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ROSS STORES REPORTS FIRST QUARTER RESULTS

 ROSS STORES REPORTS FIRST QUARTER RESULTS
 NEWARK, Calif. May 26 /PRNewswire/ -- Ross Stores Inc.


(NASDAQ: ROST) today reported that first quarter net earnings increased over 60 percent to $3.3 million, or $.13 per share, for the 13 weeks ended May 2, 1992, compared to net earnings of $2.0 million, or $.09 per share, for the 13 weeks ended May 4, 1991.
 Current year first quarter sales totaled $222 million, up 12 percent from the $199 million in sales for the quarter ended May 4, 1991. Comparable store sales for the same period increased 2 percent over the prior year.
 In commenting on these results, Norman A. Ferber, president and chief executive officer, stated, "Our first quarter earnings showed solid gains over the prior period due mainly to an improvement in our gross margin. Even though markdowns in March and April were ahead of our expectations, we were able to realize this margin improvement because we accelerated the markdown and clearance of seasonal inventories during the fourth quarter of fiscal 1991, which also contributed to lower levels of clearance merchandise as we began the first quarter."
 During the first quarter, Ross opened eight new stores, all in existing markets. Four new Ross "Dress For Less" stores opened in the Washington, D.C. metropolitan area. Ross also added stores in Lansdale, Pa.; Tampa, Fla.; El Paso, Texas; and Los Angeles.
 Ross Stores Inc. operates a national chain of off-price retail stores offering first quality, in-season, branded apparel and apparel- related merchandise for the entire family at prices that average 20 percent to 60 percent less than department and specialty stores. The company had 210 stores in operation at May 2, 1992, compared to 191 stores at the end of the same period last year.
 ROSS STORES
 CONSOLIDATED STATEMENTS OF EARNINGS
 ($000 except per share data, unaudited)
 13 Weeks Ended
 May 2, May 4,
 1992 1991
 Sales
 Total net sales $221,748 $199,378
 Less net sales of leased departments 728 737
 Own net sales 221,020 198,641
 Other income 67 65
 Total sales 221,087 198,706
 Costs and Expenses
 Cost of goods sold and occupancy 159,260 144,785
 General, selling and administrative 51,003 45,316
 Depreciation and amortization 4,380 3,728
 Interest 1,021 1,562
 Total costs and expenses $215,664 $195,391
 Earnings before taxes 5,423 3,315
 Provision for taxes on earnings 2,169 1,293
 Net earnings $3,254 $2,022
 Net earnings per share:
 Primary $.13 $.09
 Fully diluted $.13 $.09
 Weighted average shares outstanding:
 Primary 25,699 23,534
 Fully diluted 25,736 23,560
 Stores open at end of period 210 191
 ROSS STORES
 CONDENSED CONSOLIDATED BALANCE SHEETS
 ($000, unaudited)
 May 2, May 4,
 1992 1991
 Assets
 Current Assets
 Cash $11,475 $6,101
 Accounts receivable 6,425 5,889
 Merchandise inventory 223,123 185,627
 Other current assets 11,358 12,420
 Total current assets 252,381 210,037
 Property and equipment, net 125,866 117,951
 Lease rights and other assets 10,098 10,803
 Excess of cost over net assets of
 acquired subsidiary 4,161 4,310
 Total $392,506 $343,101
 Liabilities and Shareholders' Equity
 Current liabilities
 Accounts payable, accrued expenses
 and other $132,461 $110,703
 Income taxes payable 5,953 3,334
 Total current liabilities 138,414 114,037
 Long-term debt 70,075 86,600
 Deferred income taxes
 and other liabilities 15,589 16,822
 Stockholders' equity
 Capital stock 248 235
 Additional paid-in capital 109,353 95,528
 Retained earnings 58,827 29,879
 Total stockholders' equity 168,428 125,642
 Total liabilities
 and stockholders' equity $392,506 $343,101
 -0- 5/26/92 R
 /CONTACT: Earl T. Benson, 510-505-4400, or Katie Loughnot, 510-505-4509, both of Ross Stores/
 (ROST) CO: Ross Stores Inc. ST: California IN: REA SU: ERN


MM-RM -- SF002R -- 3597 05/26/92 08:36 EDT
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Date:May 26, 1992
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