0000745732-24-000062 | 10-Q | XBRL Viewer

Fair Value Measurements - Underlying Asset Value (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Nonqualified deferred compensation program (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 189,522	$ 165,582	$ 145,003

Stock-Based Compensation - Recognized Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 38,744	$ 38,877	$ 117,212	$ 111,369
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	22,781	23,546	67,691	69,094
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	14,842	14,232	46,208	38,994
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 1,121	$ 1,099	$ 3,313	$ 3,281

- 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

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+ Details

Earnings Per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Earnings Per Share [Abstract]
Weighted average shares excluded from calculation of diluted EPS (in shares)	5	14	4	17

Stock-Based Compensation (Tables)

9 Months Ended

Nov. 02, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense by award type

For the three and nine month periods ended November 2, 2024 and October 28, 2023, the Company recognized stock-based compensation expense as follows:


	Three Months Ended				Nine Months Ended
($000)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Restricted stock	$	22,781	$	23,546	$	67,691	$	69,094
Performance awards	14,842		14,232		46,208		38,994
Employee stock purchase plan	1,121		1,099		3,313		3,281
Total	$	38,744	$	38,877	$	117,212	$	111,369

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

Total stock-based compensation expense recognized in the Company’s Condensed Consolidated Statements of Earnings for the three and nine month periods ended November 2, 2024 and October 28, 2023 is as follows:


	Three Months Ended				Nine Months Ended
Statements of Earnings Classification ($000)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Cost of goods sold	$	19,125	$	20,254	$	55,816	$	58,885
Selling, general and administrative	19,619		18,623		61,396		52,484
Total	$	38,744	$	38,877	$	117,212	$	111,369

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 November 2, 2024, is presented below:


	Number of shares (000)	Weighted-average grant date fair value
Unvested at February 3, 2024	4,395	$	104.52
Awarded	769	146.57
Released	(1,307)	104.80
Forfeited	(139)	108.50
Unvested at November 2, 2024	3,718	$	112.97

Fair Value Measurements

9 Months Ended

Nov. 02, 2024

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 and U.S. government and agency securities are classified within Level 1 because these securities are valued using quoted market prices.

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


($000)	November 2, 2024		February 3, 2024		October 28, 2023
Cash and cash equivalents (Level 1)	$	4,349,262	$	4,872,446	$	4,499,497
Restricted cash and cash equivalents (Level 1)	$	65,396	$	62,995	$	62,511

The underlying assets in the Company’s nonqualified deferred compensation program as of November 2, 2024, February 3, 2024, and October 28, 2023 (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)	November 2, 2024		February 3, 2024		October 28, 2023
Nonqualified deferred compensation program (Level 1)	$	189,522	$	165,582	$	145,003

- 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.

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+ Details

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Sep. 30, 2024	Feb. 03, 2024	Oct. 28, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 2,213,859		$ 2,460,730	$ 2,459,671
Current portion of long-term debt	699,407		249,713	249,598
Long-term debt	1,514,452		2,211,017	2,210,073
Senior Notes
Debt Instrument [Line Items]
Total unamortized discount and debt issuance costs	$ 11,100		14,300	15,300
Senior Notes \| 3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate (percent)	3.375%	3.375%
Total long-term debt	$ 0		249,713	249,598
Senior Notes \| 4.600% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (percent)	4.60%
Total long-term debt	$ 699,407		698,441	698,120
Senior Notes \| 0.875% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (percent)	0.875%
Total long-term debt	$ 498,194		497,268	496,960
Senior Notes \| 4.700% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (percent)	4.70%
Total long-term debt	$ 240,666		240,335	240,225
Senior Notes \| 4.800% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate (percent)	4.80%
Total long-term debt	$ 132,909		132,776	132,732
Senior Notes \| 1.875% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate (percent)	1.875%
Total long-term debt	$ 496,247		495,820	495,678
Senior Notes \| 5.450% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate (percent)	5.45%
Total long-term debt	$ 146,436		$ 146,377	$ 146,358

Earnings Per Share

9 Months Ended

Nov. 02, 2024

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.

Shares are excluded from the calculation of diluted EPS if their effect would have been anti-dilutive to the calculation of diluted EPS. For the three and nine month periods ended November 2, 2024, approximately 5,000 and 4,000 weighted-average shares were excluded from the calculation of diluted EPS, respectively. 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.

