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Costco Companies, Inc. Reports Recent Sales Results
For the first thirty-nine weeks of its 1998 fiscal year ended May 31, 1998, the Company reported net sales of $17.65 billion, an increase of 11 percent from $15.93 billion during the first thirty-nine-week period of the prior fiscal year. Comparable warehouse sales for this year-to-date period increased 8 percent over the prior year’s level.
The Company currently operates 278 warehouses: 211 in the United States, 56 in Canada, seven in the United Kingdom, one warehouse in Taiwan, and three warehouses in Korea. The three Korean warehouses - in Seoul, Taegu and Taejon - are operated by a recently-formed joint venture with Shinsegae Department Store Co., Ltd. (“Shinsegae”) under the name Price Club Korea, of which Costco is the majority (93.75%) and controlling partner. The Company also operates 14 warehouses in Mexico with a joint venture partner. Expansion plans for the remainder of the fiscal year, which ends on August 30, 1998, are to open one additional new warehouse - in Wilmington, Delaware.
CONTACTS: Costco Companies, Inc.
Richard Galanti, 425/313-8203
Bob Nelson, 425/313-8255