Ross Stores reported that sales grew 13% to $222 million for the four weeks ended January 31, 2004. These results were achieved on top of a 7% increase for the comparable four weeks last year, when sales totaled $196 million. Same store sales for the month grew 4% over the prior year.

For the 13 weeks ended January 31, 2004, sales increased 14% to $1.099
billion. These results were on top of a 14% gain for the 13 weeks ended
February 1, 2003, when sales totaled $965 million. Comparable store sales for
the fourth quarter of 2003 also rose 4% over the prior year period.

For the 52 weeks ended January 31, 2004, sales grew 11% to $3.921 billion.
These results were on top of an 18% increase for the 52 weeks ended February
1, 2003, when sales totaled $3.531 billion. Same store sales for fiscal 2003
grew 1% on top of a 7% gain in fiscal 2002.

Estimated Results for Fourth Quarter and Fiscal 2003

Michael Balmuth, Vice Chairman and Chief Executive Officer, commented,
“January sales were in line with expectations, with both gross margin and
expenses for the fourth quarter slightly better than expected. As a result,
we now expect earnings per share for the 13 weeks ended January 31, 2004 of
approximately $.48, or an estimated increase of 30% over the $.37 in earnings
per share for the 13 weeks ended February 1, 2003, slightly higher than our
previous estimate. We expect earnings per share for the 52 weeks ended
January 31, 2004 of approximately $1.47, for an estimated gain of 17% over the
$1.26 in earnings per share for the 52 weeks ended February 1, 2003.”

The aforementioned estimated and historical earnings per share information
reflects the effect of the Company's recent two-for-one stock split effected
in the form of a 100 percent stock dividend issued on December 18, 2003. The
Company plans to report final earnings results for the fourth quarter and
fiscal 2003 on Tuesday, March 16, 2004.

Forecasted First Quarter and Fiscal 2004 Earnings per Share

Looking ahead, Mr. Balmuth commented, “For the 13 weeks ending May 1,
2004, we currently project that same store sales will grow by 5% to 6% and
that earnings per share will be in the range of $.36 to $.37, compared to $.32
for the 13 weeks ended May 3, 2003. For the 52 weeks ending January 29, 2005,
we currently project that same store sales will increase by 3% to 4% and
earnings per share will be in the range of $1.64 to $1.70.”

The Company is currently evaluating ongoing uses for or the potential sale
of its Newark, California headquarters and distribution center once the
facility is fully vacated following the planned corporate office relocation to
Pleasanton, California in July 2004. The Company is in the process of
looking at alternative uses for the facility and is obtaining independent,
third-party market valuations of the Newark facility. The Company expects to
complete this evaluation process in the first half of 2004. As a result of
the Company's decision as to future use or disposition of the Newark facility,
a write-down to adjust the facility's net book value, which is approximately
$35 million, to its current fair market value may be required. This potential
non-cash charge is not included in today's earnings guidance.

Board Approves Two-Year $350 Million Stock Repurchase Program and Record
48% Increase in Quarterly Dividend

“Our solid performance, strong financial position and confidence in our
future growth prospects allow us to further enhance stockholder returns
through a continuation of our share repurchase and dividend programs,” said
Mr. Balmuth. “I am pleased to report that our Board of Directors recently
approved a two-year $350 million stock repurchase program for 2004 and 2005.
This new stock buyback program is in addition to the 6.9 million shares of
common stock repurchased in 2003 at an aggregate purchase price of $150
million.”