0000745732-25-000010 | 10-K | XBRL Viewer

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Feb. 01, 2025	Mar. 10, 2025	Aug. 03, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Feb. 01, 2025
Current Fiscal Year End Date	--02-01
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, par value $.01
Trading Symbol	ROST
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 45,630,083,382
Entity Common Stock, Shares Outstanding (in shares)		328,821,469
Documents Incorporated by Reference	Portions of the Proxy Statement for the Registrant’s 2025 Annual Meeting of Stockholders, which will be filed on or before June 2, 2025, are incorporated herein by reference into Part III.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0000745732

Stock-Based Compensation

12 Months Ended

Feb. 01, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation

On May 17, 2017, the Company’s stockholders approved the Ross Stores, Inc. 2017 Equity Incentive Plan (the “2017 Plan”). The 2017 Plan had an initial share reserve of 12.0 million shares of the Company’s common stock, which could be increased by a maximum of 5.5 million shares from certain expired, withheld, or forfeited shares from the 2017 Plan or the predecessor plan. The 2017 Plan provides for various types of incentive awards, which may potentially include the grant of stock options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, performance shares, performance units, and deferred compensation awards.

Restricted stock. The Company grants shares of restricted stock and restricted stock units to directors, officers, and key employees. The fair 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 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.

In fiscal 2024, the Company also granted a performance-conditioned restricted stock unit award (“PRSU”) in connection with the hiring of its new CEO. The PRSU is subject to vesting based on both service and market-based conditions, over a period that ends in March 2029. The fair value of the PRSU on the grant date was $6.9 million, determined using a Monte Carlo simulation model, and will be amortized to expense over the service period.

Restricted stock awards and performance awards (including the PRSU) are collectively referred to as stock awards.

A summary of stock awards activity for fiscal 2024 is presented below:


	Number of shares (000)	Weighted-average grant date fair value

Unvested at February 3, 2024	4,395	$	104.52
Awarded	1,214	148.08
Released	(1,307)	104.80
Forfeited	(145)	108.39
Unvested at February 1, 2025	4,157	$	117.02

All unvested shares at February 1, 2025, with the exception of the PRSU shares, are only subject to service vesting conditions. The 51,164 PRSU shares awarded in fiscal 2024 all remain unvested as of February 1, 2025. The weighted-average grant date fair value of the PRSU shares was $135.83.

The unamortized stock award compensation expense at February 1, 2025 and February 3, 2024 was $229.3 million and $217.1 million, respectively, which are each expected to be recognized over a weighted-average remaining period of 1.7 years. Intrinsic value for unvested stock awards, defined as the closing market value per share on the last business day of fiscal year 2024 (or $150.56), applied to the unvested shares was $625.9 million. A total of 7.3 million, 7.8 million, and 8.9 million shares were available under the 2017 Plan for new stock awards at the end of fiscal 2024, 2023, and 2022, 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 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.

During fiscal 2024, 2023, and 2022, employees purchased approximately 0.2 million, 0.3 million, and 0.3 million shares, respectively, of the Company’s common stock under the plan at weighted-average per share prices of $126.18, $98.86, and $74.54, respectively. Through February 1, 2025, approximately 41.5 million shares had been issued under this plan and 3.4 million shares remained available for future issuance.

For fiscal 2024, 2023, and 2022, the Company recognized stock-based compensation expense as follows:



($000)	2024		2023		2022
Restricted stock	$	92,837	$	92,511	$	85,092
Performance awards	59,033		48,584		32,484
Employee stock purchase plan	4,428		4,395		4,360
Total	$	156,298	$	145,490	$	121,936

Capitalized stock-based compensation cost was not material in any year presented.

Total stock-based compensation recognized in the Company’s Consolidated Statements of Earnings for fiscal 2024, 2023, and 2022 is as follows:


Statements of Earnings Classification ($000)	2024		2023		2022
Cost of goods sold	$	73,901	$	76,301	$	67,141
Selling, general and administrative	82,397		69,189		54,795
Total	$	156,298	$	145,490	$	121,936

The tax benefits related to stock-based compensation expense for fiscal 2024, 2023, and 2022 were $29.6 million, $29.6 million, and $24.8 million, respectively.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 01, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements (Balance Sheet Items) (Details) - Nonqualified deferred compensation program (Level 1) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents (Level 1)	$ 4,730,744	$ 4,872,446
Restricted cash and cash equivalents (Level 1)	$ 65,718	$ 62,995

Litigation, Claims, and Assessments	12 Months Ended
Litigation, Claims, and Assessments	Feb. 01, 2025
Commitments and Contingencies Disclosure [Abstract]
Litigation, Claims, and Assessments	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 February 1, 2025. 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.

Summary of Significant Accounting Policies (Schedule of Interest (Income) Expense, Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Accounting Policies [Abstract]
Interest income	$ (234,955)	$ (238,207)	$ (77,706)
Capitalized interest expense	(19,447)	(12,106)	(5,678)
Other interest expense	1,571	1,599	1,668
Interest expense on long-term debt	81,263	84,596	84,558
Interest (income) expense, net	$ (171,568)	$ (164,118)	$ 2,842

Summary of Significant Accounting Policies (Schedule of Restricted Cash Reconciliation) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023	Jan. 29, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,730,744	$ 4,872,446	$ 4,551,876
Restricted cash and cash equivalents included in:
Prepaid expenses and other	17,087	14,489	12,677
Other long-term assets	48,631	48,506	47,688
Total restricted cash and cash equivalents	65,718	62,995	60,365
Total cash and cash equivalents, and restricted cash and cash equivalents	$ 4,796,462	$ 4,935,441	$ 4,612,241	$ 4,982,382

Summary of Significant Accounting Policies (Summary of Insurance Obligations) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Accounting Policies [Abstract]
Workers’ compensation	$ 70,747	$ 80,791
General liability	58,460	47,663
Medical plans	7,938	8,145
Total	$ 137,145	$ 136,599

Debt (Tables)

12 Months Ended

Feb. 01, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Unsecured senior debt (the “Senior Notes”), net of unamortized discounts and debt issuance costs, as of February 1, 2025 and February 3, 2024 consisted of the following:


($000)	2024		2023
3.375% Senior Notes due 2024	$	—	$	249,713
4.600% Senior Notes due 2025	699,731		698,441
0.875% Senior Notes due 2026	498,503		497,268
4.700% Senior Notes due 2027	240,778		240,335
4.800% Senior Notes due 2030	132,953		132,776
1.875% Senior Notes due 2031	496,390		495,820
5.450% Senior Notes due 2050	146,456		146,377
Total long-term debt1	$	2,214,811	$	2,460,730

Less: current portion	$	699,731	$	249,713
Total due beyond one year	$	1,515,080	$	2,211,017

1 Net of unamortized discount and debt issuance costs of $10.2 million and $14.3 million as of February 1, 2025 and February 3, 2024, respectively.

Schedule of Annual Principal Payments of Long-term Debt

The following table shows scheduled annual principal payments on long-term debt:


($000)
2025	$	700,000
2026	$	500,000
2027	$	241,786

Thereafter	$	783,205

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 February 1, 2025, 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.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Summary of Significant Accounting Policies (Supplier Finance Program) (Details) $ in Thousands	12 Months Ended
	Feb. 01, 2025 USD ($)
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding at the beginning of the year	$ 146,937
Invoices confirmed during the year	856,294
Confirmed invoices paid during the year	(844,022)
Confirmed obligations outstanding at the end of the year	$ 159,209

Debt (Schedule of Maturities of Long-term Debt) (Details) $ in Thousands	Feb. 01, 2025 USD ($)
Debt Disclosure [Abstract]
2025	$ 700,000
2026	500,000
2027	241,786
Thereafter	$ 783,205

Leases (Exchange for New Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 789,211	$ 746,254	$ 701,478
Operating lease assets obtained in exchange for operating lease liabilities	$ 841,891	$ 682,580	$ 705,220

Taxes on Earnings (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Schedule for Income Tax Provision

The provision for income taxes consisted of the following:


($000)	2024		2023		2022
Current
Federal	$	580,253	$	532,913	$	338,479
State	95,369		85,169		57,552
	675,622		618,082		396,031
Deferred
Federal	(7,016)		(16,265)		74,062
State	(2,182)		(4,556)		5,355
	(9,198)		(20,821)		79,417
Total	$	666,424	$	597,261	$	475,448

Schedule of Provision for Taxes Effective Rate

The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below:


	2024		2023		2022
Federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
State income taxes (net of federal benefit) and other, net	3.2	%	3.2	%	2.9	%



Total	24.2	%	24.2	%	23.9	%

Schedule of Components of Deferred Income Taxes

The components of deferred taxes at February 1, 2025 and February 3, 2024 are as follows:


($000)	2024		2023
Deferred Tax Assets
Accrued liabilities	$	32,819	$	35,010
Deferred compensation	45,689		39,366
Stock-based compensation	53,995		52,431
State taxes and credits	20,534		18,494
Employee benefits	29,549		33,764
Operating lease liabilities	870,577		826,566
Other	9,633		9,053
Gross Deferred Tax Assets	1,062,796		1,014,684
Less: Valuation allowance	(583)		—
Deferred Tax Assets	1,062,213		1,014,684

Deferred Tax Liabilities
Depreciation and amortization	(364,320)		(369,529)
Merchandise inventory	(26,004)		(25,410)
Supplies	(14,873)		(14,137)
Operating lease assets	(826,425)		(785,608)
Other	(17,631)		(16,238)
Deferred Tax Liabilities	(1,249,253)		(1,210,922)
Net Deferred Tax Liabilities	$	(187,040)	$	(196,238)

Schedule of Unrecognized Tax Benefits Roll Forward

The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2024, 2023, and 2022 are as follows:


