We are the largest off-price retailer of apparel and home fashions worldwide and our mission is to deliver great value to our customers every day. We do this by offering a rapidly changing assortment of quality, fashionable, brand name, and designer merchandise generally 20% to 60% below full-price retailers’ (including department, specialty, and major online retailers) regular prices on comparable merchandise. With our value proposition, we reach a broad range of fashion- and value-conscious customers across many geographies, income levels, and demographic groups.

In our 40-plus year history as a Company, we have delivered steady sales and earnings growth while opening thousands of stores around the world. We have seen only one year with an annual comparable store sales decline. Further, 2018 marked our 23rd consecutive year of comparable store sales increases and our 22nd consecutive year of dividend increases. Our strong financial returns and cash generation allow us to simultaneously invest in the growth of the business and return cash to shareholders. Our disciplined approach to capital allocation resulted in a strong return on invested capital in 2018 and is one of the highest we have seen in the retail industry.2