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
November 2, 2024
Shares	327,710		2,227		329,937		329,453		2,275		331,728
Amount	$	1.49	$	(0.01)	$	1.48	$	4.56	$	(0.03)	$	4.53

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

Debt - Narrative (Details)	1 Months Ended	9 Months Ended
Debt - Narrative (Details)	Sep. 30, 2024 USD ($)	Nov. 02, 2024 USD ($) series renewal_option	Oct. 28, 2023 USD ($) series	Feb. 03, 2024 USD ($) series
Debt Instrument [Line Items]
Payment of long-term debt		$ 250,000,000	$ 0
Senior Notes
Debt Instrument [Line Items]
Number of series notes \| series		6	7	7
Senior Notes \| 3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Payment of long-term debt	$ 250,000,000
Unsecured senior notes interest rate (percent)	3.375%	3.375%
Senior Notes \| Nonqualified deferred compensation program (Level 1)
Debt Instrument [Line Items]
Unsecured senior notes estimated fair value		$ 2,100,000,000	$ 2,200,000,000	$ 2,300,000,000
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

Taxes on Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Taxes on Earnings (Details) - USD ($) $ in Millions	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	24.00%	25.00%	24.00%	25.00%
Unrecognized tax benefits	$ 67.1	$ 65.3	$ 67.1	$ 65.3	$ 58.6
Income tax penalties and interest accrued	9.0	$ 8.4	9.0	$ 8.4	$ 6.2
Impact of recognizing taxes and interest related to unrecognized tax benefits	53.1		53.1
Unrecognized tax benefits reduction resulting from conclusion of certain state tax matters or lapse of applicable statute of limitations (up to)	$ 8.5		$ 8.5

Stock-Based Compensation

9 Months Ended

Nov. 02, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

For the three and nine month periods ended November 2, 2024 and October 28, 2023, the Company recognized stock-based compensation expense as follows:


	Three Months Ended				Nine Months Ended
($000)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Restricted stock	$	22,781	$	23,546	$	67,691	$	69,094
Performance awards	14,842		14,232		46,208		38,994
Employee stock purchase plan	1,121		1,099		3,313		3,281
Total	$	38,744	$	38,877	$	117,212	$	111,369


	Three Months Ended				Nine Months Ended
Statements of Earnings Classification ($000)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Cost of goods sold	$	19,125	$	20,254	$	55,816	$	58,885
Selling, general and administrative	19,619		18,623		61,396		52,484
Total	$	38,744	$	38,877	$	117,212	$	111,369

The tax benefits related to stock-based compensation expense for the three and nine month periods ended November 2, 2024 were $7.2 million and $22.2 million, respectively. 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.

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 November 2, 2024, shares related to unvested restricted stock, restricted stock units, and performance share awards totaled 3.7 million shares. A summary of restricted stock, restricted stock units, and performance share award activity for the nine month period ended November 2, 2024, is presented below:


	Number of shares (000)	Weighted-average grant date fair value
Unvested at February 3, 2024	4,395	$	104.52
Awarded	769	146.57
Released	(1,307)	104.80
Forfeited	(139)	108.50
Unvested at November 2, 2024	3,718	$	112.97

The unamortized compensation expense at November 2, 2024 was $200.7 million which is expected to be recognized over a weighted-average remaining period of 1.8 years. The unamortized compensation expense at October 28, 2023 was $199.0 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 November 2, 2024, shares purchased by the Company for tax withholding totaled 92,847 and 586,644, respectively. 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.

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.

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details)	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
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%	23.00%	23.00%	24.00%
Men’s
Disaggregation of Revenue [Line Items]
Total	16.00%	16.00%	16.00%	15.00%
Accessories, Lingerie, Fine Jewelry, and Cosmetics
Disaggregation of Revenue [Line Items]
Total	14.00%	14.00%	14.00%	14.00%
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	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Current Assets
Cash and cash equivalents	$ 4,349,262	$ 4,872,446	$ 4,499,497
Accounts receivable	176,218	130,766	171,915
Merchandise inventory	2,859,106	2,192,220	2,613,808
Prepaid expenses and other	241,703	202,706	206,725
Total current assets	7,626,289	7,398,138	7,491,945
Property and Equipment
Land and buildings	1,487,579	1,486,557	1,491,023
Fixtures and equipment	4,428,436	4,220,221	4,109,947
Leasehold improvements	1,637,771	1,577,102	1,503,769
Construction-in-progress	749,911	628,730	569,995
Property and equipment, gross	8,303,697	7,912,610	7,674,734
Less accumulated depreciation and amortization	4,646,018	4,380,709	4,277,215
Property and equipment, net	3,657,679	3,531,901	3,397,519
Operating lease assets	3,349,427	3,126,841	3,160,017
Other long-term assets	271,791	243,229	221,139
Total assets	14,905,186	14,300,109	14,270,620
Current Liabilities
Accounts payable	2,346,479	1,955,850	2,280,278
Accrued expenses and other	637,332	671,867	665,279
Current operating lease liabilities	699,200	683,625	680,088
Accrued payroll and benefits	459,094	548,371	509,484
Income taxes payable	2,186	76,370	20,960
Current portion of long-term debt	699,407	249,713	249,598
Total current liabilities	4,843,698	4,185,796	4,405,687
Long-term debt	1,514,452	2,211,017	2,210,073
Non-current operating lease liabilities	2,821,417	2,603,349	2,640,068
Other long-term liabilities	265,673	232,383	218,970
Deferred income taxes	196,583	196,238	212,866
Commitments and contingencies
Stockholders’ Equity
Common stock, par value $.01 per share Authorized 1,000,000,000 shares Issued and outstanding 330,258,000, 335,172,000 and 336,952,000 shares, respectively	3,303	3,352	3,370
Additional paid-in capital	2,060,801	1,952,625	1,920,908
Treasury stock	(719,410)	(633,318)	(633,318)
Retained earnings	3,918,669	3,548,667	3,291,996
Total stockholders’ equity	5,263,363	4,871,326	4,582,956
Total liabilities and stockholders’ equity	$ 14,905,186	$ 14,300,109	$ 14,270,620