($000)	2024		2023		2022
Unrecognized tax benefits - beginning of year	$	52,379	$	53,544	$	60,547
Gross increases:
Tax positions in current period	13,100		13,206		10,132
Tax positions in prior period	1,163		2,295		672
Gross decreases:
Tax positions in prior periods	(3,405)		(4,366)		(6,808)
Lapse of statutes of limitations	(8,820)		(11,148)		(9,989)
Settlements	(126)		(1,152)		(1,010)
Unrecognized tax benefits - end of year	$	54,291	$	52,379	$	53,544

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 01, 2025

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

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


($000)	2024		2023		2022
Cash and cash equivalents	$	4,730,744	$	4,872,446	$	4,551,876
Restricted cash and cash equivalents included in:
Prepaid expenses and other	17,087		14,489		12,677
Other long-term assets	48,631		48,506		47,688
Total restricted cash and cash equivalents	65,718		62,995		60,365
Total cash and cash equivalents, and restricted cash and cash equivalents	$	4,796,462	$	4,935,441	$	4,612,241

Restrictions on Cash and Cash Equivalents


($000)	2024		2023		2022
Cash and cash equivalents	$	4,730,744	$	4,872,446	$	4,551,876
Restricted cash and cash equivalents included in:
Prepaid expenses and other	17,087		14,489		12,677
Other long-term assets	48,631		48,506		47,688
Total restricted cash and cash equivalents	65,718		62,995		60,365
Total cash and cash equivalents, and restricted cash and cash equivalents	$	4,796,462	$	4,935,441	$	4,612,241

Schedule of Other Long-Term Assets

Other long-term assets as of February 1, 2025 and February 3, 2024 consisted of the following:


($000)	2024		2023
Deferred compensation (Note G)	$	196,786	$	165,582
Restricted cash and cash equivalents	48,631		48,506


Other	33,958		29,141
Total	$	279,375	$	243,229

Supplier Finance Program

The following table is a reconciliation of the outstanding obligations confirmed as valid under the Company’s supply chain finance program for fiscal 2024:


($000)	2024
Confirmed obligations outstanding at the beginning of the year	$	146,937
Invoices confirmed during the year	856,294
Confirmed invoices paid during the year	(844,022)
Confirmed obligations outstanding at the end of the year	$	159,209

Summary of Insurance Obligations

Self-insurance and deductible reserves as of February 1, 2025 and February 3, 2024 consisted of the following:


($000)	2024		2023
Workers’ compensation	$	70,747	$	80,791
General liability	58,460		47,663
Medical plans	7,938		8,145
Total	$	137,145	$	136,599

Schedule of Other Long-Term Liabilities

Other long-term liabilities as of February 1, 2025 and February 3, 2024 consisted of the following:


($000)	2024		2023
Deferred compensation (Note G)	$	196,786	$	165,582
Income taxes (Note F)	61,292		56,045
Other	9,833		10,756
Total	$	267,911	$	232,383

Schedule of Disaggregation of Revenue

The following sales mix table disaggregates revenue by merchandise category for fiscal 2024, 2023, and 2022:


	2024		1	2023		2022
Home Accents and Bed and Bath	26	%		26	%	26	%
Ladies	22	%		23	%	24	%
Men’s	16	%		15	%	15	%
Accessories, Lingerie, Fine Jewelry, and Cosmetics	15	%		15	%	14	%
Shoes	12	%		13	%	12	%
Children’s	9	%		8	%	9	%
Total	100	%		100	%	100	%

Schedule of Components of Interest (Income) Expense, Net

The table below shows the components of interest (income) expense, net for fiscal 2024, 2023, and 2022:


($000)	2024		2023		2022
Interest income	$	(234,955)	$	(238,207)	$	(77,706)
Capitalized interest expense	(19,447)		(12,106)		(5,678)

Other interest expense	1,571		1,599		1,668
Interest expense on long-term debt	81,263		84,596		84,558
Interest (income) expense, net	$	(171,568)	$	(164,118)	$	2,842

Schedule of Basic and Diluted EPS

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


Shares in (000s)	Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS
2024
Shares	328,593		2,391		330,984
Amount	$	6.36	$	(0.04)	$	6.32
2023
Shares	335,187		2,246		337,433
Amount	$	5.59	$	(0.03)	$	5.56
2022
Shares	343,452		1,770		345,222
Amount	$	4.40	$	(0.02)	$	4.38

Segment Reporting (Schedule of Significant Segment Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Segment Reporting Information [Line Items]
Sales	$ 21,129,219	$ 20,376,941	$ 18,695,829
Operating Income (Loss)	2,585,586	2,307,663	1,990,331
Interest (income) expense, net	(171,568)	(164,118)	2,842
Earnings before taxes	2,757,154	2,471,781	1,987,489
Reportable Segment
Segment Reporting Information [Line Items]
Sales	21,129,219	20,376,941	18,695,829
Cost of goods sold, excluding occupancy costs	13,983,087	13,612,994	12,810,290
Occupancy costs	1,277,419	1,188,607	1,135,940
Store related costs	2,859,879	2,762,186	2,435,313
Other segment items	423,248	505,491	323,955
Operating Income (Loss)	2,585,586	2,307,663	1,990,331
Interest (income) expense, net	(171,568)	(164,118)	2,842
Earnings before taxes	$ 2,757,154	$ 2,471,781	$ 1,987,489

Consolidated Statements of Earnings - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Income Statement [Abstract]
Sales	$ 21,129,219	$ 20,376,941	$ 18,695,829
Costs and Expenses
Cost of goods sold	15,260,506	14,801,601	13,946,230
Selling, general and administrative	3,283,127	3,267,677	2,759,268
Operating Income (Loss)	2,585,586	2,307,663	1,990,331
Interest (income) expense, net	(171,568)	(164,118)	2,842
Earnings before taxes	2,757,154	2,471,781	1,987,489
Provision for taxes on earnings	666,424	597,261	475,448
Net earnings	$ 2,090,730	$ 1,874,520	$ 1,512,041
Earnings per share
Basic (in dollars per share)	$ 6.36	$ 5.59	$ 4.40
Diluted (in dollars per share)	$ 6.32	$ 5.56	$ 4.38
Weighted-average shares outstanding (000)
Basic (in shares)	328,593	335,187	343,452
Diluted (in shares)	330,984	337,433	345,222

Leases

12 Months Ended

Feb. 01, 2025

Leases [Abstract]

Leases

The Company currently leases its store locations with original, non-cancelable terms that in general range from three years to ten years. Store leases typically contain provisions for three to four renewal options of five years each. The exercise of lease renewal options is at the sole discretion of the Company. Most store leases also provide for minimum annual rentals and for payment of variable lease costs. In addition, some store leases also have provisions for additional rent based on a percentage of sales (“percentage rent”) and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual guarantees or material restrictive covenants. The Company does not have any financing leases.

The Company leases certain distribution/warehouse facilities with expiration dates ranging from 2025 to 2031 and the majority contain renewal provisions. The Company also leases office space for its Los Angeles and Boston buying offices. The lease terms for these facilities expire in 2027 and 2026, respectively. The Los Angeles and Boston buying office facilities contain renewal provisions. In addition, the Company has a ground lease related to its New York buying office.

The following table presents net operating lease cost included in the Consolidated Statement of Earnings for fiscal 2024, 2023, and 2022:


($000)	2024		2023		2022
Operating lease cost1	$	800,834	$	760,268	$	721,340
Variable lease costs2	246,315		219,526		206,262
Net lease cost3	$	1,047,149	$	979,794	$	927,602

1 Net of sublease income which was immaterial.
2 Includes property and rent taxes, insurance, common area maintenance, percentage rent, and negotiated rent abatements.
3 Excludes short-term lease costs which were immaterial.

The maturity of operating lease liabilities, including the ground lease related to the New York buying office as of February 1, 2025, are as follows:


($000)	Operating Leases1
2025	$	766,071
2026	774,352
2027	663,938
2028	536,465
2029	362,872
Thereafter	1,624,793
Total lease payments	$	4,728,491
Less: interest	1,260,873
Present value of lease liabilities	$	3,467,618
Less: current operating lease liabilities	703,337
Non-current operating lease liabilities	$	2,764,281

1 Operating leases exclude $187.2 million of minimum lease payments for leases signed that have not yet commenced.

The weighted-average remaining lease term and the weighted-average discount rate for operating leases as of February 1, 2025 and February 3, 2024 are as follows:


	2024		2023
Weighted-average remaining lease term (years):
Including the long-term ground lease related to the New York buying office	9.6		9.8
Excluding the long-term ground lease related to the New York buying office	5.5		5.4

Weighted-average discount rate:
Including the long-term ground lease related to the New York buying office	4.2	%	3.9	%
Excluding the long-term ground lease related to the New York buying office	4.1	%	3.6	%

The following table presents cash paid for amounts included in the measurement of operating lease liabilities and operating lease assets obtained in exchange for operating lease liabilities (includes new leases and remeasurements or modifications of existing leases) for fiscal 2024, 2023, and 2022:


($000)	2024		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	789,211	$	746,254	$	701,478
Operating lease assets obtained in exchange for operating lease liabilities	$	841,891	$	682,580	$	705,220

Fair Value Measurements (Tables)

12 Months Ended

Feb. 01, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments

The fair value of the Company’s financial instruments as of February 1, 2025 and February 3, 2024 are as follows:


($000)	2024		2023
Cash and cash equivalents (Level 1)	$	4,730,744	$	4,872,446




Restricted cash and cash equivalents (Level 1)	$	65,718	$	62,995

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)	2024		2023
Nonqualified deferred compensation program (Level 1)	$	196,786	$	165,582

Stock-Based Compensation (Total Stock-Based Compensation Recognized in the Consolidated Statements of Earnings) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 156,298	$ 145,490	$ 121,936
Cost of goods sold
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	73,901	76,301	67,141
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 82,397	$ 69,189	$ 54,795

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 01, 2025	Feb. 03, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	328,813,000	335,172,000
Common stock, shares outstanding (in shares)	328,813,000	335,172,000

Taxes on Earnings

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Taxes on Earnings

The provision for income taxes consisted of the following:


($000)	2024		2023		2022
Current
Federal	$	580,253	$	532,913	$	338,479
State	95,369		85,169		57,552
	675,622		618,082		396,031
Deferred
Federal	(7,016)		(16,265)		74,062
State	(2,182)		(4,556)		5,355
	(9,198)		(20,821)		79,417
Total	$	666,424	$	597,261	$	475,448

The provision for taxes for financial reporting purposes is different from the tax provision computed by applying the statutory federal income tax rate. The differences are reconciled below:


	2024		2023		2022
Federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
State income taxes (net of federal benefit) and other, net	3.2	%	3.2	%	2.9	%



Total	24.2	%	24.2	%	23.9	%

The components of deferred taxes at February 1, 2025 and February 3, 2024 are as follows:


($000)	2024		2023
Deferred Tax Assets
Accrued liabilities	$	32,819	$	35,010
Deferred compensation	45,689		39,366
Stock-based compensation	53,995		52,431
State taxes and credits	20,534		18,494
Employee benefits	29,549		33,764
Operating lease liabilities	870,577		826,566
Other	9,633		9,053
Gross Deferred Tax Assets	1,062,796		1,014,684
Less: Valuation allowance	(583)		—
Deferred Tax Assets	1,062,213		1,014,684

Deferred Tax Liabilities
Depreciation and amortization	(364,320)		(369,529)
Merchandise inventory	(26,004)		(25,410)
Supplies	(14,873)		(14,137)
Operating lease assets	(826,425)		(785,608)
Other	(17,631)		(16,238)
Deferred Tax Liabilities	(1,249,253)		(1,210,922)
Net Deferred Tax Liabilities	$	(187,040)	$	(196,238)

At the end of fiscal 2024 and 2023, the Company’s state tax credit carryforwards for income tax purposes were approximately $9.6 million and $10.1 million, respectively. The state tax credit carryforwards will begin to expire in fiscal 2031. The Company has provided a valuation allowance of $0.6 million as of the end of fiscal 2024 for deferred tax assets related to state tax credits that are not expected to be realized.

The changes in amounts of unrecognized tax benefits (gross of federal tax benefits and excluding interest and penalties) at fiscal 2024, 2023, and 2022 are as follows:


($000)	2024		2023		2022
Unrecognized tax benefits - beginning of year	$	52,379	$	53,544	$	60,547
Gross increases:
Tax positions in current period	13,100		13,206		10,132
Tax positions in prior period	1,163		2,295		672
Gross decreases:
Tax positions in prior periods	(3,405)		(4,366)		(6,808)
Lapse of statutes of limitations	(8,820)		(11,148)		(9,989)
Settlements	(126)		(1,152)		(1,010)
Unrecognized tax benefits - end of year	$	54,291	$	52,379	$	53,544

At the end of fiscal 2024, 2023, and 2022, the reserves for unrecognized tax benefits were $62.2 million, $58.6 million, and $60.6 million inclusive of $7.9 million, $6.2 million, and $7.1 million of related reserves for 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, $49.4 million would impact the Company’s effective tax rate. 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 tax assets and liabilities. These amounts are net of federal and state income taxes.

It is reasonably possible that certain federal and state tax matters may be concluded or statutes of limitations may lapse during the next twelve months. Accordingly, the total amount of unrecognized tax benefits may decrease by up to $7.7 million.

The Company is open to audit by the Internal Revenue Service under the statute of limitations for fiscal years 2021 through 2024. The Company’s state income tax returns are generally open to audit under the various statutes of limitations for fiscal years 2020 through 2024. 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 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 was not material 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies (Schedule of Other Long-Term Liabilities) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Accounting Policies [Abstract]
Deferred compensation	$ 196,786	$ 165,582
Income taxes	61,292	56,045
Other	9,833	10,756
Total	$ 267,911	$ 232,383

Leases (Tables)

12 Months Ended

Feb. 01, 2025

Leases [Abstract]

Schedule of Net Operating Lease Costs

The following table presents net operating lease cost included in the Consolidated Statement of Earnings for fiscal 2024, 2023, and 2022:


($000)	2024		2023		2022
Operating lease cost1	$	800,834	$	760,268	$	721,340
Variable lease costs2	246,315		219,526		206,262
Net lease cost3	$	1,047,149	$	979,794	$	927,602

1 Net of sublease income which was immaterial.
2 Includes property and rent taxes, insurance, common area maintenance, percentage rent, and negotiated rent abatements.
3 Excludes short-term lease costs which were immaterial.

The weighted-average remaining lease term and the weighted-average discount rate for operating leases as of February 1, 2025 and February 3, 2024 are as follows:


	2024		2023
Weighted-average remaining lease term (years):
Including the long-term ground lease related to the New York buying office	9.6		9.8
Excluding the long-term ground lease related to the New York buying office	5.5		5.4

Weighted-average discount rate:
Including the long-term ground lease related to the New York buying office	4.2	%	3.9	%
Excluding the long-term ground lease related to the New York buying office	4.1	%	3.6	%


($000)	2024		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	789,211	$	746,254	$	701,478
Operating lease assets obtained in exchange for operating lease liabilities	$	841,891	$	682,580	$	705,220

Schedule of Maturities of Operating Lease Liabilities

The maturity of operating lease liabilities, including the ground lease related to the New York buying office as of February 1, 2025, are as follows:


($000)	Operating Leases1
2025	$	766,071
2026	774,352
2027	663,938
2028	536,465
2029	362,872
Thereafter	1,624,793
Total lease payments	$	4,728,491
Less: interest	1,260,873
Present value of lease liabilities	$	3,467,618
Less: current operating lease liabilities	703,337
Non-current operating lease liabilities	$	2,764,281

1 Operating leases exclude $187.2 million of minimum lease payments for leases signed that have not yet commenced.

Taxes on Earnings (Components of Deferred Income Taxes) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Deferred Tax Assets
Accrued liabilities	$ 32,819	$ 35,010
Deferred compensation	45,689	39,366
Stock-based compensation	53,995	52,431
State taxes and credits	20,534	18,494
Employee benefits	29,549	33,764
Operating lease liabilities	870,577	826,566
Other	9,633	9,053
Gross Deferred Tax Assets	1,062,796	1,014,684
Less: Valuation allowance	(583)	0
Deferred Tax Assets	1,062,213	1,014,684
Deferred Tax Liabilities
Depreciation and amortization	(364,320)	(369,529)
Merchandise inventory	(26,004)	(25,410)
Supplies	(14,873)	(14,137)
Operating lease assets	(826,425)	(785,608)
Other	(17,631)	(16,238)
Deferred Tax Liabilities	(1,249,253)	(1,210,922)
Net Deferred Tax Liabilities	$ (187,040)	$ (196,238)

Debt (Narrative) (Details)	12 Months Ended			60 Months Ended
Debt (Narrative) (Details)	Feb. 01, 2025 USD ($) note renewal_option	Feb. 03, 2024 USD ($) note	Jan. 28, 2023 USD ($)	Feb. 01, 2025 USD ($) note renewal_option
Debt Instrument [Line Items]
Payment of long-term debt	$ 250,000,000	$ 0	$ 0
Senior Notes
Debt Instrument [Line Items]
Number of series notes \| note	6	7		6
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 \| Level 1
Debt Instrument [Line Items]
Unsecured senior notes estimated fair value	$ 2,100,000,000	$ 2,300,000,000		$ 2,100,000,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity for revolving credit facility	$ 1,300,000,000			$ 1,300,000,000
Number of renewal options (up to) \| renewal_option	2			2
Renewal option, term	1 year
Option to increase credit facility, additional amount (up to)	$ 700,000,000			$ 700,000,000
Amount outstanding under the revolving credit facility	0			0
Senior Unsecured Revolving Credit Facility \| Standby Letters of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity for revolving credit facility	300,000,000			300,000,000
Amount outstanding under the revolving credit facility	$ 0			$ 0

Stock-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended			60 Months Ended
	May 17, 2017	Feb. 01, 2025	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023	Feb. 01, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tax benefit related to stock-based compensation			$ 29,600	$ 29,600	$ 24,800
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Initial share reserve (in shares)	12,000,000.0
2008 and 2017 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential share increase for equity plan (in shares)	5,500,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense		$ 229,300	$ 229,300	$ 217,100		$ 229,300
Weighted average remaining period of unrecognized compensation expense			1 year 8 months 12 days
Intrinsic value per share, end of period (in dollars per share)		$ 150.56	$ 150.56			$ 150.56
Intrinsic value, end of period		$ 625,900	$ 625,900			$ 625,900
Restricted stock \| 2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for new restricted stock awards (in shares)		7,300,000	7,300,000	7,800,000	8,900,000	7,300,000
Restricted stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years
Restricted stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value			$ 6,900
Awarded (in shares)		51,164
Awarded (in dollars per share)		$ 135.83
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan participant's annual percentage ceiling for ESPP (in percentage)		10.00%	10.00%			10.00%
Plan participant's annual dollar amount ceiling for ESPP			$ 25
Purchase price for shares under ESPP (in percentage)			85.00%
Discount rate under the ESPP (in percentage)			15.00%
Shares purchased by employees (in shares)			200,000	300,000	300,000
Shares purchased by employees, average price per share (in dollars per share)		$ 126.18	$ 126.18	$ 98.86	$ 74.54	$ 126.18
Shares issued under plan (in shares)						41,500,000
Shares remaining for future issuance (in shares)		3,400,000	3,400,000			3,400,000

Stock-Based Compensation (Recognized Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 156,298	$ 145,490	$ 121,936
Restricted stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	92,837	92,511	85,092
Performance awards
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	59,033	48,584	32,484
Employee stock purchase plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total	$ 4,428	$ 4,395	$ 4,360

