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ROSS STORES REPORTS SECOND QUARTER RESULTS

 ROSS STORES REPORTS SECOND QUARTER RESULTS
 NEWARK, Calif., Aug. 17 /PRNewswire/ -- Ross Stores Inc.


(NASDAQ: ROST) reported today that second quarter net earnings increased 11 percent to $9.7 million, or $.38 per share, for the 13 weeks ended Aug. 1, 1992, compared to net earnings of $8.7 million, or $.35 per share, for the 13 weeks ended Aug. 3, 1991. Current year second quarter sales were $255 million, up 10 percent from sales of $232 million for the quarter ended Aug. 3, 1991. Comparable stores sales for the second quarter increased 1 percent over the prior year.
 For the six months ended Aug. 1, 1992, net earnings increased 20 percent to $12.9 million, or $.50 per share, compared to net earnings of $10.8 million, or $.44 per share, for the six months ended Aug. 3, 1991. Sales during the first six months of 1992 increased 10 percent to $476 million, from $431 million in sales for the prior year's comparable period. Same store sales during the first half of 1991 increased 1 percent from last year.
 In commenting on these results, Norman A. Ferber, president and chief executive officer, stated, "We believe our focus on value -- especially in a difficult economic environment -- contributed to our earnings growth during the first half of 1992. As expected, our second quarter earnings comparison was affected by our efforts to clear out more seasonal merchandise during the period compared to 1991. This change produced a lower gross margin percentage for the second quarter which was offset by a corresponding decline in expenses as a percent of sales."
 Ferber continued, "We remain on track with our expansion plans and expect to end the year with 225 stores in 18 states. During July and early August, we opened 11 new locations. Six new Ross 'Dress for Less' stores opened in California. Other new locations opened in Spokane, Wash.; Portland, Ore.; Las Vegas; Chantilly, Va; and St. Petersburg, Fla."
 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. The company had 220 stores in operation at Aug. 1, 1992, compared to 197 stores at the end of the same period last year.
 ROSS STORES
 Condensed Consolidated Balance Sheets
 Aug. 1, Aug. 3,
 1992 1991
 ($000, unaudited)
 Current Assets
 Cash $12,178 $9,523
 Accounts receivable 6,145 6,014
 Merchandise inventory 216,491 197,853
 Other current assets 11,487 9,679
 Total current assets 246,301 223,069
 Property and equipment, net 126,994 122,719
 Lease rights and other assets 9,965 10,513
 Excess of cost over net assets of
 acquired subsidiary 4,124 4,273
 Total $387,384 $360,574
 Liabilities and Shareholders' Equity
 Current Liabilities
 Accounts payable, accrued
 expenses and other $130,760 $126,238
 Income taxes payable 12,054 3,558
 Total current liabilities 142,814 129,796
 Long-term debt 48,626 77,400
 Deferred income taxes and
 other liabilities 16,728 17,502
 Shareholders' Equity
 Capital Stock 249 236
 Additional paid-in capital 110,456 97,021
 Retained earnings 68,511 38,619
 Total Shareholders' Equity 179,216 135,876
 Total Liabilities and Shareholders'
 Equity $387,384 $360,574
 ROSS STORES
 Consolidated Statements of Earnings
 Three Months Ended Six Months Ended
 Aug. 1, Aug. 3, Aug. 1, Aug. 3,
 1992 1991 1992 1991
 ($000, except per share data, unaudited)
 Sales
 Total net sales $254,559 $231,994 $476,307 $431,372
 Less net sales of
 leased departments 668 793 1,396 1,530
 Own Net Sales 253,891 231,201 474,911 429,842
 Other income 59 70 126 135
 Total 253,950 231,271 475,037 429,977
 Costs and Expenses:
 Cost of goods sold
 and occupancy 178,183 157,880 337,443 302,665
 General, selling and
 administrative 53,997 53,761 105,000 99,077
 Depreciation and
 amortization 4,604 3,801 8,984 7,529
 Interest 1,026 1,501 2,047 3,063
 Total 237,810 216,943 453,474 412,334
 Earnings before taxes 16,140 14,328 21,563 17,643
 Provision for taxes
 on earnings 6,456 5,588 8,625 6,881
 Net earnings $9,684 $8,740 $12,938 $10,762
 Net earnings per share:
 Primary $.38 $.36 $.51 $.45
 Fully diluted $.38 $.35 $.50 $.44
 Weighted average shares
 outstanding:
 Primary 25,529 24,496 25,613 24,016
 Fully diluted 25,553 24,786 25,667 24,689
 Stores open end of period 220 197
 -0- 8/17/92
 /CONTACT: Earl T. Benson, 510-505-4400, or Katie Loughnot, 510-505-4509, both of Ross Stores/
 (ROST) CO: Ross Stores ST: California IN: REA SU: ERN


RM-DG -- SF002 -- 0345 08/17/92 08:30 EDT
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