Summary of Significant Accounting Policies

9 Months Ended

Nov. 02, 2024

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 November 2, 2024 and October 28, 2023, and the results of operations, comprehensive income, and stockholders’ equity for the three and nine month periods ended November 2, 2024 and October 28, 2023, and the cash flows for the nine month periods ended November 2, 2024 and October 28, 2023. The Condensed Consolidated Balance Sheet as of February 3, 2024, 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 Generally Accepted Accounting Principles 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 February 3, 2024.

The results of operations, comprehensive income, and stockholders’ equity for the three and nine month periods ended November 2, 2024 and October 28, 2023, and the cash flows for the nine month periods ended November 2, 2024 and October 28, 2023 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. The fiscal year ending February 1, 2025 is referred to as fiscal 2024 and is a 52-week year. The fiscal year ended February 3, 2024 is referred to as fiscal 2023 and was a 53-week year.

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 November 2, 2024 and October 28, 2023:


	Three Months Ended				Nine Months Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Home Accents and Bed and Bath	25	%	25	%	25	%	25	%
Ladies	23	%	23	%	23	%	24	%
Men’s	16	%	16	%	16	%	15	%
Accessories, Lingerie, Fine Jewelry, and Cosmetics	14	%	14	%	14	%	14	%
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. The Company uses standby letters of credit in addition to a funded trust to collateralize certain insurance obligations. These restricted funds are invested in bank deposits, money market mutual 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 standby letters of credit are collateralized by restricted cash. As of November 2, 2024, February 3, 2024, and October 28, 2023, the Company had $2.2 million, $2.2 million, and $2.6 million, respectively, in standby letters of credit outstanding. As of November 2, 2024, February 3, 2024, and October 28, 2023, the Company had $63.2 million, $60.8 million, and $59.9 million, respectively, in a collateral trust. 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)	November 2, 2024		February 3, 2024		October 28, 2023
Cash and cash equivalents	$	4,349,262	$	4,872,446	$	4,499,497
Restricted cash and cash equivalents included in:
Prepaid expenses and other	15,041		14,489		13,127
Other long-term assets	50,355		48,506		49,384
Total restricted cash and cash equivalents	65,396		62,995		62,511
Total cash, cash equivalents, and restricted cash and cash equivalents	$	4,414,658	$	4,935,441	$	4,562,008

Property and equipment. As of November 2, 2024 and October 28, 2023, the Company had $39.5 million and $47.0 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.

As of November 2, 2024, the Company had $21.1 million in Prepaid expenses and other related to a building that was reclassified as held for sale.

Operating leases. 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)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Operating lease assets obtained in exchange for operating lease liabilities	$	284,516	$	159,616	$	725,122	$	550,467

Cash dividends. On November 20, 2024, the Company’s Board of Directors declared a quarterly cash dividend of $0.3675 per common share, payable on December 31, 2024. The Company’s Board of Directors declared a cash dividend of $0.3675 per common share in March, May, and August 2024, and $0.3350 per common share in February, May, August, and November 2023.

Stock repurchase program. In March 2024, the Company’s Board of Directors approved a new two-year program to repurchase up to $2.1 billion of the Company’s common stock through January 31, 2026. During the nine month period ended November 2, 2024, the Company repurchased 5.5 million shares of common stock for $787.5 million (excluding excise tax) under this program. 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) under the previous, publicly announced stock repurchase program.

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 November 2, 2024.

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 their 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 payments 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 suppliers 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 participating financial institutions under the program and included in Accounts payable were $148.8 million, $146.9 million, and $141.0 million at November 2, 2024, February 3, 2024, and October 28, 2023, respectively.

Recently adopted accounting standards. In September 2022, the Financial Accounting Standards Board (“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 annual rollforward requirement which will be adopted on a prospective basis in its fiscal 2024 Annual Report on Form 10-K. 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 November 2, 2024, and is not expected to have a material impact on the Company’s fiscal 2024 consolidated financial statements.

