UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ___ SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 28, 1995 OR ___ TRANSITION REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission file number 0-14678 ROSS STORES, INC. (Exact name of registrant as specified in its charter) Delaware 94-1390387 (State or other jurisdiction of (I.R.S. Employer Identification incorporation or organization) No.) 8333 Central Avenue, Newark, California 94560-3433 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including (510) 505-4400 area code Former name, former address and former N/A fiscal year, if changed since last report. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No __ The number of shares of Common Stock, with $.01 par value, outstanding on November 25, 1995 was 24,354,817.
2 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS. <TABLE> ROSS STORES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS <CAPTION> ($000) October 28, January 28, October 29, ASSETS 1995 1995 1994 (Unaudited) (Note A) (Unaudited) <S> <C> <C> <C> Current Assets Cash $23,599 $23,581 $17,384 Accounts receivable 9,197 5,360 23,755 Merchandise inventory 344,004 275,183 327,264 Prepaid expenses and other 11,750 12,157 12,870 ________________________________________ Total Current Assets 388,550 316,281 381,273 Property And Equipment Land and buildings 24,102 23,723 23,726 Fixtures and equipment 149,923 145,427 134,980 Leasehold improvements 116,956 111,615 103,685 Construction-in-progress 13,654 12,490 9,080 ________________________________________ 304,635 293,255 271,471 Less accumulated depreciation and amortization 133,581 122,004 115,507 ________________________________________ 171,054 171,251 155,964 Intangible and other assets 17,558 18,709 20,581 ________________________________________ $577,162 $506,241 $557,818 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $172,809 $109,589 $129,153 Accrued expenses and other 47,097 48,472 39,175 Accrued payroll and benefits 25,364 21,705 19,168 Income taxes payable 2,007 4,739 6,102 ________________________________________ Total Current Liabilities 247,277 184,505 193,598 Long-term debt 37,874 46,069 102,230 Deferred income taxes and other liabilities 21,465 21,116 20,196 Stockholders' Equity Capital stock 244 244 243 Additional paid-in capital 127,567 125,451 122,490 Retained earnings 142,735 128,856 119,061 _________________________________________ 270,546 254,551 241,794 _________________________________________ $577,162 $506,241 $557,818 </TABLE> See notes to condensed consolidated financial statements.
3 <TABLE> ROSS STORES, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS <CAPTION> Three Months Ended Nine Months Ended ________________________ __________________________ ($000 except per share data, October 28, October 29, October 28, October 29, unaudited) 1995 1994 1995 1994 <S> <C> <C> <C> <C> Sales $330,682 $294,960 $979,319 $871,464 Costs and Expenses Cost of goods sold and occupancy 237,555 214,910 710,403 632,448 General, selling and administrative 72,634 64,626 209,329 188,695 Depreciation and amortization 6,834 6,127 20,277 17,418 Interest 473 1,234 2,452 2,748 Insurance proceeds 0 (10,412) 0 (10,412) _____________________ ______________________ 317,496 276,485 942,461 830,897 Earnings before taxes 13,186 18,475 36,858 40,567 Provision for taxes on earnings 5,277 7,390 14,745 16,227 _____________________ ______________________ Net earnings $7,909 $11,085 $22,113 $24,340 Net earnings per share: Primary $.32 $.45 $.89 $.98 Fully diluted $.32 $.45 $.89 $.98 Weighted average shares outstanding: Primary 24,863 24,570 24,734 24,776 Fully diluted 24,870 24,570 24,851 24,799 Stores open at end of period 293 276 </TABLE> See notes to condensed consolidated financial statements.