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Feb. 01, 2025
Accounting Policies [Abstract]
Business	Ross Stores, Inc. and its subsidiaries (the “Company”) is an off-price retailer of first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family. At the end of fiscal 2024, the Company operated 1,831 Ross Dress for Less® (“Ross”) locations in 43 states, the District of Columbia, and Guam, and 355 dd’s DISCOUNTS® stores in 22 states. The Ross and dd’s DISCOUNTS stores are supported by the Company’s headquarters, buying offices, and its network of distribution centers and warehouses.
Basis of presentation and fiscal year	The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. Intercompany transactions and accounts have been eliminated.
Fiscal year	The Company follows the National Retail Federation fiscal calendar and utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest to January 31. The fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023 are referred to as fiscal 2024, fiscal 2023, and fiscal 2022, respectively. Fiscal 2023 was a 53-week year. Fiscal 2024 and 2022 were each 52-week years.
Use of accounting estimates	The preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“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 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.
Segment reporting	The Company has one reportable segment.
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 by primarily 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 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 classification between current and long-term is based on the timing of expected payments of the obligations.
Estimated fair value of financial instruments	The carrying value of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. Refer to Note B: Fair Value Measurements and Note D: Debt for additional information. Cash and cash equivalents were $4.7 billion and $4.9 billion at February 1, 2025 and February 3, 2024, respectively, and include bank deposits, money market funds, and U.S. Government and agency securities for which the fair value was determined using quoted prices for identical assets in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance.
Merchandise inventory	Merchandise inventory is stated at the lower of cost (determined using a weighted-average basis) or net realizable value. Inventory purchased by the Company can either be shipped to stores or processed as packaway merchandise with the intent that it will be warehoused and released to stores at a later date. Merchandise inventory includes acquisition, transportation, processing, and storage costs. The timing of the release of packaway inventory to the stores is principally driven by the product mix, seasonality of the merchandise, and its relation to the Company’s store merchandise assortment plans. As such, the aging of packaway varies by merchandise category and seasonality of purchase, but typically packaway remains in storage less than six months. Included in the carrying value of the Company’s merchandise inventory is a provision for shortage. The shortage reserve is based on historical shortage rates as determined through our annual physical merchandise inventory counts and cycle counts.
Property and equipment	Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset, typically ranging from three years to 12 years for equipment, 20 years to 40 years for land improvements and buildings, and three years to seven years for computer software costs incurred in developing or obtaining software for internal use. The cost of leasehold improvements is amortized over the useful life of the asset or the applicable lease term, whichever is less. Depreciation and amortization expense on property and equipment was $446.8 million, $419.4 million, and $394.7 million for fiscal 2024, 2023, and 2022, respectively. The Company capitalizes interest during the construction period of facilities and during the development and implementation phase of software projects. Interest capitalized was $19.4 million, $12.1 million, and $5.7 million in fiscal 2024, 2023, and 2022, respectively.
Impairment of long-lived assets	Property and other long-term assets that are subject to depreciation and amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on estimated undiscounted future cash flows. For stores that are closed, the Company records an impairment charge, if appropriate, or accelerates depreciation over the revised useful life of the asset. Intangible assets that are not subject to amortization, including goodwill, are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired.
Accounts payable	Accounts payable represents amounts owed to third parties at the end of the period. Accounts payable includes book cash overdrafts (checks issued under zero balance accounts not yet presented for payment) in excess of cash balances in such accounts of approximately $71.3 million and $61.4 million at February 1, 2025 and February 3, 2024, respectively. The Company includes the change in book cash overdrafts in operating 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 financial institution 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 does not receive financial incentives from the suppliers or the financial institutions. The Company does not provide guarantees 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 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 Consolidated Statements of Cash Flows.
Insurance obligations	The Company uses a combination of insurance and self-insurance for a number of risk management activities, including workers’ compensation, general liability, and employee-related health care benefits. The self-insurance and deductible liability is determined actuarially, based on claims filed and an estimate of claims incurred but not yet reported.
Lease accounting	As the Company’s leases generally do not provide an implicit discount rate, the Company uses the estimated collateralized incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments for use in the calculation of the operating lease liabilities and right-of-use assets. This rate is determined using a portfolio approach based on the risk-adjusted rate of interest and requires estimates and assumptions including credit rating, credit spread, and adjustments for the impact of collateral. The Company believes that this is the rate it would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar lease term. Operating lease liabilities and corresponding right-of-use assets include options to extend lease terms that are reasonably certain of being exercised. The Company does not record a lease liability and corresponding right-of-use asset for leases with terms of 12 months or less and accounts for lease and non-lease components as a single lease component. The Company’s lease portfolio is comprised of operating leases with the lease cost recorded on a straight-line basis over the lease term. Refer to Note E: Leases for additional information.
Revenue recognition and Cost of goods sold	The Company recognizes revenue at the point of sale, net of sales taxes collected and an allowance for estimated future returns. The Company recognizes allowances for estimated sales returns on a gross basis as a reduction to sales. The asset recorded for the expected recovery of merchandise inventory was $12.4 million, $12.1 million, and $11.8 million and the liability recorded for the refund due to the customer was $24.1 million, $23.7 million, and $23.1 million as of February 1, 2025, February 3, 2024, and January 28, 2023, respectively. Sales taxes collected that are outstanding and the allowance for estimated future returns are included in Accrued expenses and other, and the asset for expected recovery of merchandise is included in Prepaid expenses and other in the Consolidated Balance Sheets.Sales of stored value cards are deferred until they are redeemed for the purchase of Company merchandise. The Company’s stored value cards do not have expiration dates. Based upon historical redemption rates, a small percentage of stored value cards will never be redeemed, which represents breakage. Breakage is estimated and recognized as revenue based upon the historical pattern of customer redemptions. In addition to product costs, the Company includes in cost of goods sold its buying, distribution, and freight expenses, as well as occupancy costs and depreciation and amortization related to the Company’s retail stores, buying, and distribution facilities. Buying expenses include costs to procure merchandise inventories. Distribution expenses include the cost of operating the Company’s distribution centers, warehouses, and cross-dock facilities.
Store pre-opening	Store pre-opening costs are expensed in the period incurred.
Advertising	Advertising costs are expensed in the period incurred and are included in Selling, general and administrative expenses.
Stock-based compensation	The Company recognizes compensation expense based upon the grant date fair value of all stock-based awards, typically over the vesting period.
Interest (income) expense, net	Interest (income) expense, net primarily includes interest income, capitalized interest expense, interest expense on long-term debt, and other interest expense.
Taxes on earnings	The Company accounts for income taxes in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Accounting for Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than changes in the tax law or tax rates. ASC 740 clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. ASC 740 prescribes a recognition threshold of more-likely-than-not and a measurement standard for all tax positions taken or expected to be taken on a tax return in order for those tax positions to be recognized in the consolidated financial statements.
Treasury stock	The Company records treasury stock at cost. Treasury stock includes shares purchased from employees for tax withholding purposes related to vesting of equity plan awards.
Earnings per share ("EPS")	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.
Recently adopted accounting standards and Recently issued accounting standards	n November 2023, the FASB issued Accounting Standards Update (“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 Company adopted ASU 2023-07 for the fiscal year ended February 1, 2025 on a retrospective basis. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements. In September 2022, the FASB issued 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, and the rollforward requirements for the fiscal year ended February 1, 2025 on a prospective basis. The adoption of this standard did not have a material impact on the Company’s 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 within annual reporting 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.
Fair value measurement	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.

Stock-Based Compensation (Tables)

12 Months Ended

Feb. 01, 2025

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Restricted Stock and Performance Awards Activity

A summary of stock awards activity for fiscal 2024 is presented below:


	Number of shares (000)	Weighted-average grant date fair value

Unvested at February 3, 2024	4,395	$	104.52
Awarded	1,214	148.08
Released	(1,307)	104.80
Forfeited	(145)	108.39
Unvested at February 1, 2025	4,157	$	117.02

Schedule of Recognized Stock-Based Compensation

For fiscal 2024, 2023, and 2022, the Company recognized stock-based compensation expense as follows:



($000)	2024		2023		2022
Restricted stock	$	92,837	$	92,511	$	85,092
Performance awards	59,033		48,584		32,484
Employee stock purchase plan	4,428		4,395		4,360
Total	$	156,298	$	145,490	$	121,936

Schedule of Stock-Based Compensation Recognized in the Consolidated Statements of Earnings

Total stock-based compensation recognized in the Company’s Consolidated Statements of Earnings for fiscal 2024, 2023, and 2022 is as follows:


Statements of Earnings Classification ($000)	2024		2023		2022
Cost of goods sold	$	73,901	$	76,301	$	67,141
Selling, general and administrative	82,397		69,189		54,795
Total	$	156,298	$	145,490	$	121,936

Leases (Maturities of Operating Lease Liabilities) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Leases [Abstract]
2025	$ 766,071
2026	774,352
2027	663,938
2028	536,465
2029	362,872
Thereafter	1,624,793
Total lease payments	4,728,491
Less: interest	1,260,873
Present value of lease liabilities	3,467,618
Less: current operating lease liabilities	703,337	$ 683,625
Non-current operating lease liabilities	2,764,281	$ 2,603,349
Minimum lease payments for leases signed that have not yet commenced	$ 187,200

Taxes on Earnings (Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits - beginning of year	$ 52,379	$ 53,544	$ 60,547
Gross increases:
Tax positions in current period	13,100	13,206	10,132
Tax positions in prior period	1,163	2,295	672
Gross decreases:
Tax positions in prior periods	(3,405)	(4,366)	(6,808)
Lapse of statutes of limitations	(8,820)	(11,148)	(9,989)
Settlements	(126)	(1,152)	(1,010)
Unrecognized tax benefits - end of year	$ 54,291	$ 52,379	$ 53,544

Fair Value Measurements (Underlying Assets in Deferred Compensation Program) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Defined Benefit Plan Disclosure [Line Items]
Total	$ 196,786	$ 165,582
Nonqualified deferred compensation program (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total	$ 196,786	$ 165,582

Leases (Lease Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
Leases (Lease Costs) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Leases [Abstract]
Operating lease cost	$ 800,834	$ 760,268	$ 721,340
Variable lease costs	246,315	219,526	206,262
Net lease cost	$ 1,047,149	$ 979,794	$ 927,602

Debt

12 Months Ended

Feb. 01, 2025

Debt Disclosure [Abstract]

Debt

Long-term debt. Unsecured senior debt (the “Senior Notes”), net of unamortized discounts and debt issuance costs, as of February 1, 2025 and February 3, 2024 consisted of the following:


($000)	2024		2023
3.375% Senior Notes due 2024	$	—	$	249,713
4.600% Senior Notes due 2025	699,731		698,441
0.875% Senior Notes due 2026	498,503		497,268
4.700% Senior Notes due 2027	240,778		240,335
4.800% Senior Notes due 2030	132,953		132,776
1.875% Senior Notes due 2031	496,390		495,820
5.450% Senior Notes due 2050	146,456		146,377
Total long-term debt1	$	2,214,811	$	2,460,730

Less: current portion	$	699,731	$	249,713
Total due beyond one year	$	1,515,080	$	2,211,017

1 Net of unamortized discount and debt issuance costs of $10.2 million and $14.3 million as of February 1, 2025 and February 3, 2024, 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 February 1, 2025. The aggregate fair value of the seven outstanding series of Senior Notes was approximately $2.3 billion as of February 3, 2024. 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.