Recently issued accounting standards. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to enhance transparency of income statement disclosures primarily through additional disaggregation of relevant expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with prospective or retrospective application permitted. The Company is currently evaluating the impact of this guidance on its disclosures in the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. It requires the Company to disclose disaggregated jurisdictional and categorical information for the tax rate reconciliation and the amount of income taxes paid as well as additional income tax related amounts. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its disclosures in the consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for annual reporting periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its disclosures in the consolidated financial statements.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Nov. 02, 2024	Nov. 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 02, 2024
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)		329,929,197
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000745732
Current Fiscal Year End Date	--02-01

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Nov. 02, 2024
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 November 2, 2024 and October 28, 2023, and the results of operations, comprehensive income, and stockholders’ equity for the three and nine month periods ended November 2, 2024 and October 28, 2023, and the cash flows for the nine month periods ended November 2, 2024 and October 28, 2023. The Condensed Consolidated Balance Sheet as of February 3, 2024, 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 Generally Accepted Accounting Principles 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 February 3, 2024. The results of operations, comprehensive income, and stockholders’ equity for the three and nine month periods ended November 2, 2024 and October 28, 2023, and the cash flows for the nine month periods ended November 2, 2024 and October 28, 2023 presented herein are not necessarily indicative of the results to be expected for the full fiscal year. The fiscal year ending February 1, 2025 is referred to as fiscal 2024 and is a 52-week year. The fiscal year ended February 3, 2024 is referred to as fiscal 2023 and was a 53-week year.
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	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. The Company uses standby letters of credit in addition to a funded trust to collateralize certain insurance obligations. These restricted funds are invested in bank deposits, money market mutual 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 standby letters of credit are collateralized by restricted cash.
Property and equipment	Property and equipment. As of November 2, 2024 and October 28, 2023, the Company had $39.5 million and $47.0 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. As of November 2, 2024, the Company had $21.1 million in Prepaid expenses and other related to a building that was reclassified as held for sale.
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 their 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 payments 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 suppliers 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.
Recently adopted accounting standards and Recently issued accounting standards	Recently adopted accounting standards. In September 2022, the Financial Accounting Standards Board (“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 annual rollforward requirement which will be adopted on a prospective basis in its fiscal 2024 Annual Report on Form 10-K. 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 November 2, 2024, and is not expected to have a material impact on the Company’s fiscal 2024 consolidated financial statements. Recently issued accounting standards. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The ASU is intended to enhance transparency of income statement disclosures primarily through additional disaggregation of relevant expense captions. The standard is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with prospective or retrospective application permitted. The Company is currently evaluating the impact of this guidance on its disclosures in the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU is intended to enhance the transparency and decision usefulness of income tax disclosures. It requires the Company to disclose disaggregated jurisdictional and categorical information for the tax rate reconciliation and the amount of income taxes paid as well as additional income tax related amounts. The new guidance is effective for annual reporting periods beginning after December 15, 2024, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its disclosures in the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The standard is effective for annual reporting periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its disclosures in the consolidated financial statements.
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 and U.S. government and agency securities are classified within Level 1 because these securities are valued using quoted market prices.
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.

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. 28, 2023		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
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
Beginning balance (in shares) at Feb. 03, 2024	335,172	335,172
Beginning balance at Feb. 03, 2024	$ 4,871,326	$ 3,352	1,952,625	(633,318)	3,548,667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	487,990				487,990
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		642
Common stock issued under stock plans, net of shares used for tax withholding	(64,256)	$ 6	6,218	(70,480)
Stock-based compensation	40,447		40,447
Common stock repurchased, inclusive of excise tax (in shares)		(1,892)
Common stock repurchased, inclusive of excise tax	(264,257)	$ (19)	(9,368)		(254,870)
Dividends declared	(123,298)				(123,298)
Ending balance (in shares) at May. 04, 2024		333,922
Ending balance at May. 04, 2024	$ 4,947,952	$ 3,339	1,989,922	(703,798)	3,658,489
Beginning balance (in shares) at Feb. 03, 2024	335,172	335,172
Beginning balance at Feb. 03, 2024	$ 4,871,326	$ 3,352	1,952,625	(633,318)	3,548,667
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	$ 1,503,946
Common stock repurchased, inclusive of excise tax (in shares)	(5,500)
Ending balance (in shares) at Nov. 02, 2024	330,258	330,258
Ending balance at Nov. 02, 2024	$ 5,263,363	$ 3,303	2,060,801	(719,410)	3,918,669
Beginning balance (in shares) at May. 04, 2024		333,922
Beginning balance at May. 04, 2024	4,947,952	$ 3,339	1,989,922	(703,798)	3,658,489
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	527,148				527,148
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		(7)
Common stock issued under stock plans, net of shares used for tax withholding	4,946		6,194	(1,248)
Stock-based compensation	38,021		38,021
Common stock repurchased, inclusive of excise tax (in shares)		(1,840)
Common stock repurchased, inclusive of excise tax	(265,082)	$ (18)	(9,315)		(255,749)
Dividends declared	(122,453)				(122,453)
Ending balance (in shares) at Aug. 03, 2024		332,075
Ending balance at Aug. 03, 2024	5,130,532	$ 3,321	2,024,822	(705,046)	3,807,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	488,808				488,808
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		(29)
Common stock issued under stock plans, net of shares used for tax withholding	(8,013)		6,351	(14,364)
Stock-based compensation	38,744		38,744
Common stock repurchased, inclusive of excise tax (in shares)		(1,788)
Common stock repurchased, inclusive of excise tax	(264,967)	$ (18)	(9,116)		(255,833)
Dividends declared	$ (121,741)				(121,741)
Ending balance (in shares) at Nov. 02, 2024	330,258	330,258
Ending balance at Nov. 02, 2024	$ 5,263,363	$ 3,303	$ 2,060,801	$ (719,410)	$ 3,918,669