4 <TABLE> ROSS STORES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS <CAPTION> Nine Months Ended ________________________ ($000, unaudited) October 28, October 29, 1995 1994 <S> <C> <C> Cash Flows From Operating Activities Net earnings $22,113 $24,340 Adjustments to reconcile net earnings to net cash used in operating activities: Depreciation and amortization of property and equipment 20,277 17,418 Other amortization 3,799 3,725 Change in current assets and current liabilities: (Increase) in merchandise inventory (68,821) (98,335) (Increase) in other current assets - net (3,431) (17,388) Increase in accounts payable 64,691 40,821 Increase in other current liabilities - net 6,548 5,259 Other 3,624 (7,449) _____________________ Net cash provided by (used in) operating activities 48,800 (31,609) Cash Flows From Investing Activities Additions to property and equipment (29,871) (36,943) ________________________ Net cash used in investing activities (29,871) (36,943) Cash Flows From Financing Activities Borrowing under line of credit agreement 5,000 42,100 Proceeds (repayment) of long-term debt (13,241) 26,778 Issuance of common stock related to stock plan 1,812 1,290 Repurchase of common stock (8,054) (12,855) Dividends paid (4,428) (3,684) _______________________ Net cash provided by (used in) financing activities (18,911) 53,629 ______________________ Net Increase (Decrease) In Cash 18 (14,923) Cash Beginning of year 23,581 32,307 _____________________ End of quarter $23,599 $17,384 </TABLE> See notes to condensed consolidated financial statements.
5 ROSS STORES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Three and Nine Months Ended October 28, 1995 and October 29, 1994 (Unaudited) NOTE A - BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared from the records of the company without audit and, in the opinion of management, include all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position at October 28, 1995 and October 29, 1994; the interim results of operations for the three and nine months ended October 28, 1995 and October 29, 1994; and cash flows for the nine months then ended. The balance sheet at January 28, 1995, presented herein, has been derived from the audited financial statements of the company for the fiscal year then ended. Accounting policies followed by the company are described in Note A to the audited consolidated financial statements for the fiscal year ended January 28, 1995. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted for purposes of the interim condensed consolidated financial statements. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, including notes thereto, for the year ended January 28, 1995. The results of operations for the three and nine month periods herein presented are not necessarily indicative of the results to be expected for the full year. The condensed consolidated financial statements at October 28, 1995 and October 29, 1994, and for the three and nine months then ended have been reviewed, prior to filing, by the registrant's independent accountants whose report covering their review of the financial statements is included in this report on page 6. NOTE B - STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURES Total cash paid for interest and income taxes is as follows: Nine Months Ended ______________________________________ ($000, unaudited) October 28, 1995 October 29, 1994 Interest $2,822 $2,715 Income Taxes $17,476 $16,528 NOTE C - BUSINESS INTERRUPTION INSURANCE PROCEEDS During the third quarter of fiscal 1994, the company recorded $10.4 million in pre-tax income from the settlement agreement with its insurance carrier for claims related to the impact on business during the first half of 1994 that resulted from the roof collapse of its distribution center in Carlisle, Pennsylvania. These insurance proceeds were received in November 1994.