The following table shows scheduled annual principal payments on long-term debt:


($000)
2025	$	700,000
2026	$	500,000
2027	$	241,786

Thereafter	$	783,205

- 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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Taxes on Earnings (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Current
Federal	$ 580,253	$ 532,913	$ 338,479
State	95,369	85,169	57,552
Current income taxes	675,622	618,082	396,031
Deferred
Federal	(7,016)	(16,265)	74,062
State	(2,182)	(4,556)	5,355
Deferred income taxes	(9,198)	(20,821)	79,417
Total	$ 666,424	$ 597,261	$ 475,448

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Current Assets
Cash and cash equivalents	$ 4,730,744	$ 4,872,446
Accounts receivable	144,482	130,766
Merchandise inventory	2,444,513	2,192,220
Prepaid expenses and other	218,957	202,706
Total current assets	7,538,696	7,398,138
Property and Equipment
Land and buildings	1,493,496	1,486,557
Fixtures and equipment	4,521,044	4,220,221
Leasehold improvements	1,701,340	1,577,102
Construction-in-progress	807,256	628,730
Property and equipment, gross	8,523,136	7,912,610
Less accumulated depreciation and amortization	4,730,733	4,380,709
Property and equipment, net	3,792,403	3,531,901
Operating lease assets	3,294,858	3,126,841
Other long-term assets	279,375	243,229
Total assets	14,905,332	14,300,109
Current Liabilities
Accounts payable	2,126,317	1,955,850
Accrued expenses and other	626,490	671,867
Current operating lease liabilities	703,337	683,625
Accrued payroll and benefits	462,284	548,371
Income taxes payable	43,666	76,370
Current portion of long-term debt	699,731	249,713
Total current liabilities	4,661,825	4,185,796
Long-term debt	1,515,080	2,211,017
Non-current operating lease liabilities	2,764,281	2,603,349
Other long-term liabilities	267,911	232,383
Deferred income taxes	187,040	196,238
Commitments and contingencies
Stockholders’ Equity
Common stock, par value $0.01 per share Authorized 1,000,000,000 shares Issued and outstanding 328,813,000 and 335,172,000 shares, respectively	3,288	3,352
Additional paid-in capital	2,097,110	1,952,625
Treasury stock	(719,410)	(633,318)
Retained earnings	4,128,207	3,548,667
Total stockholders’ equity	5,509,195	4,871,326
Total liabilities and stockholders’ equity	$ 14,905,332	$ 14,300,109

Leases (Narrative) (Details)	12 Months Ended
Leases (Narrative) (Details)	Feb. 01, 2025 option
Operating Leased Assets [Line Items]
Renewal option term of leases	5 years
Minimum
Operating Leased Assets [Line Items]
Non-cancelable lease term	3 years
Number of options to renew store lease for five year period	3
Maximum
Operating Leased Assets [Line Items]
Non-cancelable lease term	10 years
Number of options to renew store lease for five year period	4

Summary of Significant Accounting Policies (Schedule of Basic and Diluted EPS) (Details) - $ / shares shares in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Accounting Policies [Abstract]
Basic EPS (in shares)	328,593	335,187	343,452
Basic EPS (in dollars per share)	$ 6.36	$ 5.59	$ 4.40
Effect of dilutive common stock equivalents (in shares)	2,391	2,246	1,770
Effect of dilutive common stock equivalents (in dollars per share)	$ (0.04)	$ (0.03)	$ (0.02)
Diluted EPS (in shares)	330,984	337,433	345,222
Diluted EPS (in dollars per share)	$ 6.32	$ 5.56	$ 4.38

- 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

Leases (Lease Term and Discount Rate) (Details)	12 Months Ended
Leases (Lease Term and Discount Rate) (Details)	Feb. 01, 2025	Feb. 03, 2024
Weighted-average remaining lease term (years):
Including the long-term ground lease related to the New York buying office	9 years 7 months 6 days	9 years 9 months 18 days
Excluding the long-term ground lease related to the New York buying office	5 years 6 months	5 years 4 months 24 days
Weighted-average discount rate:
Including the long-term ground lease related to the New York buying office	4.20%	3.90%
Excluding the long-term ground lease related to the New York buying office	0.041	0.036

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	Mar. 31, 2024	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023	Mar. 04, 2025
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, approved amount	$ 2,100,000						$ 1,900,000
Stock repurchased program period	2 years						2 years
Common stock repurchased						$ 1,050,000	$ 950,000	$ 949,996
Treasury stock, number of shares held (in shares)						16,400,000	15,800,000
Preferred stock, shares authorized (in shares)						4,000,000.0
Preferred stock, par value (in dollars per share)						$ 0.01
Preferred stock, shares issued (in shares)						0
Preferred stock, shares outstanding (in shares)						0
Dividends declared per share (in dollars per share)		$ 0.3100	$ 0.3100	$ 0.3100	$ 0.3100	$ 1.470	$ 1.340	$ 1.240
Dividends paid						$ 488,721	$ 454,814	$ 431,295
March 2024 Dividends
Equity, Class of Treasury Stock [Line Items]
Dividends declared per share (in dollars per share)						$ 0.3675
May 2024 Dividends
Equity, Class of Treasury Stock [Line Items]
Dividends declared per share (in dollars per share)						0.3675
August 2024 Dividends
Equity, Class of Treasury Stock [Line Items]
Dividends declared per share (in dollars per share)						0.3675
November 2024 Dividends
Equity, Class of Treasury Stock [Line Items]
Dividends declared per share (in dollars per share)						$ 0.3675
February 2023 Dividends
Equity, Class of Treasury Stock [Line Items]
Dividends declared per share (in dollars per share)							$ 0.3350
May 2023 Dividends
Equity, Class of Treasury Stock [Line Items]
Dividends declared per share (in dollars per share)							0.3350
August 2023 Dividends
Equity, Class of Treasury Stock [Line Items]
Dividends declared per share (in dollars per share)							0.3350
November 2023 Dividends
Equity, Class of Treasury Stock [Line Items]
Dividends declared per share (in dollars per share)							$ 0.3350
Restricted stock
Equity, Class of Treasury Stock [Line Items]
Treasury stock shares acquired (in shares)						600,000	500,000	500,000
Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Dividends payable (in dollars per share)									$ 0.4050

Summary of Significant Accounting Policies (Schedule of Disaggregation of Revenue) (Details)	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Disaggregation of Revenue [Line Items]
Total	100.00%	100.00%	100.00%
Home Accents and Bed and Bath
Disaggregation of Revenue [Line Items]
Total	26.00%	26.00%	26.00%
Ladies
Disaggregation of Revenue [Line Items]
Total	22.00%	23.00%	24.00%
Men’s
Disaggregation of Revenue [Line Items]
Total	16.00%	15.00%	15.00%
Accessories, Lingerie, Fine Jewelry, and Cosmetics
Disaggregation of Revenue [Line Items]
Total	15.00%	15.00%	14.00%
Shoes
Disaggregation of Revenue [Line Items]
Total	12.00%	13.00%	12.00%
Children’s
Disaggregation of Revenue [Line Items]
Total	9.00%	8.00%	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

Audit Information	12 Months Ended
Audit Information	Feb. 01, 2025
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	San Francisco, California
Auditor Firm ID	34

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 2,090,730	$ 1,874,520	$ 1,512,041
Other comprehensive income	0	0	0
Comprehensive income	$ 2,090,730	$ 1,874,520	$ 1,512,041

- 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

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+ Details

Stockholders' Equity (Stock Award Activity) (Details) - Stock Awards shares in Thousands	12 Months Ended
	Feb. 01, 2025 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Unvested at beginning of period (in shares) \| shares	4,395,000
Awarded (in shares) \| shares	1,214,000
Released (in shares) \| shares	(1,307,000)
Forfeited (in shares) \| shares	(145,000)
Unvested at end of period (in shares) \| shares	4,157,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Unvested at beginning of period (in dollars per share) \| $ / shares	$ 104.52
Awarded (in dollars per share) \| $ / shares	148.08
Released (in dollars per share) \| $ / shares	104.80
Forfeited (in dollars per share) \| $ / shares	108.39
Unvested at end of period (in dollars per share) \| $ / shares	$ 117.02

Summary of Significant Accounting Policies (Schedule of Other Long-Term Assets) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Accounting Policies [Abstract]
Deferred compensation	$ 196,786	$ 165,582
Restricted cash and cash equivalents	48,631	48,506
Other	33,958	29,141
Total	$ 279,375	$ 243,229

Fair Value Measurements

12 Months Ended

Feb. 01, 2025

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 as of February 1, 2025 and February 3, 2024 are as follows:


($000)	2024		2023
Cash and cash equivalents (Level 1)	$	4,730,744	$	4,872,446




Restricted cash and cash equivalents (Level 1)	$	65,718	$	62,995

The underlying assets in the Company’s nonqualified deferred compensation program as of February 1, 2025 and February 3, 2024 (included in Other long-term assets and 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)	2024		2023
Nonqualified deferred compensation program (Level 1)	$	196,786	$	165,582

- 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

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Feb. 01, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Business. Ross Stores, Inc. and its subsidiaries (the “Company”) is an off-price retailer of first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family. At the end of fiscal 2024, the Company operated 1,831 Ross Dress for Less® (“Ross”) locations in 43 states, the District of Columbia, and Guam, and 355 dd’s DISCOUNTS® stores in 22 states. The Ross and dd’s DISCOUNTS stores are supported by the Company’s headquarters, buying offices, and its network of distribution centers and warehouses.

