.01)	$ 0	$ (0.02)	$ (0.01)
Diluted EPS, Shares (in shares)	336,261	343,720	338,107	346,212
Diluted EPS, Amount (in dollars per share)	$ 1.33	$ 1.00	$ 3.74	$ 3.08

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

Summary of Significant Accounting Policies

9 Months Ended

Oct. 28, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of presentation. The accompanying unaudited interim condensed consolidated financial statements have been prepared from the records of Ross Stores, Inc. and subsidiaries (the “Company”) without audit and, in the opinion of management, include all adjustments (consisting of only normal, recurring adjustments) necessary to present fairly the Company’s financial position as of October 28, 2023 and October 29, 2022, and the results of operations, comprehensive income, and stockholders’ equity for the three and nine month periods ended October 28, 2023 and October 29, 2022, and the cash flows for the nine month periods ended October 28, 2023 and October 29, 2022. The Condensed Consolidated Balance Sheet as of January 28, 2023, presented herein, has been derived from the Company’s audited consolidated financial statements for the fiscal year then ended.

Certain information and disclosures normally included in the notes to annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted for purposes of these interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, contained in the Company’s Annual Report on Form 10-K for the year ended January 28, 2023.

The results of operations, comprehensive income, and stockholders’ equity for the three and nine month periods ended October 28, 2023 and October 29, 2022, and the cash flows for the nine month periods ended October 28, 2023 and October 29, 2022 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. The fiscal year ending February 3, 2024 is referred to as fiscal 2023 and is a 53-week year. The fiscal year ended January 28, 2023 is referred to as fiscal 2022 and was a 52-week year.

Recently adopted accounting standards. In September 2022, the FASB issued Accounting Standards Update (ASU) 2022-04, Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, to enhance transparency about an entity’s use of supplier finance programs. The ASU requires enhanced and additional disclosures about the key terms of supplier finance programs including a description of where in the financial statements any related amounts are presented. The Company adopted ASU 2022-04 in the first quarter of fiscal 2023 on a retrospective basis, excluding the rollforward requirements which will be adopted in fiscal 2024 on a prospective basis. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements for the three and nine month periods ended October 28, 2023 and is not expected to have a material impact on the Company’s fiscal 2023 financial statements.

Use of accounting estimates. The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from the Company’s estimates. The Company’s significant accounting estimates include valuation reserves for inventory, packaway and other inventory carrying costs, useful lives of fixed assets, insurance reserves, reserves for uncertain tax positions, and legal claims.

Revenue recognition. The following sales mix table disaggregates revenue by merchandise category for the three and nine month periods ended October 28, 2023 and October 29, 2022:


	Three Months Ended				Nine Months Ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Home Accents and Bed and Bath	25	%	25	%	25	%	25	%
Ladies	23	%	25	%	24	%	25	%
Men’s	16	%	15	%	15	%	15	%
Accessories, Lingerie, Fine Jewelry, and Cosmetics	14	%	13	%	14	%	13	%
Shoes	13	%	13	%	13	%	13	%
Children’s	9	%	9	%	9	%	9	%
Total	100	%	100	%	100	%	100	%

Cash and cash equivalents. Cash equivalents consist of highly liquid, fixed income instruments purchased with an original maturity of three months or less. The institutions where these instruments are held could potentially subject the Company to concentrations of credit risk. The Company manages its risk associated with these instruments primarily by holding its cash and cash equivalents across a highly diversified set of banks and other financial institutions.