6 INDEPENDENT ACCOUNTANTS' REPORT Board of Directors and Stockholders of Ross Stores, Inc. Newark, California We reviewed the accompanying condensed consolidated balance sheets of Ross Stores, Inc. (the "Company") as of October 28, 1995 and October 29, 1994, and the related condensed consolidated statements of earnings for the three- month and nine-month periods then ended and cash flows for the nine-month periods then ended. These condensed consolidated financial statements are the responsibility of the Company's management. We conducted our reviews in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures to financial data, and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our reviews, we are not aware of any material modifications that should be made to such condensed consolidated financial statements for them to be in conformity with generally accepted accounting principles. We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance sheet of Ross Stores, Inc. as of January 28, 1995, and the related consolidated statements of earnings, stockholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated March 13, 1995, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of January 28, 1995 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Deloitte & Touche LLP San Francisco, CA November 17, 1995
7 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. <TABLE> RESULTS OF OPERATIONS <CAPTION> PERCENTAGE OF SALES Three Months Ended Nine Months Ended ______________________ _______________________ October 28, October 29, October 28, October 29, 1995 1994 1995 1994 <S> <C> <C> <C> <C> SALES Sales ($000) $330,682 $294,960 $979,319 $871,464 Sales growth 12.1% 12.5% 12.4% 12.1% Comparable store sales growth 4% 1% 2% 3% COSTS AND EXPENSES Cost of goods sold and occupancy 71.8% 72.9% 72.5% 72.6% General, selling and administrative 22.0% 21.9% 21.4% 21.7% Depreciation and amortization 2.1% 2.1% 2.1% 2.0% Interest 0.1% 0.4% 0.3% 0.3% Insurance proceeds 0% (3.5%) 0% (1.2%) NET EARNINGS 2.4% 3.8% 2.3% 2.8% </TABLE> Sales The results of operations for the three and nine months ended October 28, 1995, over the same periods last year, reflect an increase in the level of operations which was due to the greater number of open stores during the current period as well as an increase in comparable store sales. Costs and Expenses The declines from the prior year in the cost of goods sold and occupancy percentage for the three and nine month periods were primarily due to (i) an increase in the initial mark-up from purchasing more opportunistically and (ii) lower markdowns as a percentage of sales which when combined more than offset an increase in freight costs. General, selling and administrative expenses as a percentage of sales increased incrementally from the prior year during the three months ended October 28, 1995. Higher variable incentive accruals during the quarter offset the favorable year-to-date leverage in advertising and store expenses which contributed to a decline in this ratio for the nine months ended October 28, 1995. Net earnings for the three months ended October 28, 1995, totaled $7.9 million, or $.32 per share, compared to net earnings of $4.8 million, or $.20 per share, for the three months ended October 29, 1994, which excludes the prior year's one-time, after-tax, insurance proceeds of approximately $6.2 million or $.25 per share. During the third quarter of 1994, the company entered into a settlement agreement with its insurance carrier for claims related to the impact on business during the first half of 1994 that
8 resulted from the roof collapse of its distribution center in Carlisle, Pennsylvania in March 1994. The insurance proceeds from this settlement were included in accounts receivable at the end of the 1994 third quarter and were received in November 1994. Taxes on Earnings The company's effective tax rate for the second quarter of 1995 and 1994 was 40%. The rate for both periods reflects the applicable statutory tax rates. LIQUIDITY AND CAPITAL RESOURCES The primary uses of cash during the first nine months of fiscal 1995 were for (i) an increase in inventory partially offset by a corresponding increase in accounts payable, (ii) capital expenditures for new stores and improvements to existing locations, (iii) reduction in long-term debt and (iv) repurchase of the company's common stock. Total inventories were up 5% at the end of the third quarter from last year driven primarily by an increase in the number of open stores over the prior year. The accounts payable increase was primarily a timing issue due to receipts of merchandise inventories later in the period than in the prior year, resulting in a fresher inventory mix at the end of the quarter. Lower borrowings and lower interest rates resulted in a decline in interest expense. On May 8, 1995, the company announced a continuation of its prior stock repurchase program by authorizing the buyback of an additional one million shares of its common stock. It is the company's intention to repurchase the shares over time through open market purchases and/or through other transactions. The company believes it can fund its capital needs for the remainder of the fiscal year and the next twelve months and the current stock repurchase program through internally generated cash, trade credit, established bank lines and lease financing.