Basis of presentation and fiscal year. The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. Intercompany transactions and accounts have been eliminated. The Company follows the National Retail Federation fiscal calendar and utilizes a 52-53 week fiscal year whereby the fiscal year ends on the Saturday nearest to January 31. The fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023 are referred to as fiscal 2024, fiscal 2023, and fiscal 2022, respectively. Fiscal 2023 was a 53-week year. Fiscal 2024 and 2022 were each 52-week years.

Use of accounting estimates. The preparation of consolidated financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“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 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.

Segment reporting. The Company has one reportable segment. Refer to Note I: Segment Reporting for additional information.

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 by primarily 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 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 classification between current and long-term is based on the timing of expected payments of the obligations.

The Company uses standby letters of credit in addition to a funded trust to collateralize certain insurance obligations. The standby letters of credit are collateralized by restricted cash. As of February 1, 2025, February 3, 2024, and January 28, 2023, the Company had $1.8 million, $2.2 million, and $2.6 million, respectively, in standby letters of credit outstanding. As of February 1, 2025, February 3, 2024, and January 28, 2023, the Company had $63.9 million, $60.8 million, and $57.8 million, respectively, in a collateral trust.


($000)	2024		2023		2022
Cash and cash equivalents	$	4,730,744	$	4,872,446	$	4,551,876
Restricted cash and cash equivalents included in:
Prepaid expenses and other	17,087		14,489		12,677
Other long-term assets	48,631		48,506		47,688
Total restricted cash and cash equivalents	65,718		62,995		60,365
Total cash and cash equivalents, and restricted cash and cash equivalents	$	4,796,462	$	4,935,441	$	4,612,241

Estimated fair value of financial instruments. The carrying value of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, other long-term assets, accounts payable, and other long-term liabilities approximates their estimated fair value. Refer to Note B: Fair Value Measurements and Note D: Debt for additional information.

Cash and cash equivalents were $4.7 billion and $4.9 billion at February 1, 2025 and February 3, 2024, respectively, and include bank deposits, money market funds, and U.S. Government and agency securities for which the fair value was determined using quoted prices for identical assets in active markets, which are considered to be Level 1 inputs under the fair value measurements and disclosures guidance.

Merchandise inventory. Merchandise inventory is stated at the lower of cost (determined using a weighted-average basis) or net realizable value. Inventory purchased by the Company can either be shipped to stores or processed as packaway merchandise with the intent that it will be warehoused and released to stores at a later date. Merchandise inventory includes acquisition, transportation, processing, and storage costs. The timing of the release of packaway inventory to the stores is principally driven by the product mix, seasonality of the merchandise, and its relation to the Company’s store merchandise assortment plans. As such, the aging of packaway varies by merchandise category and seasonality of purchase, but typically packaway remains in storage less than six months. Included in the carrying value of the Company’s merchandise inventory is a provision for shortage. The shortage reserve is based on historical shortage rates as determined through our annual physical merchandise inventory counts and cycle counts.

Property and equipment. Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is calculated using the straight-line method over the estimated useful life of the asset, typically ranging from three years to 12 years for equipment, 20 years to 40 years for land improvements and buildings, and three years to seven years for computer software costs incurred in developing or obtaining software for internal use. The cost of leasehold improvements is amortized over the useful life of the asset or the applicable lease term, whichever is less. Depreciation and amortization expense on property and equipment was $446.8 million, $419.4 million, and $394.7 million for fiscal 2024, 2023, and 2022, respectively. The Company capitalizes interest during the construction period of facilities and during the development and implementation phase of software projects. Interest capitalized was $19.4 million, $12.1 million, and $5.7 million in fiscal 2024, 2023, and 2022, respectively.

As of February 1, 2025, February 3, 2024, and January 28, 2023, the Company had $85.4 million, $78.2 million, and $71.0 million, respectively, of property and equipment purchased but not yet paid. These purchases are included in Property and Equipment and the related liabilities are included in Accounts payable and Accrued expenses and other in the accompanying Consolidated Balance Sheets.

In December 2024, the Company completed the sale of a packaway warehouse facility and recognized a pre-tax gain on sale of $61.6 million which is included within Selling, general and administrative on the Consolidated Statements of Earnings. Cash proceeds from the sale of the facility were $82.6 million.

Other long-term assets. Other long-term assets as of February 1, 2025 and February 3, 2024 consisted of the following:


($000)	2024		2023
Deferred compensation (Note G)	$	196,786	$	165,582
Restricted cash and cash equivalents	48,631		48,506


Other	33,958		29,141
Total	$	279,375	$	243,229

Impairment of long-lived assets. Property and other long-term assets that are subject to depreciation and amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on estimated undiscounted future cash flows. For stores that are closed, the Company records an impairment charge, if appropriate, or accelerates depreciation over the revised useful life of the asset. Intangible assets that are not subject to amortization, including goodwill, are tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. No material impairment charges were recorded during fiscal 2024, 2023, and 2022.

Accounts payable. Accounts payable represents amounts owed to third parties at the end of the period. Accounts payable includes book cash overdrafts (checks issued under zero balance accounts not yet presented for payment) in excess of cash balances in such accounts of approximately $71.3 million and $61.4 million at February 1, 2025 and February 3, 2024, respectively. The Company includes the change in book cash overdrafts in operating 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 financial institution 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 does not receive financial incentives from the suppliers or the financial institutions. The Company does not provide guarantees 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 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 Consolidated Statements of Cash Flows. The amounts owed to participating financial institutions under the program and included in Accounts payable were $159.2 million and $146.9 million as of February 1, 2025 and February 3, 2024, respectively.

The following table is a reconciliation of the outstanding obligations confirmed as valid under the Company’s supply chain finance program for fiscal 2024:


($000)	2024
Confirmed obligations outstanding at the beginning of the year	$	146,937
Invoices confirmed during the year	856,294
Confirmed invoices paid during the year	(844,022)
Confirmed obligations outstanding at the end of the year	$	159,209

Insurance obligations. The Company uses a combination of insurance and self-insurance for a number of risk management activities, including workers’ compensation, general liability, and employee-related health care benefits. The self-insurance and deductible liability is determined actuarially, based on claims filed and an estimate of claims incurred but not yet reported. Self-insurance and deductible reserves as of February 1, 2025 and February 3, 2024 consisted of the following:


($000)	2024		2023
Workers’ compensation	$	70,747	$	80,791
General liability	58,460		47,663
Medical plans	7,938		8,145
Total	$	137,145	$	136,599

Workers’ compensation and self-insured medical plan liabilities are included in Accrued payroll and benefits, and accruals for general liability are included in Accrued expenses and other in the accompanying Consolidated Balance Sheets.

Other long-term liabilities. Other long-term liabilities as of February 1, 2025 and February 3, 2024 consisted of the following:


($000)	2024		2023
Deferred compensation (Note G)	$	196,786	$	165,582
Income taxes (Note F)	61,292		56,045
Other	9,833		10,756
Total	$	267,911	$	232,383

Lease accounting. As the Company’s leases generally do not provide an implicit discount rate, the Company uses the estimated collateralized incremental borrowing rate based on information available at the lease commencement date in determining the present value of lease payments for use in the calculation of the operating lease liabilities and right-of-use assets. This rate is determined using a portfolio approach based on the risk-adjusted rate of interest and requires estimates and assumptions including credit rating, credit spread, and adjustments for the impact of collateral. The Company believes that this is the rate it would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar lease term. Operating lease liabilities and corresponding right-of-use assets include options to extend lease terms that are reasonably certain of being exercised. The Company does not record a lease liability and corresponding right-of-use asset for leases with terms of 12 months or less and accounts for lease and non-lease components as a single lease component. The Company’s lease portfolio is comprised of operating leases with the lease cost recorded on a straight-line basis over the lease term. Refer to Note E: Leases for additional information.

Revenue recognition. The Company recognizes revenue at the point of sale, net of sales taxes collected and an allowance for estimated future returns. The Company recognizes allowances for estimated sales returns on a gross basis as a reduction to sales. The asset recorded for the expected recovery of merchandise inventory was $12.4 million, $12.1 million, and $11.8 million and the liability recorded for the refund due to the customer was $24.1 million, $23.7 million, and $23.1 million as of February 1, 2025, February 3, 2024, and January 28, 2023, respectively. Sales taxes collected that are outstanding and the allowance for estimated future returns are included in Accrued expenses and other, and the asset for expected recovery of merchandise is included in Prepaid expenses and other in the Consolidated Balance Sheets.

Sales of stored value cards are deferred until they are redeemed for the purchase of Company merchandise. The Company’s stored value cards do not have expiration dates. Based upon historical redemption rates, a small percentage of stored value cards will never be redeemed, which represents breakage. Breakage is estimated and recognized as revenue based upon the historical pattern of customer redemptions. Breakage was not material to the consolidated financial statements in fiscal 2024, 2023, and 2022.