Restricted cash and cash equivalents. Restricted cash and cash equivalents serve as collateral for certain insurance obligations. These restricted funds are invested in bank deposits, money market funds, and U.S. Government and agency securities and cannot be withdrawn from the Company’s account without the prior written consent of the secured parties. The classification between current and long-term is based on the timing of expected payments of the obligations.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents in the Condensed Consolidated Balance Sheets that reconcile to the amounts shown on the Condensed Consolidated Statements of Cash Flows:


($000)	October 28, 2023		January 28, 2023		October 29, 2022
Cash and cash equivalents	$	4,499,497	$	4,551,876	$	3,906,490
Restricted cash and cash equivalents included in:
Prepaid expenses and other	13,127		12,677		11,446
Other long-term assets	49,384		47,688		48,797
Total restricted cash and cash equivalents	62,511		60,365		60,243
Total cash, cash equivalents, and restricted cash and cash equivalents	$	4,562,008	$	4,612,241	$	3,966,733

Property and equipment. As of October 28, 2023 and October 29, 2022, the Company had $47.0 million and $30.2 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and equipment, Accounts payable, and Accrued expenses and other in the accompanying Condensed Consolidated Balance Sheets.

Operating leases. Supplemental cash flow disclosures related to operating lease assets obtained in exchange for operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) were as follows:


	Three Months Ended				Nine Months Ended
($000)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Operating lease assets obtained in exchange for operating lease liabilities	$	159,616	$	235,186	$	550,467	$	549,267

Cash dividends. On November 15, 2023, the Company’s Board of Directors declared a quarterly cash dividend of $0.335 per common share, payable on December 29, 2023. The Company’s Board of Directors declared a cash dividend of $0.335 per common share in February, May, and August 2023, and $0.310 per common share in March, May, August, and November 2022.

Stock repurchase program. In March 2022, the Company’s Board of Directors approved a two-year program to repurchase up to $1.9 billion of the Company’s common stock through fiscal 2023. During the nine month period ended October 28, 2023, the Company repurchased 6.4 million shares of common stock for $703.4 million, excluding excise tax due under the Inflation Reduction Act of 2022. The Company repurchased 8.2 million shares of common stock for $718.7 million during the nine month period ended October 29, 2022.

Litigation, claims, and assessments. Like many retailers, the Company has been named in class/representative action lawsuits, primarily in California, alleging violations by the Company of wage and hour laws. Class/representative action litigation remains pending as of October 28, 2023.

The Company is also party to various other legal and regulatory proceedings arising in the normal course of business. Actions filed against the Company may include commercial, product and product safety, consumer, intellectual property, environmental, and labor and employment-related claims, including lawsuits in which private plaintiffs or governmental agencies allege that the Company violated federal, state, and/or local laws. Actions against the Company are in various procedural stages. Many of these proceedings raise factual and legal issues and are subject to uncertainties.

In the opinion of management, the resolution of currently pending class/representative action litigation and other currently pending legal and regulatory proceedings will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

Supply chain finance program. The Company facilitates a voluntary supply chain finance program (the “program”) to provide certain suppliers with the opportunity to sell receivables due from the Company to participating financial institutions at the sole discretion of both the suppliers and the financial institutions. A third-party bank administers the program. The Company’s responsibility is limited to making payment on the terms originally negotiated with each supplier, regardless of whether a supplier sells its receivable to a financial institution. The Company is not a party to the agreements between the participating financial institutions and the suppliers in connection with the program and receives no financial incentives from the suppliers or the financial institutions. No guarantees are provided by the Company under the program and the Company’s rights and obligations to its suppliers are not affected by the program. The range of payment terms negotiated with a supplier is consistent, irrespective of whether a supplier participates in the program.

All outstanding payments owed under the program are recorded within Accounts payable in the Condensed Consolidated Balance Sheets. The Company accounts for all payments made under the program as a reduction to operating cash flows in Accounts payable within the Condensed Consolidated Statements of Cash Flows. The amounts owed to a participating financial institution under the program and included in Accounts payable were $141.0 million, $119.2 million, and $128.0 million at October 28, 2023, January 28, 2023, and October 29, 2022, respectively.

Earnings Per Share

9 Months Ended

Oct. 28, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The Company computes and reports both basic earnings per share (“EPS”) and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity plan awards and unvested shares of both performance and non-performance based awards of restricted stock and restricted stock units.

For the three and nine month periods ended October 28, 2023, approximately 14,000 and 17,000 weighted-average shares were excluded from the calculation of diluted EPS, respectively, because their effect would have been anti-dilutive for the periods presented. For the three and nine month periods ended October 29, 2022, approximately 85,000 and 492,000 weighted-average shares were excluded from the calculation of diluted EPS, respectively, because their effect would have been anti-dilutive for the periods presented.