Debt (Tables)

9 Months Ended

Nov. 02, 2024

Debt Disclosure [Abstract]

Schedule of long-term debt

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


($000)	November 2, 2024		February 3, 2024		October 28, 2023





3.375% Senior Notes due 2024	$	—	$	249,713	$	249,598
4.600% Senior Notes due 2025	699,407		698,441		698,120
0.875% Senior Notes due 2026	498,194		497,268		496,960
4.700% Senior Notes due 2027	240,666		240,335		240,225
4.800% Senior Notes due 2030	132,909		132,776		132,732
1.875% Senior Notes due 2031	496,247		495,820		495,678
5.450% Senior Notes due 2050	146,436		146,377		146,358
Total long-term debt1	$	2,213,859	$	2,460,730	$	2,459,671

Less: current portion	$	699,407	$	249,713	$	249,598
Total due beyond one year	$	1,514,452	$	2,211,017	$	2,210,073

1 Net of unamortized discounts and debt issuance costs of $11.1 million, $14.3 million, and $15.3 million as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively.

Schedule of components of interest expense and income

The table below shows the components of interest income for the three and nine month periods ended November 2, 2024 and October 28, 2023:


	Three Months Ended				Nine Months Ended
($000)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Interest expense on long-term debt	$	20,025	$	21,159	$	62,342	$	63,458

Other interest expense	417		424		1,142		1,169
Capitalized interest	(5,047)		(3,342)		(13,889)		(8,268)
Interest income	(57,922)		(61,560)		(181,422)		(168,289)
Interest income, net	$	(42,527)	$	(43,319)	$	(131,827)	$	(111,930)

Stock-Based Compensation - Total Stock-Based Compensation Recognized in the Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 38,744	$ 38,877	$ 117,212	$ 111,369
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	19,125	20,254	55,816	58,885
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 19,619	$ 18,623	$ 61,396	$ 52,484

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended						12 Months Ended
	Nov. 02, 2024	Aug. 03, 2024	May 04, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Feb. 03, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.3675	$ 0.3675	$ 0.3675	$ 0.3350	$ 0.3350	$ 0.3350	$ 0.3350

Earnings Per Share (Tables)

9 Months Ended

Nov. 02, 2024

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
November 2, 2024
Shares	327,710		2,227		329,937		329,453		2,275		331,728
Amount	$	1.49	$	(0.01)	$	1.48	$	4.56	$	(0.03)	$	4.53

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Nov. 02, 2024	Aug. 03, 2024	May 04, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Nov. 02, 2024	Oct. 28, 2023
Pay vs Performance Disclosure
Net earnings	$ 488,808	$ 527,148	$ 487,990	$ 447,327	$ 446,319	$ 371,191	$ 1,503,946	$ 1,264,837

- Definition

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

+ References

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+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit related to stock-based compensation	$ 7,200	$ 7,900	$ 22,200	$ 23,200
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
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)	3,718,000		3,718,000		4,395,000
Unamortized compensation expense	$ 200,700	$ 199,000	$ 200,700	$ 199,000
Unamortized compensation expense, remaining weighted-average period of recognition			1 year 9 months 18 days	2 years
Treasury shares purchased for tax withholding and available for reissuance (in shares)	92,847	85,761	586,644	461,889
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

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 488,808	$ 447,327	$ 1,503,946	$ 1,264,837
Other comprehensive income	0	0	0	0
Comprehensive income	$ 488,808	$ 447,327	$ 1,503,946	$ 1,264,837

