Ross Stores Announces New Market Entry
NEWARK, Calif., June 7 /PRNewswire/ -- Ross Stores, Inc. (ROST) announced today at its Annual Stockholders Meeting that the company expects to enter new markets in the southeast region of the United States. Up to one-third of all new stores targeted to open in 2001 and 2002 will be located in Georgia, North Carolina and South Carolina.
In commenting on this news, Michael Balmuth, Vice Chairman and Chief Executive Officer, stated, "We are excited about the opportunities these new markets offer. We believe these regions have similar customer demographics to our better-performing existing markets as well as strong growth potential. Our research indicates that a relatively high percentage of Ross core customers reside here -- people who value the compelling bargains we offer on name-brand fashions for the family and the home. These markets also offer favorable logistics for distribution and supervision, as these states are natural fill-in regions between our Florida and Washington, D.C. markets."
Forward-Looking Statements: This press release contains certain forward- looking statements which are subject to risks and uncertainties that could cause the company's actual results to differ materially from management's current expectations. The words "expect," "anticipate," "estimate," "believe" and similar expressions identify forward-looking statements. Risk factors include obtaining acceptable new store locations, competitive pressures in the apparel industry, changes in the level of consumer spending on or preferences in apparel or home-related merchandise and the ability to successfully implement systems to support regional merchandising. Other risk factors are detailed in the company's Form 10-K for fiscal 1999. The company does not undertake to publicly update or revise these forward-looking statements even if experience or future changes indicate that any projected results expressed or implied herein will not be realized.
Ross Stores, Inc. reported sales of $2.5 billion in 1999, its most recent fiscal year. The off-price retailer operates 385 stores in 17 states, offering first-quality, in season, branded apparel, accessories and footwear for the entire family as well as gift items and linens for the home all at everyday savings of 20% to 60% less than regular department and specialty store prices.
NOTE TO EDITORS: Ross Stores, Inc. press releases are available at no charge through the company's home page on the internet at www.rossstores.com. SOURCE Ross Stores, Inc.
CONTACT: John G. Call, Senior Vice President & Chief Financial Officer, 510-505-4315, or Katie Loughnot, Director, Investor Relations, 510-505-4509, or email@example.com, both of Ross Stores, Inc./