The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations:


	Three Months Ended						Nine Months Ended
Shares in (000s)	Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS		Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS
October 28, 2023
Shares	334,282		1,979		336,261		336,187		1,920		338,107
Amount	$	1.34	$	(0.01)	$	1.33	$	3.76	$	(0.02)	$	3.74

October 29, 2022
Shares	342,120		1,600		343,720		344,686		1,526		346,212
Amount	$	1.00	$	—	$	1.00	$	3.09	$	(0.01)	$	3.08

Stock-Based Compensation - Total Stock-Based Compensation Recognized in the Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 38,877	$ 29,493	$ 111,369	$ 92,367
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	20,254	16,547	58,885	50,768
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 18,623	$ 12,946	$ 52,484	$ 41,599

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Oct. 28, 2023

Accounting Policies [Abstract]

Disaggregation of revenue

The following sales mix table disaggregates revenue by merchandise category for the three and nine month periods ended October 28, 2023 and October 29, 2022:


	Three Months Ended				Nine Months Ended
	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Home Accents and Bed and Bath	25	%	25	%	25	%	25	%
Ladies	23	%	25	%	24	%	25	%
Men’s	16	%	15	%	15	%	15	%
Accessories, Lingerie, Fine Jewelry, and Cosmetics	14	%	13	%	14	%	13	%
Shoes	13	%	13	%	13	%	13	%
Children’s	9	%	9	%	9	%	9	%
Total	100	%	100	%	100	%	100	%

Schedule of cash and cash equivalents reconciliation


($000)	October 28, 2023		January 28, 2023		October 29, 2022
Cash and cash equivalents	$	4,499,497	$	4,551,876	$	3,906,490
Restricted cash and cash equivalents included in:
Prepaid expenses and other	13,127		12,677		11,446
Other long-term assets	49,384		47,688		48,797
Total restricted cash and cash equivalents	62,511		60,365		60,243
Total cash, cash equivalents, and restricted cash and cash equivalents	$	4,562,008	$	4,612,241	$	3,966,733

Schedule of restricted cash reconciliation


($000)	October 28, 2023		January 28, 2023		October 29, 2022
Cash and cash equivalents	$	4,499,497	$	4,551,876	$	3,906,490
Restricted cash and cash equivalents included in:
Prepaid expenses and other	13,127		12,677		11,446
Other long-term assets	49,384		47,688		48,797
Total restricted cash and cash equivalents	62,511		60,365		60,243
Total cash, cash equivalents, and restricted cash and cash equivalents	$	4,562,008	$	4,612,241	$	3,966,733

Supplemental cash flow disclosures related to leases

Supplemental cash flow disclosures related to operating lease assets obtained in exchange for operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) were as follows:


	Three Months Ended				Nine Months Ended
($000)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Operating lease assets obtained in exchange for operating lease liabilities	$	159,616	$	235,186	$	550,467	$	549,267

Stock-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Jan. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit related to stock-based compensation	$ 7,900,000	$ 6,100,000	$ 23,200,000	$ 18,900,000
Plan participant's annual percentage ceiling for ESPP (up to, as a percentage)	10.00%		10.00%
Plan participant's annual dollar amount ceiling for ESPP			$ 25,000
Purchase price for shares under the ESPP (as a percentage)			85.00%
Discount rate under the ESPP (as a percentage)			15.00%
Restricted Stock, Restricted Stock Units, and Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)	4,012,000		4,012,000		3,943,000
Unamortized compensation expense	$ 199,000,000	$ 213,600,000	$ 199,000,000	$ 213,600,000
Unamortized compensation expense, remaining weighted-average period of recognition			2 years	2 years
Treasury shares purchased for tax withholding and available for reissuance (in shares)	85,761	74,844	461,889	490,060
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period			3 years
Minimum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Minimum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Maximum \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years
Maximum \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years