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Condensed Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Income Statement [Abstract]
Sales	$ 5,071,354	$ 4,924,849	$ 15,216,940	$ 14,354,440
Costs and Expenses
Cost of goods sold	3,634,283	3,564,268	10,916,884	10,426,241
Selling, general and administrative	832,855	810,470	2,445,494	2,364,590
Interest income, net	(42,527)	(43,319)	(131,827)	(111,930)
Total costs and expenses	4,424,611	4,331,419	13,230,551	12,678,901
Earnings before taxes	646,743	593,430	1,986,389	1,675,539
Provision for taxes on earnings	157,935	146,103	482,443	410,702
Net earnings	$ 488,808	$ 447,327	$ 1,503,946	$ 1,264,837
Earnings per share
Basic (in dollars per share)	$ 1.49	$ 1.34	$ 4.56	$ 3.76
Diluted (in dollars per share)	$ 1.48	$ 1.33	$ 4.53	$ 3.74
Weighted-average shares outstanding (000)
Basic (in shares)	327,710	334,282	329,453	336,187
Diluted (in shares)	329,937	336,261	331,728	338,107

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Nov. 02, 2024

Accounting Policies [Abstract]

Disaggregation of revenue

The following sales mix table disaggregates revenue by merchandise category for the three and nine month periods ended November 2, 2024 and October 28, 2023:


	Three Months Ended				Nine Months Ended
	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Home Accents and Bed and Bath	25	%	25	%	25	%	25	%
Ladies	23	%	23	%	23	%	24	%
Men’s	16	%	16	%	16	%	15	%
Accessories, Lingerie, Fine Jewelry, and Cosmetics	14	%	14	%	14	%	14	%
Shoes	13	%	13	%	13	%	13	%
Children’s	9	%	9	%	9	%	9	%
Total	100	%	100	%	100	%	100	%

Schedule of cash and cash equivalents reconciliation


($000)	November 2, 2024		February 3, 2024		October 28, 2023
Cash and cash equivalents	$	4,349,262	$	4,872,446	$	4,499,497
Restricted cash and cash equivalents included in:
Prepaid expenses and other	15,041		14,489		13,127
Other long-term assets	50,355		48,506		49,384
Total restricted cash and cash equivalents	65,396		62,995		62,511
Total cash, cash equivalents, and restricted cash and cash equivalents	$	4,414,658	$	4,935,441	$	4,562,008

Schedule of restricted cash reconciliation


($000)	November 2, 2024		February 3, 2024		October 28, 2023
Cash and cash equivalents	$	4,349,262	$	4,872,446	$	4,499,497
Restricted cash and cash equivalents included in:
Prepaid expenses and other	15,041		14,489		13,127
Other long-term assets	50,355		48,506		49,384
Total restricted cash and cash equivalents	65,396		62,995		62,511
Total cash, cash equivalents, and restricted cash and cash equivalents	$	4,414,658	$	4,935,441	$	4,562,008

Supplemental cash flow disclosures related to leases

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)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Operating lease assets obtained in exchange for operating lease liabilities	$	284,516	$	159,616	$	725,122	$	550,467

Fair Value Measurements - Balance Sheet Items (Details) - Nonqualified deferred compensation program (Level 1) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents (Level 1)	$ 4,349,262	$ 4,872,446	$ 4,499,497
Restricted cash and cash equivalents (Level 1)	$ 65,396	$ 62,995	$ 62,511

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		12 Months Ended
	Mar. 31, 2024	Nov. 02, 2024	Aug. 03, 2024	May 04, 2024	Oct. 28, 2023	Jul. 29, 2023	Apr. 29, 2023	Nov. 02, 2024	Oct. 28, 2023	Feb. 03, 2024	Nov. 20, 2024
Summary of Significant Accounting Policies [Line Items]
Cash collateral for insurance obligations		$ 63,200			$ 59,900			$ 63,200	$ 59,900	$ 60,800
Property and equipment, gross		$ 8,303,697			$ 7,674,734			$ 8,303,697	$ 7,674,734	$ 7,912,610
Cash dividends declared per share (in dollars per share)		$ 0.3675	$ 0.3675	$ 0.3675	$ 0.3350	$ 0.3350	$ 0.3350			$ 0.3350
Stock repurchased program period	2 years
Stock repurchase program, amount authorized	$ 2,100,000
Stock repurchased during period, shares (in shares)								5.5	6.4
Repurchase of common stock								$ 787,479	$ 703,400
Supply chain finance program, outstanding payments owed, included in accounts payable		$ 148,800			$ 141,000			148,800	141,000	$ 146,900
Discontinued Operations, Held-for-Sale
Summary of Significant Accounting Policies [Line Items]
Property and equipment, gross		21,100						21,100
Standby Letters of Credit
Summary of Significant Accounting Policies [Line Items]
Letters of credit outstanding, amount		$ 2,200			$ 2,600			2,200	2,600	$ 2,200
Subsequent Event
Summary of Significant Accounting Policies [Line Items]
Dividends payable (in dollars per share)											$ 0.3675
Property, Plant and Equipment
Summary of Significant Accounting Policies [Line Items]
Property and equipment purchased but not yet paid								$ 39,500	$ 47,000

