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Costco Wholesale Corporation Reports December Sales Results
ISSAQUAH, Wash.--(BUSINESS WIRE)--Jan. 6, 2000--Costco Wholesale Corporation ("Costco" or the "Company") (Nasdaq:COST) today reported net sales of $3.76 billion for the five weeks ended January 2, 2000, an increase of 22 percent from $3.09 billion in the same five-week period of the prior fiscal year. On a comparable warehouse basis, that is warehouses open at least a year, sales increased 18 percent. This year's strong sales results reflected in part the timing of the Christmas and New Year's holidays.
For the first eighteen weeks of its fiscal year 2000 ended January 2, 2000, the Company reported net sales of $11.21 billion, an increase of 17 percent from $9.59 billion during the first eighteen weeks of the prior fiscal year. Comparable warehouse sales for this year-to-date period increased 13 percent over the prior year's level.
As announced on December 2, 1999 the Company's Board of Directors approved a 2-for-1 split of Costco common stock, whereby shareholders will receive one additional share of common stock for every share held on the record date of December 24, 1999. Additional shares will be delivered on or about January 13, 2000, by the Company's transfer agent, ChaseMellon Shareholder Services. The common stock will begin trading at a post-split price on January 14th.
Costco currently operates 302 warehouses, including 230 in the United States, 59 in Canada, seven in the United Kingdom, three in Korea, two in Taiwan, and a warehouse in Japan; as well as 17 additional warehouses in Mexico with a joint venture partner. The Company also operates Costco Online, an electronic commerce web site, at www.costco.com. The Company plans to open an additional 15 to 20 new warehouses (including four to six relocations of existing warehouses to larger and better-located facilities) prior to the end of its fiscal year 2000 on September 3, 2000.
CONTACT: Costco Wholesale Corporation Richard Galanti, 425/313-8203 Bob Nelson, 425/313-8255