9 ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 3.1 Certificate of Incorporation, as amended, incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 8-B (the "Form 8-B") filed September 1, 1989 by Ross Stores, Inc., a Delaware corporation ("Ross Stores"). 3.2 Amended By-laws, dated August 25, 1994, incorporated by reference to Exhibit 3.2 to the Form 10-Q filed by Ross Stores for its quarter ended July 30, 1994. 10.1 Agreement of Lease, dated November 24, 1986, for Ross Stores' corporate headquarters and distribution center in Newark, CA, incorporated by reference to Exhibit 10.5 on Form 8-B. 10.2 Revolving Credit Agreement, dated July 31, 1993, among Ross Stores; Wells Fargo Bank, National Association, Bank of America, N.T. & S.A., Nationsbank of Texas, N.A., and Banque Nationale de Paris ("Banks"); and Wells Fargo Bank, National Association, as agent for Banks ("Revolving Credit Agreement"), incorporated by reference to Exhibit 10.17 on the Form 10-Q filed by Ross Stores for its quarter ended July 31, 1993. 10.3 First Amendment to Revolving Credit Agreement, effective on July 31, 1994 by and among Ross Stores, Banks and Wells Fargo, National Association, as agent for Banks, incorporated by reference to Exhibit 10.5 to the Form 10-Q filed by Ross Stores for its quarter ended July 30, 1994. 10.4 Second Amendment to Revolving Credit Agreement, effective on June 15, 1995 by and among Ross Stores, Banks and Wells Fargo, National Association, as agent for Banks, incorporated by reference to Exhibit 10.4 to the Form 10-Q filed by Ross Stores for its quarter ended July 29,1995. 10.5 Credit Agreement, dated as of June 22, 1994, among Ross Stores, Bank of America National Trust and Savings Association as Agent, the Industrial Bank of Japan as Co-Agent and the other financial institutions party thereto ("Credit Agreement"), incorporated by reference to Exhibit 10.6 to the Form 10-Q filed by Ross Stores for its quarter ended July 30, 1994. 10.6 First Amendment to Credit Agreement, dated as of June 20, 1995, among Ross Stores, Bank of America National Trust and Savings Association as Agent, the Industrial Bank of Japan as Co-Agent and the several financial institutions party to the Credit Agreement, incorporated by reference to Exhibit 10.6 to the Form 10-Q filed by Ross Stores for its quarter ended July 29, 1995. MANAGEMENT CONTRACTS AND COMPENSATORY PLANS (EXHIBITS 10.7 - 10.25) 10.7 Amended and Restated 1992 Stock Option Plan, incorporated by reference to the appendix to the Proxy Statement filed by Ross Stores on April 24, 1995 for its Annual Stockholders Meeting held May 25, 1995. 10.8 Third Amended and Restated Ross Stores Employee Stock Purchase Plan, incorporated by reference to the appendix to the Proxy Statement filed by Ross Stores on April 24, 1995 for its Annual Stockholders Meeting held May 25, 1995. 10.9 Third Amended and Restated Ross Stores 1988 Restricted Stock Plan, incorporated by reference to the appendix to the Proxy Statement filed by Ross Stores on April 24, 1995 for its Annual Stockholders Meeting held May 25, 1995. 10.10 1991 Outside Directors Stock Option Plan, incorporated by reference to Exhibit 10.13 to the 1991 Form 10-K filed by Ross Stores for its year ended February 1, 1992. 10.11 Ross Stores Executive Medical Plan, incorporated by reference to Exhibit 10.13 to the 1993 Form 10-K filed by Ross Stores for its year ended January 29, 1994 ("1993 Form 10-K"). 10.12 Third Amended and Restated Ross Stores Executive Supplemental Retirement Plan, incorporated by reference to Exhibit 10.14 to the 1993 Form 10-K. 10.13 Ross Stores Non-Qualified Deferred Compensation Plan, incorporated by reference to Exhibit 10.15 to the 1993 Form 10-K. 10.14 Ross Stores Incentive Compensation Plan, incorporated by reference to Exhibit 10.16 to the 1993 Form 10-K. 10.15 Employment Agreement by and between Ross Stores and Norman A. Ferber, effective as of June 8, 1994, incorporated by reference to Exhibit 10.15 to the Form 10-Q filed by Ross Stores for its quarter ended July 30, 1994. 10.16 Amendment to Employment and Stock Grant Agreements by and between Ross Stores and Norman A. Ferber, effective as of March 16, 1995. 10.17 Amended and Restated Employment Agreement by and between Ross Stores and Norman A. Ferber, effective as of June 1, 1995. 10.18 Agreement between Ross Stores and Norman A. Ferber, dated August 22, 1995. 10.19 Employment Agreement by and between Ross Stores and Melvin A. Wilmore, effective as of March 15, 1994, incorporated by reference to Exhibit 10.20 to the Form 10-Q filed by Ross Stores for its quarter ended April 30, 1994. 10.20 Amendment to Employment and Stock Grant Agreements by and between Ross Stores and Melvin A. Wilmore, effective as of March 16, 1995. 10.21 Second Amendment to Employment Agreement by and between Ross Stores and Melvin A. Wilmore, effective as of June 1, 1995. 10.22 Agreement between Ross Stores and Melvin A. Wilmore, dated August 22, 1995. 10.23 Employment Agreement by and between Ross Stores and Michael Balmuth, effective as of February 1, 1995, incorporated by reference to Exhibit 10.15 to the Form 10-Q filed by Ross Stores for its quarter ended April 29, 1995. 10.24 Amendment to Employment Agreement by and between Ross Stores and Michael Balmuth, effective as of June 1, 1995.