The following sales mix table disaggregates revenue by merchandise category for fiscal 2024, 2023, and 2022:


	2024		1	2023		2022
Home Accents and Bed and Bath	26	%		26	%	26	%
Ladies	22	%		23	%	24	%
Men’s	16	%		15	%	15	%
Accessories, Lingerie, Fine Jewelry, and Cosmetics	15	%		15	%	14	%
Shoes	12	%		13	%	12	%
Children’s	9	%		8	%	9	%
Total	100	%		100	%	100	%

Cost of goods sold. In addition to product costs, the Company includes in cost of goods sold its buying, distribution, and freight expenses, as well as occupancy costs and depreciation and amortization related to the Company’s retail stores, buying, and distribution facilities. Buying expenses include costs to procure merchandise inventories. Distribution expenses include the cost of operating the Company’s distribution centers, warehouses, and cross-dock facilities.

Store pre-opening. Store pre-opening costs are expensed in the period incurred.

Advertising. Advertising costs are expensed in the period incurred and are included in Selling, general and administrative expenses. Advertising costs for fiscal 2024, 2023, and 2022 were $70.2 million, $67.7 million, and $66.5 million, respectively.

Stock-based compensation. The Company recognizes compensation expense based upon the grant date fair value of all stock-based awards, typically over the vesting period. Refer to Note C: Stock-Based Compensation for more information on the Company’s stock-based compensation plans.

Interest (income) expense, net. Interest (income) expense, net primarily includes interest income, capitalized interest expense, interest expense on long-term debt, and other interest expense.

The table below shows the components of interest (income) expense, net for fiscal 2024, 2023, and 2022:


($000)	2024		2023		2022
Interest income	$	(234,955)	$	(238,207)	$	(77,706)
Capitalized interest expense	(19,447)		(12,106)		(5,678)

Other interest expense	1,571		1,599		1,668
Interest expense on long-term debt	81,263		84,596		84,558
Interest (income) expense, net	$	(171,568)	$	(164,118)	$	2,842

Taxes on earnings. The Company accounts for income taxes in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 740, Accounting for Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than changes in the tax law or tax rates. ASC 740 clarifies the criteria that an individual tax position must satisfy for some or all of the benefits of that position to be recognized in a company’s consolidated financial statements. ASC 740 prescribes a recognition threshold of more-likely-than-not and a measurement standard for all tax positions taken or expected to be taken on a tax return in order for those tax positions to be recognized in the consolidated financial statements. Refer to Note F: Taxes on Earnings for additional information.

Treasury stock. The Company records treasury stock at cost. Treasury stock includes shares purchased from employees for tax withholding purposes related to vesting of equity plan awards.

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. In fiscal 2024, 2023, and 2022 approximately 49,600, 200, and 11,100 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:


Shares in (000s)	Basic EPS		Effect of dilutive common stock equivalents		Diluted EPS
2024
Shares	328,593		2,391		330,984
Amount	$	6.36	$	(0.04)	$	6.32
2023
Shares	335,187		2,246		337,433
Amount	$	5.59	$	(0.03)	$	5.56
2022
Shares	343,452		1,770		345,222
Amount	$	4.40	$	(0.02)	$	4.38

Recently adopted accounting standards. In November 2023, the FASB issued Accounting Standards Update (“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 Company adopted ASU 2023-07 for the fiscal year ended February 1, 2025 on a retrospective basis. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

In September 2022, the FASB issued 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, and the rollforward requirements for the fiscal year ended February 1, 2025 on a prospective basis. The adoption of this standard did not have a material impact on the Company’s 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 within annual reporting 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.

Stockholders' Equity (Common Stock Repurchase Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Equity [Abstract]
Common stock repurchased (in shares)	7.3	8.2	10.3
Average repurchase price (in dollars per share)	$ 144.46	$ 115.24	$ 92.15
Common stock repurchased	$ 1,050,000	$ 950,000	$ 949,996

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Segment Reporting

12 Months Ended

Feb. 01, 2025

Segment Reporting [Abstract]

Segment Reporting

The Company has one reportable segment. As of February 3, 2024, the Company identified two operating segments; Ross and dd’s DISCOUNTS. Each operating segment’s operations include only activities related to off-price retailing in stores throughout the United States and its territories. The Company determined that the two operating segments share similar economic and other qualitative characteristics and are therefore aggregated into one reportable segment.

The Company considers operating income, defined as earnings before interest and taxes, to be the measure of profit or loss for its reportable segment. The measure of segment assets is reported on the Consolidated Balance Sheets as Total assets. Segment information is prepared on the same basis that the Company’s Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), manages the segments. The CODM uses operating income to monitor budget versus actual results, make key operating decisions, perform competitive analysis to the Company’s peers, and make resource allocation decisions.

The financial information below, including the significant expense categories regularly provided to the CODM, is presented for the Company’s reportable segment for the fiscal years ended February 1, 2025, February 3, 2024, and January 28, 2023:


($000)	2024		2023		2022
Sales	$	21,129,219	$	20,376,941	$	18,695,829
Less:
Costs and Expenses1
Cost of goods sold, excluding occupancy costs2	13,983,087		13,612,994		12,810,290
Occupancy costs	1,277,419		1,188,607		1,135,940
Store related costs3	2,859,879		2,762,186		2,435,313
Other segment items4	423,248		505,491		323,955
Segment operating income	2,585,586		2,307,663		1,990,331
Interest (income) expense, net5	(171,568)		(164,118)		2,842
Earnings before taxes	$	2,757,154	$	2,471,781	$	1,987,489

1 Refer to Note A: Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for depreciation and amortization expense.
2 Cost of goods sold, excluding occupancy costs primarily includes merchandise related costs, distribution costs, freight costs, and buying costs.
3 Store related costs primarily includes store payroll, other store operating expenses, and advertising costs.
4 Other segment items included in Segment operating income primarily includes other general and administrative expenses.
5 Refer to Note A: Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for disclosure of the components of Interest (income) expense, net.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Pay vs Performance Disclosure
Net earnings	$ 2,090,730	$ 1,874,520	$ 1,512,041

- Definition

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

+ References

+ Details

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended				12 Months Ended
	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.3100	$ 0.3100	$ 0.3100	$ 0.3100	$ 1.470	$ 1.340	$ 1.240

Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Retirement Benefits [Abstract]
Employer match as a percentage of employee's salary (percent) (up to)	4.00%
Company contributions	$ 28,600	$ 26,900	$ 24,800
Long-term plan investments	196,786	165,582
Liability to participants	196,786	165,582
Estimated liability for post-employment medical benefits	$ 13,200	$ 13,100

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained earnings
Beginning balance (in shares) at Jan. 29, 2022		351,720,000
Beginning balance, value 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	1,512,041				1,512,041
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		1,343,000
Common stock issued under stock plans, net of shares used for tax withholding	(24,153)	$ 14	24,688	(48,855)
Stock-based compensation	$ 121,936		121,936
Common stock repurchased (in shares)	(10,300,000)	(10,310,000)
Common stock repurchased	$ (949,996)	$ (103)	(43,905)		(905,988)
Dividends declared	(431,295)				(431,295)
Ending balance (in shares) at Jan. 28, 2023		342,753,000
Ending balance, value 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	1,874,520				1,874,520
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		662,000
Common stock issued under stock plans, net of shares used for tax withholding	(23,668)	$ 7	24,893	(48,568)
Stock-based compensation	$ 145,490		145,490
Common stock repurchased (in shares)	(8,200,000)	(8,243,000)
Common stock repurchased	$ (950,000)
Common stock repurchased, inclusive of excise tax	(958,785)	$ (83)	(38,007)		(920,695)
Dividends declared	$ (454,814)				(454,814)
Ending balance (in shares) at Feb. 03, 2024	335,172,000	335,172,000
Ending balance, value 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	2,090,730				2,090,730
Common stock issued under stock plans, net of shares used for tax withholding (in shares)		910,000
Common stock issued under stock plans, net of shares used for tax withholding	(61,007)	$ 9	25,076	(86,092)
Stock-based compensation	$ 156,298		156,298
Common stock repurchased (in shares)	(7,300,000)	(7,269,000)
Common stock repurchased	$ (1,050,000)
Common stock repurchased, inclusive of excise tax	(1,059,431)	$ (73)	(36,889)		(1,022,469)
Dividends declared	$ (488,721)				(488,721)
Ending balance (in shares) at Feb. 01, 2025	328,813,000	328,813,000
Ending balance, value at Feb. 01, 2025	$ 5,509,195	$ 3,288	$ 2,097,110	$ (719,410)	$ 4,128,207

Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($)	Feb. 01, 2025 USD ($) store state number_of_store segment shares	Feb. 03, 2024 USD ($) shares	Jan. 28, 2023 USD ($) shares
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments \| segment		1
Number of operating segments \| segment		2
Collateral trust		$ 63,900	$ 60,800	$ 57,800
Cash and cash equivalents		$ 4,730,744	4,872,446	4,551,876
Packaway inventory, storage period, less than		6 months
Depreciation and amortization expense on property and equipment		$ 446,788	419,432	394,655
Capitalized interest		19,447	12,106	5,678
Gain on sale of property	$ 61,600	61,575	0	0
Proceeds from sale of property	$ 82,600	82,642	0	0
Impairment of long-lived assets		0	0	0
Book cash overdrafts		71,300	61,400
Supplier finance program, obligation		$ 159,209	$ 146,937
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]		Accounts payable	Accounts payable
Expected recovery of merchandise inventory		$ 12,400	$ 12,100	11,800
Refund due to customers		24,100	23,700	23,100
Advertising costs		$ 70,200	$ 67,700	$ 66,500
Anti-dilutive weighted average shares excluded from EPS calculation (in shares) \| shares		49,600	200	11,100
Standby Letters of Credit
Summary Of Significant Accounting Policies [Line Items]
Letters of credit, outstanding		$ 1,800	$ 2,200	$ 2,600
Property, Plant and Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment purchased but not yet paid		$ 85,400	$ 78,200	$ 71,000
Minimum \| Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life, straight-line method		3 years
Minimum \| Land, Buildings and Improvements
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life, straight-line method		20 years
Minimum \| Software and Software Development Costs
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life, straight-line method		3 years
Maximum \| Equipment
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life, straight-line method		12 years
Maximum \| Land, Buildings and Improvements
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life, straight-line method		40 years
Maximum \| Software and Software Development Costs
Summary Of Significant Accounting Policies [Line Items]
Property and equipment estimated useful life, straight-line method		7 years
Ross Dress for Less
Summary Of Significant Accounting Policies [Line Items]
Number of stores \| store		1,831
Number of states company operates in \| state		43
dd's Discounts
Summary Of Significant Accounting Policies [Line Items]
Number of stores \| number_of_store		355
Number of states company operates in \| state		22

