Dive Brief:
- Adam Orvos, group senior vice president of supply chain administration at Ross Stores, has been promoted to Chief Financial Ofifcer, the retailer announced Wednesday.
- In the role, which he takes Friday, Orvos will oversee accounting, treasury, financial planning, tax, corporate social responsibility and investor relations functions, and report to Chief Operating Officer Michael Hartshorn.
- Orvos joined Ross Stores in January 2021. He has more than 30 years of retail management experience, and has previously served as CFO for Neiman Marcus, Belk Department Stores and the Foley's Division of The May Department Stores Company. He has also held senior executive roles at Lowe's and Total Wine, the company said.
Dive Insight:
"Adam is a talented senior executive who brings numerous years of financial leadership and a broad operational background to his new position," CEO Barbara Rentler said. "We are confident that his proven financial management experience, business acumen, and deep understanding of the retail industry will be valuable assets."
In July, after more than 13 years with the company and three as CFO, Travis Marquette resigned to become COO of another off-price retailer, Burlington Coat Factory. Since then, Hartshorn has been leading Ross' finances.
In its most recent quarter, the 13 weeks ended July 31, Ross reported 22% earnings per share growth over the same period in 2019. Sales for the first half of 2021 rose 20% to $9.3 billion, with comparable store sales up 14%.
"We are pleased that both second quarter sales and earnings substantially exceeded our expectations," Rentler said. "Our results were bolstered by a number of external factors, including ongoing government stimulus, increasing vaccination rates, and diminishing COVID restrictions."
Around the time of Marquette's departure, Ross announced it had opened 30 brick-and-mortar stores in 11 states in June and July. Ross does not have an online shopping marketplace, despite surging rates of e-commerce.
In 2020, Ross opened nearly 40 stores, as part of its long-term goal to reach 3,000 locations. "These recent openings reflect our ongoing commitment to expanding our two chains," Gregg McGillis, Ross' property development chief, said.