Fair Value Measurements - Balance Sheet Items (Details) - Level 1 - USD ($) $ in Thousands	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents (Level 1)	$ 4,499,497	$ 4,551,876	$ 3,906,490
Restricted cash and cash equivalents (Level 1)	$ 62,511	$ 60,365	$ 60,243

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Earnings Per Share [Abstract]
Weighted average shares excluded from calculation of diluted EPS (in shares)	14	85	17	492

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 447,327	$ 342,036	$ 1,264,837	$ 1,064,998
Other comprehensive income	0	0	0	0
Comprehensive income	$ 447,327	$ 342,036	$ 1,264,837	$ 1,064,998

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		1 Months Ended							3 Months Ended					9 Months Ended
	Nov. 15, 2023	Aug. 31, 2023	May 31, 2023	Feb. 28, 2023	Nov. 30, 2022	Aug. 31, 2022	May 31, 2022	Mar. 31, 2022	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Oct. 29, 2022	Jul. 30, 2022	Oct. 28, 2023	Oct. 29, 2022	Jan. 28, 2023
Summary of Significant Accounting Policies [Line Items]
Cash dividends declared per share (in dollars per share)		$ 0.335	$ 0.335	$ 0.335	$ 0.310	$ 0.310	$ 0.310	$ 0.310	$ 0.335	$ 0.335	$ 0.335	$ 0.310	$ 0.310
Stock repurchased program period								2 years
Stock repurchase program, amount authorized								$ 1,900,000
Stock repurchased during period, shares (in shares)														6.4	8.2
Repurchase of common stock														$ 703,400	$ 718,693
Supply chain finance program, outstanding payments owed, included in accounts payable									$ 141,000			$ 128,000		141,000	128,000	$ 119,200
Subsequent Event
Summary of Significant Accounting Policies [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.335
Property, Plant and Equipment
Summary of Significant Accounting Policies [Line Items]
Property and equipment purchased but not yet paid														$ 47,000	$ 30,200

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Debt Instrument [Line Items]
Total long-term debt1	$ 2,459,671	$ 2,456,510	$ 2,455,460
Current portion of long-term debt	249,598	0	0
Long-term debt	2,210,073	2,456,510	2,455,460
Senior Notes
Debt Instrument [Line Items]
Total unamortized discount and debt issuance costs	$ 15,300	18,500	19,500
Senior Notes \| 3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate (percent)	3.375%
Total long-term debt1	$ 249,598	249,257	249,144
Senior Notes \| 4.600% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (percent)	4.60%
Total long-term debt1	$ 698,120	697,161	696,841
Senior Notes \| 0.875% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (percent)	0.875%
Total long-term debt1	$ 496,960	496,038	495,732
Senior Notes \| 4.700% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (percent)	4.70%
Total long-term debt1	$ 240,225	239,899	239,791
Senior Notes \| 4.800% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate (percent)	4.80%
Total long-term debt1	$ 132,732	132,602	132,559
Senior Notes \| 1.875% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate (percent)	1.875%
Total long-term debt1	$ 495,678	495,254	495,113
Senior Notes \| 5.450% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate (percent)	5.45%
Total long-term debt1	$ 146,358	$ 146,299	$ 146,280

Earnings Per Share (Tables)

9 Months Ended

Oct. 28, 2023

Earnings Per Share [Abstract]

Reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations

The following is a reconciliation of the number of shares (denominator) used in the basic and diluted EPS computations:


	Three Months Ended						Nine Months Ended
Shares in (000s)	Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS		Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS
October 28, 2023
Shares	334,282		1,979		336,261		336,187		1,920		338,107
Amount	$	1.34	$	(0.01)	$	1.33	$	3.76	$	(0.02)	$	3.74

October 29, 2022
Shares	342,120		1,600		343,720		344,686		1,526		346,212
Amount	$	1.00	$	—	$	1.00	$	3.09	$	(0.01)	$	3.08

Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Accounting Policies [Abstract]
Operating lease assets obtained in exchange for operating lease liabilities	$ 159,616	$ 235,186	$ 550,467	$ 549,267