11 10.25 Consulting Agreement between Ross Stores and Stuart G. Moldaw, effective as of March 16, 1995, incorporated by reference to Exhibit 10.16 to the Form 10-Q filed by Ross Stores for its quarter ended April 29, 1995. 11 Statement re: Computation of Per Share Earnings. 15 Letter re: Unaudited Interim Financial Information. 27 Financial Data Schedule (submitted for SEC use only). (b) Reports on Form 8-K None.
12 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned thereunto duly authorized. ROSS STORES, INC. Registrant Date: December 8, 1995 /s/John Vuko John M. Vuko, Senior Vice President, Controller and Principal Accounting Officer
13 INDEX TO EXHIBITS Exhibit Number Exhibit _______ ________ 3.1 Certificate of Incorporation, as amended, incorporated by reference to Exhibit 3.1 to the Registration Statement on Form 8-B (the "Form 8-B") filed September 1, 1989 by Ross Stores, Inc., a Delaware corporation ("Ross Stores"). 3.2 Amended By-laws, dated August 25, 1994, incorporated by reference to Exhibit 3.2 to the Form 10-Q filed by Ross Stores for its quarter ended October 29, 1994. 10.1 Agreement of Lease, dated November 24, 1986, for Ross Stores' corporate headquarters and distribution center in Newark, CA, incorporated by reference to Exhibit 10.5 on Form 8-B. 10.2 Revolving Credit Agreement, dated July 31, 1993, among Ross Stores, Wells Fargo Bank, National Association, Bank of America, National Trust and Savings Association, and Security Pacific National Bank ("Banks"); and Wells Fargo Bank, National Association, as agent for Banks ("Revolving Credit Agreement"), incorporated by reference to Exhibit 10.17 on the Form 10-Q filed by Ross Stores for its quarter ended July 31, 1993. 10.3 First Amendment to Revolving Credit Agreement, effective on July 31, 1994, by and among Ross Stores, Banks and Wells Fargo Bank, National Association, as agent for Banks, incorporated by reference to Exhibit 10.5 to the Form 10-Q filed by Ross Stores for its quarter ended July 30, 1994. 10.4 Second Amendment to Revolving Credit Agreement, effective on June 15, 1995 by and among Ross Stores, Banks and Wells Fargo, National Association, as agent for Banks, incorporated by reference to Exhibit 10.4 to the Form 10-Q filed by Ross Stores for its quarter ended July 29, 1995. 10.5 Credit Agreement, dated as of June 22, 1994, among Ross Stores, Bank of America National Trust and Savings Association as Agent, the Industrial Bank of Japan as Co- Agent and the other financial institutions party thereto ("Credit Agreement"), incorporated by reference to Exhibit 10.6 to the Form 10-Q filed by Ross Stores for its quarter ended July 30, 1994. 10.6 First Amendment to Credit Agreement, dated as of June 20, 1995, among Ross Stores, Bank of America National Trust and Savings Association as Agent, the Industrial Bank of Japan as Co-Agent and the several financial institutions party to the Credit Agreement, incorporated by reference to Exhibit 10.6 to the Form 10-Q filed by Ross Stores for its quarter ended July 29, 1995. MANAGEMENT CONTRACTS AND COMPENSATORY PLANS (EXHIBITS 10.7 - 10.25) 10.7 Amended and Restated 1992 Stock Option Plan, incorporated by reference to the appendix to the Proxy Statement filed by Ross Stores on April 24, 1995 for its Annual Stockholders Meeting held May 25, 1995.
