Item 2.02 Results of Operations and Financial Condition.
On August 20, 2020, the Company issued a press release regarding the Company's
financial results for its fiscal quarter ended August 1, 2020. The full text of
the Company's press release is attached hereto as Exhibit 99.1.
The information furnished with this Item 2.02, including Exhibit 99.1, shall not
be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by
reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except as expressly set forth by specific reference in such a
filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On August 19, 2020, the Compensation Committee of the Board of Directors of
Ross Stores, Inc. (the "Committee") approved modifications to the Company's
management incentive plan and performance share award program for fiscal 2020
("2020 Incentive Programs"), and adopted key business priorities that will be
considered by the Committee as alternative performance criteria in determining
the bonus and performance share payout levels at the end of the fiscal year,
which will be subject to reduced maximum payout limits. The modifications were
made due to the ongoing uncertainties relating to the COVID-19 pandemic, the
inability to effectively establish new quantitative or formulaic goals for the
year, and to appropriately recognize the necessary shifts in management
priorities. The Company views these changes as temporary, yet necessary to
adequately reward performance and retain talent. The added performance criteria
for the 2020 Incentive Programs focus on key business priorities for fiscal 2020
related to the Company's overall management of challenges from the pandemic,
including: the safety and health of associates and customers; liquidity and
expense management; effective ongoing business operations; and positioning of
the Company for long-term success when more normal business conditions resume.
For executive officers of the Company, the total target values of fiscal 2020
Incentive Program compensation opportunities have not changed as result of the
modifications. The payout levels for the 2020 Incentive Programs will be
determined by the Committee based on its assessment of the Company's achievement
of the key business priorities and overall management of the COVID-19 response.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Description
No.
99.1 August 20, 2020 Press Release by Ross Stores, Inc.
104 Cover Page Interactive Data File. (The cover page interactive data file does
not appear in the Interactive Data File because its XBRL tags are embedded
within the Inline XBRL document.)
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