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Oct. 28, 2023	Oct. 29, 2022
Pay vs Performance Disclosure
Net earnings	$ 447,327	$ 446,319	$ 371,191	$ 342,036	$ 384,517	$ 338,445	$ 1,264,837	$ 1,064,998

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Oct. 28, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense by award type

For the three and nine month periods ended October 28, 2023 and October 29, 2022, the Company recognized stock-based compensation expense as follows:


	Three Months Ended				Nine Months Ended
($000)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Restricted stock	$	23,546	$	22,177	$	69,094	$	63,337
Performance awards	14,232		6,186		38,994		25,800
Employee stock purchase plan	1,099		1,130		3,281		3,230
Total	$	38,877	$	29,493	$	111,369	$	92,367

Schedule of stock-based compensation recognized in Condensed Consolidated Statements of Earnings


	Three Months Ended				Nine Months Ended
($000)	October 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Cost of goods sold	$	20,254	$	16,547	$	58,885	$	50,768
Selling, general and administrative	18,623		12,946		52,484		41,599
Total	$	38,877	$	29,493	$	111,369	$	92,367

Schedule of restricted stock, restricted stock units, and performance share award activity

A summary of restricted stock, restricted stock units, and performance share award activity for the nine month period ended October 28, 2023, is presented below:


(000, except per share data)	Number of shares	Weighted-average grant date fair value
Unvested at January 28, 2023	3,943	$	99.69
Awarded	1,276	109.52
Released	(1,139)	95.98
Forfeited	(68)	101.63
Unvested at October 28, 2023	4,012	$	103.97

Fair Value Measurements

9 Months Ended

Oct. 28, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Accounting standards pertaining to fair value measurements establish a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The inputs used to measure fair value include: Level 1, observable inputs such as quoted prices in active markets; Level 2, inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, unobservable inputs in which little or no market data exists. This fair value hierarchy requires the Company to develop its own assumptions, maximize the use of observable inputs, and minimize the use of unobservable inputs when measuring fair value. Corporate, U.S. government and agency, and mortgage-backed securities are classified within Level 1 or Level 2 because these securities are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

The fair value of the Company’s financial instruments are as follows:


($000)	October 28, 2023		January 28, 2023		October 29, 2022
Cash and cash equivalents (Level 1)	$	4,499,497	$	4,551,876	$	3,906,490
Restricted cash and cash equivalents (Level 1)	$	62,511	$	60,365	$	60,243

The underlying assets in the Company’s nonqualified deferred compensation program as of October 28, 2023, January 28, 2023, and October 29, 2022 (included in Other long-term assets and in Other long-term liabilities) primarily consist of participant-directed money market, stock, and bond funds. The fair value measurement for funds with quoted market prices in active markets (Level 1) are as follows:


($000)	October 28, 2023		January 28, 2023		October 29, 2022
Level 1	$	145,003	$	155,496	$	148,849

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Taxes on Earnings - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	25.00%	24.00%	25.00%	24.00%
Unrecognized tax benefits	$ 65.3	$ 70.7	$ 65.3	$ 70.7	$ 60.6
Income tax penalties and interest accrued	8.4	$ 9.1	8.4	$ 9.1	$ 7.1
Impact of recognizing taxes and interest related to unrecognized tax benefits	52.2		52.2
Unrecognized tax benefits reduction resulting from conclusion of certain state tax matters or lapse of applicable statute of limitations (up to)	$ 12.9		$ 12.9

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Oct. 28, 2023	Nov. 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 28, 2023
Document Transition Report	false
Entity File Number	0-14678
Entity Registrant Name	Ross Stores, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-1390387
Entity Address, Address Line One	5130 Hacienda Drive,
Entity Address, City or Town	Dublin,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94568-7579
City Area Code	(925)
Local Phone Number	965-4400
Title of 12(b) Security	Common stock,
Trading Symbol	ROST
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		336,666,266
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000745732
Current Fiscal Year End Date	--02-03