14 Exhibit Number Exhibit _______ _______ 10.8 Third Amended and Restated Ross Stores Employee Stock Purchase Plan, incorporated by reference to the appendix to the Proxy Statement filed by Ross Stores on April 24, 1995 for its Annual Stockholders Meeting held May 25, 1995. 10.9 Third Amended and Restated Ross Stores 1988 Restricted Stock Plan, incorporated by reference to the appendix to the Proxy Statement filed by Ross Stores on April 24, 1995 for its Annual Stockholders Meeting held May 25, 1995. 10.10 1991 Outside Directors Stock Option Plan, incorporated by reference to Exhibit 10.13 to the 1991 Form 10-K filed by Ross Stores for its year ended February 1, 1992. 10.11 Ross Stores Executive Medical Plan, incorporated by reference to Exhibit 10.13 to the 1993 Form 10-K filed by Ross Stores for its year ended January 29, 1994 ("1993 Form 10-K"). 10.12 Third Amended and Restated Ross Stores Executive Supplemental Retirement Plan, incorporated by reference to Exhibit 10.14 to the 1993 Form 10-K. 10.13 Ross Stores Non-Qualified Deferred Compensation Plan, incorporated by reference to Exhibit 10.15 to the 1993 Form 10-K. 10.14 Ross Stores Incentive Compensation Plan, incorporated by reference to Exhibit 10.16 to the 1993 Form 10-K. 10.15 Employment Agreement by and between Ross Stores and Norman A. Ferber, effective as of June 8, 1994, incorporated by reference to Exhibit 10.15 to the Form 10-Q filed by Ross Stores for its quarter ended July 30, 1994. 10.16 Amendment to Employment and Stock Grant Agreements by and between Ross Stores and Norman A. Ferber, effective as of March 16, 1995. 10.17 Amended and Restated Employment Agreement by and between Ross Stores and Norman A. Ferber, effective as of June 1, 1995. 10.18 Agreement between Ross Stores and Norman A. Ferber, dated August 22, 1995. 10.19 Employment Agreement by and between Ross Stores and Melvin A. Wilmore, effective as of March 15, 1994, incorporated by reference to Exhibit 10.20 to the Form 10-Q filed by Ross Stores for its quarter ended April 30, 1994. 10.20 Amendment to Employment and Stock Grant Agreements by and between Ross Stores and Melvin A. Wilmore, effective as of March 16, 1995. 10.21 Second Amendment to Employment Agreement by and between Ross Stores and Melvin A. Wilmore, effective as of June 1, 1995. 10.22 Agreement between Ross Stores and Melvin A. Wilmore, dated August 22, 1995.
15 10.23 Employment Agreement by and between Ross Stores and Michael Balmuth, effective as of February 1, 1995, incorporated by reference to Exhibit 10.15 to the Form 10-Q filed by Ross Stores for its quarter ended April 29, 1995. 10.24 Amendment to Employment Agreement by and between Ross Stores and Michael Balmuth, effective as of June 1, 1995. 10.25 Consulting Agreement between Ross Stores and Stuart G. Moldaw, effective as of March 16, 1995, incorporated by reference to Exhibit 10.16 to the Form 10-Q filed by Ross Stores for its quarter ended April 29, 1995. 11 Statement re: Computation of Per Share Earnings. 15 Letter re: Unaudited Interim Financial Information. 27 Financial Data Schedule (submitted for SEC use only).