Fair Value Measurements (Tables)

9 Months Ended

Nov. 02, 2024

Fair Value Disclosures [Abstract]

Schedule of fair values of financial instruments

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


($000)	November 2, 2024		February 3, 2024		October 28, 2023
Cash and cash equivalents (Level 1)	$	4,349,262	$	4,872,446	$	4,499,497
Restricted cash and cash equivalents (Level 1)	$	65,396	$	62,995	$	62,511

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)	November 2, 2024		February 3, 2024		October 28, 2023
Nonqualified deferred compensation program (Level 1)	$	189,522	$	165,582	$	145,003

Summary of Significant Accounting Policies - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Accounting Policies [Abstract]
Operating lease assets obtained in exchange for operating lease liabilities	$ 284,516	$ 159,616	$ 725,122	$ 550,467

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
	Nov. 02, 2024 $ / shares shares
Number of shares (000)
Beginning balance (in shares) \| shares	4,395
Awarded (in shares) \| shares	769
Released (in shares) \| shares	(1,307)
Forfeited (in shares) \| shares	(139)
Ending balance (in shares) \| shares	3,718
Weighted-average grant date fair value
Beginning balance (in dollars per share) \| $ / shares	$ 104.52
Awarded (in dollars per share) \| $ / shares	146.57
Released (in dollars per share) \| $ / shares	104.80
Forfeited (in dollars per share) \| $ / shares	108.50
Ending balance (in dollars per share) \| $ / shares	$ 112.97

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023
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)	330,258,000	335,172,000	336,952,000
Common stock, shares outstanding (in shares)	330,258,000	335,172,000	336,952,000

Earnings Per Share - Schedule of Basic and Diluted EPS Computations (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Earnings Per Share [Abstract]
Basic EPS, Shares (in shares)	327,710	334,282	329,453	336,187
Basic EPS , Amount (in dollars per share)	$ 1.49	$ 1.34	$ 4.56	$ 3.76
Effect of dilutive common stock equivalents, Shares (in shares)	2,227	1,979	2,275	1,920
Effect of dilutive common stock equivalents, Amount (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.02)
Diluted EPS, Shares (in shares)	329,937	336,261	331,728	338,107
Diluted EPS, Amount (in dollars per share)	$ 1.48	$ 1.33	$ 4.53	$ 3.74

- Definition

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

+ References

+ Details

- Definition

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.

+ References

+ Details

Debt

9 Months Ended

Nov. 02, 2024

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)	November 2, 2024		February 3, 2024		October 28, 2023





3.375% Senior Notes due 2024	$	—	$	249,713	$	249,598
4.600% Senior Notes due 2025	699,407		698,441		698,120
0.875% Senior Notes due 2026	498,194		497,268		496,960
4.700% Senior Notes due 2027	240,666		240,335		240,225
4.800% Senior Notes due 2030	132,909		132,776		132,732
1.875% Senior Notes due 2031	496,247		495,820		495,678
5.450% Senior Notes due 2050	146,436		146,377		146,358
Total long-term debt1	$	2,213,859	$	2,460,730	$	2,459,671

Less: current portion	$	699,407	$	249,713	$	249,598
Total due beyond one year	$	1,514,452	$	2,211,017	$	2,210,073

1 Net of unamortized discounts and debt issuance costs of $11.1 million, $14.3 million, and $15.3 million as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively.

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

In September 2024, the Company repaid at maturity the $250 million principal amount of the 3.375% Senior Notes.

The aggregate fair value of the remaining six outstanding series of Senior Notes was approximately $2.1 billion as of November 2, 2024. The aggregate fair value of the seven then outstanding series of Senior Notes was approximately $2.3 billion and $2.2 billion as of February 3, 2024 and October 28, 2023, respectively. 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 November 2, 2024, 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 income for the three and nine month periods ended November 2, 2024 and October 28, 2023:


	Three Months Ended				Nine Months Ended
($000)	November 2, 2024		October 28, 2023		November 2, 2024		October 28, 2023
Interest expense on long-term debt	$	20,025	$	21,159	$	62,342	$	63,458

Other interest expense	417		424		1,142		1,169
Capitalized interest	(5,047)		(3,342)		(13,889)		(8,268)
Interest income	(57,922)		(61,560)		(181,422)		(168,289)
Interest income, net	$	(42,527)	$	(43,319)	$	(131,827)	$	(111,930)

- 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.