Segment Reporting (Tables)

12 Months Ended

Feb. 01, 2025

Segment Reporting [Abstract]

Schedule of Significant Expense Categories Provided to CODM


($000)	2024		2023		2022
Sales	$	21,129,219	$	20,376,941	$	18,695,829
Less:
Costs and Expenses1
Cost of goods sold, excluding occupancy costs2	13,983,087		13,612,994		12,810,290
Occupancy costs	1,277,419		1,188,607		1,135,940
Store related costs3	2,859,879		2,762,186		2,435,313
Other segment items4	423,248		505,491		323,955
Segment operating income	2,585,586		2,307,663		1,990,331
Interest (income) expense, net5	(171,568)		(164,118)		2,842
Earnings before taxes	$	2,757,154	$	2,471,781	$	1,987,489

1 Refer to Note A: Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for depreciation and amortization expense.
2 Cost of goods sold, excluding occupancy costs primarily includes merchandise related costs, distribution costs, freight costs, and buying costs.
3 Store related costs primarily includes store payroll, other store operating expenses, and advertising costs.
4 Other segment items included in Segment operating income primarily includes other general and administrative expenses.
5 Refer to Note A: Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for disclosure of the components of Interest (income) expense, net.

Stockholders' Equity

12 Months Ended

Feb. 01, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Shareholders’ Equity

Stock repurchase program. In March 2024, the Company’s Board of Directors approved a two-year program to repurchase up to $2.1 billion of the Company’s common stock through January 31, 2026. This program followed the previous two-year $1.9 billion stock repurchase program, effective at the end of fiscal 2023.

The following table summarizes the Company’s stock repurchase activity in fiscal 2024, 2023, and 2022:


Fiscal Year	Shares repurchased (in millions)	Average repurchase price		Amount repurchased (in millions)
2024	7.3	$	144.46	$	1,050	1
2023	8.2	$	115.24	$	950	1
2022	10.3	$	92.15	$	950

1 Amount excludes excise tax due under the Inflation Reduction Act of 2022.

Treasury stock. As of February 1, 2025 and February 3, 2024, the Company held 16.4 million and 15.8 million shares of treasury stock, respectively. Shares repurchased for tax withholding are considered treasury shares which are available for reissuance. Shares purchased by the Company for tax withholding totaled 0.6 million, 0.5 million, and 0.5 million shares for fiscal 2024, 2023, and 2022, respectively.

Preferred stock. The Company has 4.0 million shares of preferred stock authorized, with a par value of $.01 per share. No preferred stock is issued or outstanding.

Dividends. On March 4, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.4050 per common share, payable on March 31, 2025. The Company’s Board of Directors declared a cash dividend of $0.3675 per common share in March, May, August, and November 2024. The Company’s Board of Directors declared a cash dividend of $0.3350 per common share in February, May, August, and November 2023. The Company’s Board of Directors declared a cash dividend of $0.3100 per common share in March, May, August, and November 2022. During fiscal 2024, 2023, and 2022, the Company paid dividends of $488.7 million, $454.8 million, and $431.3 million, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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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
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Taxes on Earnings (Narrative) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Income Tax Contingency [Line Items]
Valuation allowance for deferred tax asset	$ (583)	$ 0
Reserves for unrecognized tax benefits	62,200	58,600	$ 60,600
Interest related to the reserve for unrecognized tax benefits	7,900	6,200	$ 7,100
Impact of recognizing taxes and interest related to unrecognized tax benefits	49,400
Unrecognized tax benefits reduction resulting from lapse of applicable statute of limitations (up to)	7,700
State
Income Tax Contingency [Line Items]
Tax credit carryforward	$ 9,600	$ 10,100

Taxes on Earnings (Provision for Taxes Effective Rate) (Details)	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Federal income taxes at the statutory rate	21.00%	21.00%	21.00%
State income taxes (net of federal benefit) and other, net	3.20%	3.20%	2.90%
Total	24.20%	24.20%	23.90%

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Feb. 01, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Debt Instrument [Line Items]
Total long-term debt1	$ 2,214,811	$ 2,460,730
Current portion of long-term debt	699,731	249,713
Long-term debt	1,515,080	2,211,017
Senior Notes
Debt Instrument [Line Items]
Unamortized discount and debt issuance costs	$ 10,200	14,300
Senior Notes \| 3.375% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate (percent)	3.375%
Total long-term debt1	$ 0	249,713
Senior Notes \| 4.600% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate (percent)	4.60%
Total long-term debt1	$ 699,731	698,441
Senior Notes \| 0.875% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (percent)	0.875%
Total long-term debt1	$ 498,503	497,268
Senior Notes \| 4.700% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate (percent)	4.70%
Total long-term debt1	$ 240,778	240,335
Senior Notes \| 4.800% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate (percent)	4.80%
Total long-term debt1	$ 132,953	132,776
Senior Notes \| 1.875% Senior Notes due 2031
Debt Instrument [Line Items]
Stated interest rate (percent)	1.875%
Total long-term debt1	$ 496,390	495,820
Senior Notes \| 5.450% Senior Notes due 2050
Debt Instrument [Line Items]
Stated interest rate (percent)	5.45%
Total long-term debt1	$ 146,456	$ 146,377

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Cash Flows From Operating Activities
Net earnings	$ 2,090,730	$ 1,874,520	$ 1,512,041
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	446,788	419,432	394,655
Stock-based compensation	156,298	145,490	121,936
Gain on sale of property	(61,575)	0	0
Deferred income taxes	(9,198)	(20,821)	79,417
Change in assets and liabilities:
Merchandise inventory	(252,293)	(168,725)	238,778
Other current assets	(27,319)	(2,261)	(39,487)
Accounts payable	154,664	(65,327)	(365,262)
Other current liabilities	(123,556)	296,980	(304,454)
Income taxes	(27,457)	22,931	33,876
Operating lease assets and liabilities, net	12,627	8,330	9,261
Other long-term, net	(2,721)	3,941	8,612
Net cash provided by operating activities	2,356,988	2,514,490	1,689,373
Cash Flows From Investing Activities
Additions to property and equipment	(720,104)	(762,812)	(654,070)
Proceeds from sale of property	82,642	0	0
Net cash used in investing activities	(637,462)	(762,812)	(654,070)
Cash Flows From Financing Activities
Issuance of common stock related to stock plans	25,085	24,900	24,702
Treasury stock purchased	(86,092)	(48,568)	(48,855)
Repurchase of common stock	(1,049,979)	(949,996)	(949,996)
Excise tax paid on repurchase of common stock	(8,798)	0	0
Dividends paid	(488,721)	(454,814)	(431,295)
Payment of long-term debt	(250,000)	0	0
Net cash used in financing activities	(1,858,505)	(1,428,478)	(1,405,444)
Net (decrease) increase in cash, cash equivalents, and restricted cash and cash equivalents	(138,979)	323,200	(370,141)
Cash and cash equivalents, and restricted cash and cash equivalents:
Beginning of year	4,935,441	4,612,241	4,982,382
End of year	4,796,462	4,935,441	4,612,241
Supplemental Cash Flow Disclosures
Interest paid	80,316	80,316	80,316
Income taxes paid, net	$ 703,079	$ 595,152	$ 362,156

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Feb. 01, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has a defined contribution plan that is available to certain employees. Under the plan, employee and Company contributions and accumulated plan earnings qualify for favorable tax treatment under Section 401(k) of the Internal Revenue Code. This plan permits employees to make contributions up to the maximum limits allowable under the Internal Revenue Code. The Company matches up to 4% of the employee’s salary up to the plan limits. Company matching contributions to the 401(k) plan were $28.6 million, $26.9 million, and $24.8 million in fiscal 2024, 2023, and 2022, respectively. The Company also makes available to management a Nonqualified Deferred Compensation Plan which allows management to make payroll contributions on a pre-tax basis in addition to the 401(k) plan. Other long-term assets include $196.8 million and $165.6 million at February 1, 2025 and February 3, 2024, respectively, of long-term plan investments, at market value, set aside or designated for the Nonqualified Deferred Compensation Plan. Refer to Note B: Fair Value Measurements for additional information. Plan investments are designated by the participants, and investment returns are not guaranteed by the Company. The Company has a corresponding liability to participants of $196.8 million and $165.6 million at February 1, 2025 and February 3, 2024, respectively, included in Other long-term liabilities in the Consolidated Balance Sheets. In addition, the Company has certain individuals who receive or will receive post-employment medical benefits. The estimated liability for these benefits of $13.2 million and $13.1 million is included in Accrued expenses and other in the accompanying Consolidated Balance Sheets as of February 1, 2025 and February 3, 2024, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
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+ Details

Segment Reporting (Narrative) (Details)	12 Months Ended
Segment Reporting (Narrative) (Details)	Feb. 01, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	2

Stockholders' Equity (Tables)

12 Months Ended

Feb. 01, 2025

Stockholders' Equity Note [Abstract]

Summary of Stock Repurchase Activity

The following table summarizes the Company’s stock repurchase activity in fiscal 2024, 2023, and 2022:


Fiscal Year	Shares repurchased (in millions)	Average repurchase price		Amount repurchased (in millions)
2024	7.3	$	144.46	$	1,050	1
2023	8.2	$	115.24	$	950	1
2022	10.3	$	92.15	$	950

1 Amount excludes excise tax due under the Inflation Reduction Act of 2022.