Ames Year-End Results Conference Call to be Webcast.

Business Editors

ROCKY HILL, Conn.--(BUSINESS WIRE)--March 21, 2001

Ames Department Stores, Inc. (NASDAQ: AMES) is scheduled to release results for the fiscal year ended February 3, 2001 on Thursday, March 22, 2001, before the market opens.

Ames will host a real-time webcast at 10:30 a.m. Eastern Standard Time (which will be available for 90 days) to discuss and review its fourth quarter and year-end results, strategic initiatives and the outlook for 2001. To access the webcast go to www.amesstores.com and click on the webcast icon.

Ames Department Stores, Inc., a FORTUNE 500(R) company, is the nation's largest regional, full-line discount retailer with annual sales of approximately $4 billion. With 452 stores in the Northeast, Mid-Atlantic and Mid-West, Ames offers value-conscious shoppers quality, name-brand products across a broad range of merchandise categories. For more information about Ames, visit www.AmesStores.com or www.espanol.AmesStores.com.

Cautionary Statement Regarding Forward-looking Information

Statements, other than those based on historical facts which address activities, events or developments that the Company expects or anticipates may occur in the future are forward-looking statements which are based upon a number of assumptions concerning further conditions that may ultimately prove to be inaccurate. Actual events and results may materially differ from anticipated results described in any forward -looking statements. The Company's ability to achieve such results is subject to certain risks and uncertainties. Consequently these cautionary statements qualify all of the forward-looking statements and there can be no assurance that the results or developments anticipated by the Company will be realized or that they will have the expected effects on the Company or its business or operations.

To find the location of the Ames store nearest you, dial 1-800-SHOP-AMES.