Stock-Based Compensation - Recognized Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 38,877	$ 29,493	$ 111,369	$ 92,367
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	23,546	22,177	69,094	63,337
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	14,232	6,186	38,994	25,800
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 1,099	$ 1,130	$ 3,281	$ 3,230

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Oct. 28, 2023

Fair Value Disclosures [Abstract]

Schedule of fair values of financial instruments

The fair value of the Company’s financial instruments are as follows:


($000)	October 28, 2023		January 28, 2023		October 29, 2022
Cash and cash equivalents (Level 1)	$	4,499,497	$	4,551,876	$	3,906,490
Restricted cash and cash equivalents (Level 1)	$	62,511	$	60,365	$	60,243

Schedule of fair value of assets and liabilities

The fair value measurement for funds with quoted market prices in active markets (Level 1) are as follows:


($000)	October 28, 2023		January 28, 2023		October 29, 2022
Level 1	$	145,003	$	155,496	$	148,849

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details)	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Disaggregation of Revenue [Line Items]
Total	100.00%	100.00%	100.00%	100.00%
Home Accents and Bed and Bath
Disaggregation of Revenue [Line Items]
Total	25.00%	25.00%	25.00%	25.00%
Ladies
Disaggregation of Revenue [Line Items]
Total	23.00%	25.00%	24.00%	25.00%
Men’s
Disaggregation of Revenue [Line Items]
Total	16.00%	15.00%	15.00%	15.00%
Accessories, Lingerie, Fine Jewelry, and Cosmetics
Disaggregation of Revenue [Line Items]
Total	14.00%	13.00%	14.00%	13.00%
Shoes
Disaggregation of Revenue [Line Items]
Total	13.00%	13.00%	13.00%	13.00%
Children’s
Disaggregation of Revenue [Line Items]
Total	9.00%	9.00%	9.00%	9.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Current Assets
Cash and cash equivalents	$ 4,499,497	$ 4,551,876	$ 3,906,490
Accounts receivable	171,915	145,694	168,483
Merchandise inventory	2,613,808	2,023,495	2,494,002
Prepaid expenses and other	206,725	183,654	192,214
Total current assets	7,491,945	6,904,719	6,761,189
Property and Equipment
Land and buildings	1,491,023	1,495,006	1,491,927
Fixtures and equipment	4,109,947	3,961,733	3,882,127
Leasehold improvements	1,503,769	1,433,647	1,402,653
Construction-in-progress	569,995	319,319	171,185
Property and equipment, gross	7,674,734	7,209,705	6,947,892
Less accumulated depreciation and amortization	4,277,215	4,028,178	3,939,154
Property and equipment, net	3,397,519	3,181,527	3,008,738
Operating lease assets	3,160,017	3,098,134	3,101,882
Other long-term assets	221,139	232,083	228,286
Total assets	14,270,620	13,416,463	13,100,095
Current Liabilities
Accounts payable	2,280,278	2,009,924	1,927,757
Accrued expenses and other	665,279	638,561	616,753
Current operating lease liabilities	680,088	655,976	656,837
Accrued payroll and benefits	509,484	279,710	251,479
Income taxes payable	20,960	52,075	11,404
Current portion of long-term debt	249,598	0	0
Total current liabilities	4,405,687	3,636,246	3,464,230
Long-term debt	2,210,073	2,456,510	2,455,460
Non-current operating lease liabilities	2,640,068	2,593,961	2,596,221
Other long-term liabilities	218,970	224,104	223,162
Deferred income taxes	212,866	217,059	214,022
Commitments and contingencies
Stockholders’ Equity
Common stock, par value $.01 per share Authorized 1,000,000,000 shares Issued and outstanding 336,952,000, 342,753,000 and 344,808,000 shares, respectively	3,370	3,428	3,448
Additional paid-in capital	1,920,908	1,820,249	1,793,265
Treasury stock	(633,318)	(584,750)	(581,267)
Retained earnings	3,291,996	3,049,656	2,931,554
Total stockholders’ equity	4,582,956	4,288,583	4,147,000
Total liabilities and stockholders’ equity	$ 14,270,620	$ 13,416,463	$ 13,100,095