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Ross Reports Record Earnings

Off-Price Retailer Ups Expectations

PLEASANTON, Calif. (May 22, 2009)—With a strong start to the year, Ross Stores, Inc. (ROST) posted record financials for its first quarter, ended May 2, 2009. During the 13-week period, the company’s net earnings reached $91.4 million, versus $79.5 million during the same period of 2008. First quarter sales were also up, growing 9 percent to $1.69 billion, and comparable store sales showed a 3 percent gain.

“We are very pleased with our strong sales and earnings results in the first quarter, which were well ahead of plan,” says vice chairman, president and CEO Michael Balmuth. “This performance is especially noteworthy considering that it was achieved in one of the most challenging economic and retail environments on record. Our business benefited mainly from our ability to offer customers fresh and exciting name brand bargains, as we continue to take advantage of the substantial amount of close-out opportunities in the marketplace. The best performing merchandise categories during the period were dresses and shoes, while the strongest region was the Mid-Atlantic.”

Based on the company’s first-quarter performance, second-quarter and full-year financial expectations have been raised. Ross is now projecting second quarter earnings per share to be in the range of $.60 to $.63, versus $.54 in the prior year period.

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