+ References

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+ Details

Insider Trading Arrangements shares in Thousands	3 Months Ended	9 Months Ended
Insider Trading Arrangements shares in Thousands	Nov. 02, 2024 shares	Nov. 02, 2024 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		On September 30, 2024, Michael J. Hartshorn, Group President and Chief Operating Officer, and a member of our Board of Directors, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to sell up to 40,000 shares of common stock. Unless otherwise terminated pursuant to its terms, the plan will terminate on September 30, 2025, or when all shares under the plan are sold.
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	September 30, 2024
Expiration Date	September 30, 2025
Arrangement Duration	365 days
Aggregate Available	40	40

Taxes on Earnings	9 Months Ended
Taxes on Earnings	Nov. 02, 2024
Income Tax Disclosure [Abstract]
Taxes on Earnings	Taxes on Earnings The Company’s effective tax rate for the three and nine month periods ended November 2, 2024 was approximately 24%, and was approximately 25% for the three and nine month periods ended October 28, 2023. The Company’s effective tax rate is impacted by changes in tax laws and accounting guidance, location of new stores, level of earnings, tax effects associated with stock-based compensation, and the resolution of tax positions with various tax authorities. As of November 2, 2024, February 3, 2024, and October 28, 2023, the reserves for unrecognized tax benefits were $67.1 million, $58.6 million, and $65.3 million, inclusive of $9.0 million, $6.2 million, and $8.4 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, $53.1 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 $8.5 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 2021 through 2023. The Company’s state income tax returns are generally open to audit under the various statutes of limitations for fiscal years 2019 through 2023. Certain 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. In December 2021, the Organization for Economic Co-operation and Development released Pillar Two Model Rules (“Pillar Two”), which provide for a global minimum tax of 15% on multinational entities. Although the United States has not yet adopted Pillar Two, several countries enacted Pillar Two with an initial effective date of January 1, 2024. The impact of Pillar Two on the Company’s effective tax rate is expected to be minimal for fiscal 2024. The Company will continue to monitor future Pillar Two legislation in relevant jurisdictions for any impacts to its effective tax rate.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Interest Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023	Nov. 02, 2024	Oct. 28, 2023
Debt Disclosure [Abstract]
Interest expense on long-term debt	$ 20,025	$ 21,159	$ 62,342	$ 63,458
Other interest expense	417	424	1,142	1,169
Capitalized interest	(5,047)	(3,342)	(13,889)	(8,268)
Interest income	(57,922)	(61,560)	(181,422)	(168,289)
Interest income, net	$ (42,527)	$ (43,319)	$ (131,827)	$ (111,930)

Summary of Significant Accounting Policies - Cash, Cash Equivalents, Restricted Cash Reconciliation (Details) - USD ($) $ in Thousands	Nov. 02, 2024	Feb. 03, 2024	Oct. 28, 2023	Jan. 28, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,349,262	$ 4,872,446	$ 4,499,497
Restricted cash and cash equivalents included in:
Prepaid expenses and other	15,041	14,489	13,127
Other long-term assets	50,355	48,506	49,384
Total restricted cash and cash equivalents	65,396	62,995	62,511
Total cash, cash equivalents, and restricted cash and cash equivalents	$ 4,414,658	$ 4,935,441	$ 4,562,008	$ 4,612,241

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Nov. 02, 2024	Oct. 28, 2023
Cash Flows From Operating Activities
Net earnings	$ 1,503,946	$ 1,264,837
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	329,584	300,366
Stock-based compensation	117,212	111,369
Deferred income taxes	345	(4,193)
Change in assets and liabilities:
Merchandise inventory	(666,886)	(590,313)
Other current assets	(62,793)	(48,803)
Accounts payable	390,398	259,105
Other current liabilities	(83,300)	284,989
Income taxes	(64,016)	(25,524)
Operating lease assets and liabilities, net	11,057	8,336
Other long-term, net	(1,116)	5,566
Net cash provided by operating activities	1,474,431	1,565,735
Cash Flows From Investing Activities
Additions to property and equipment	(514,122)	(540,458)
Net cash used in investing activities	(514,122)	(540,458)
Cash Flows From Financing Activities
Issuance of common stock related to stock plans	18,769	18,590
Treasury stock purchased	(86,092)	(48,568)
Repurchase of common stock	(787,479)	(703,400)
Excise tax paid on repurchase of common stock	(8,798)	0
Dividends paid	(367,492)	(342,132)
Payment of long-term debt	(250,000)	0
Net cash used in financing activities	(1,481,092)	(1,075,510)
Net decrease in cash, cash equivalents, and restricted cash and cash equivalents	(520,783)	(50,233)
Cash, cash equivalents, and restricted cash and cash equivalents:
Beginning of period	4,935,441	4,612,241
End of period	4,414,658	4,562,008
Supplemental Cash Flow Disclosures
Interest paid	80,316	80,316
Income taxes paid, net	$ 546,113	$ 440,419