Ross Stores Signs Lease for New Corporate Office Facility In Pleasanton, California
NEWARK, Calif., Apr 29, 2003 /PRNewswire-FirstCall via Comtex/ -- Ross Stores, Inc. (Nasdaq: ROST) announced today that the Company recently signed a lease for approximately 150,000 square feet of corporate office space at CarrAmerica Corporate Center in Hacienda Business Park in Pleasanton, California. The property is conveniently located off of the Hacienda exit of Interstate 580 at 4440 Rosewood Drive. The Company plans to take possession of the property in early 2004 to make the necessary improvements and expects to relocate its corporate headquarters to the new facility in the summer of 2004.
In the meantime, the Company's new Southwest Distribution Center in Perris, California, is targeted for completion as planned during the third quarter of 2003. At that point, Ross expects to begin to transition its west coast distribution function from Newark, California to Perris, which is located about 70 miles southeast of Los Angeles. The Company owns its existing Newark, California headquarters and distribution center property and is currently reviewing options for its use over the long term.
In commenting, Jim Peters, President and Chief Operating Officer, said, "We are excited about being able to relocate both our central office and distribution center into these two separate facilities. The office move will consolidate our corporate headquarters into this conveniently-located corporate campus in Pleasanton, California, which we believe will support our growth needs for the foreseeable future."
Forward-Looking Statements: This press release contains certain forward-looking statements relating to future plans to open a new corporate office and distribution center which are subject to risks and uncertainties that could cause the Company's actual results to differ materially from management's current expectations. Risk factors include competitive pressures in the construction and apparel industries, changes in economic or geo- political conditions, and greater than planned costs. Other risk factors are detailed in the Company's Form 10-K for fiscal 2002. The Company does not undertake to update or revise these forward-looking statements.
Ross Stores, Inc. operates a chain of 524 off-price retail stores in 24 states offering first quality, in-season, branded apparel and apparel-related merchandise for the entire family at prices that average 20% to 60% less than department and specialty stores, as well as merchandise for the home at similar savings. The Company generated annual revenues of $3.5 billion in its most recent fiscal year ended February 1, 2003. For additional information on Ross Stores, please visit the Company's web site at www.rossstores.com.
SOURCE Ross Stores, Inc.
Katie Loughnot, Vice President, Investor & Media Relations of Ross Stores, Inc., +1-510-505-4509, or email@example.com