Ross Stores operates two off-price retail chains: Ross Dress for Less, targeting middle-income households, and dd's DISCOUNTS, targeting lower-to-moderate income households. As of January 2026, Ross operates 1,904 Ross Dress for Less stores and 363 dd's DISCOUNTS stores across the U.S., Puerto Rico, and Guam. Both chains sell first-quality, in-season apparel, accessories, footwear, and home goods at discounts of 20%-60% below traditional retail prices. Ross is entirely brick-and-mortar with no e-commerce presence, and stores are designed around a self-service "treasure-hunt" format. Ross makes money by buying merchandise below market prices and selling it at prices still below traditional retail, keeping the margin in between. Ross employs over 800 merchants who purchase goods through closeouts, upfront buys, and "packaway" — merchandise stored in warehouses for release at a more optimal time, typically representing 37%-41% of total inventory. Key profitability drivers include merchandise margin, comparable store sales growth, and new store productivity. Management targets long-term EPS growth of roughly 8%-10%, driven by ~5% new store growth, 3%-4% comp leverage, and ~2% from share buybacks. Ross's long-term store potential is roughly 2,900 Ross and 700 dd's locations, versus ~2,267 today, with ~110 new store openings planned in fiscal 2026.