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Costco Wholesale Corporation Reports May Sales Results and Purchase of Additional 20% Interest in Its United Kingdom Subsidiary Operation
ISSAQUAH, Wash.--(BUSINESS WIRE)--June 1, 2000--Costco Wholesale Corporation ("Costco" or the "Company") (Nasdaq:COST) today reported net sales of $2.38 billion for the four weeks ended May 28, 2000, an increase of 11 percent from $2.15 billion in the same four-week period of the prior fiscal year. On a comparable warehouse basis, that is warehouses open at least a year, sales increased 8 percent.
For the first thirty-nine weeks of its 2000 fiscal year ended May 28, 2000, the Company reported net sales of $22.99 billion, an increase of 15 percent from $19.91 billion during the first thirty-nine weeks of the prior fiscal year. Comparable warehouse sales for this year-to-date period increased 12 percent over the prior year's level.
On May 26th, one of Costco's subsidiaries acquired from The Littlewoods Organisation PLC its 20% equity interest in Costco Wholesale UK Limited, bringing Costco's ownership in Costco Wholesale UK Limited to 80%. Carrefour Nederland B.V. owns the remaining 20% interest in Costco Wholesale UK Limited. Costco Wholesale UK Limited currently operates eight Costco warehouse locations -- six in England and two in Scotland. Three additional units are planned to open prior to the calendar year-end.
Costco currently operates 306 warehouses, including 232 in the United States, 59 in Canada, eight in the United Kingdom, three in Korea, three in Taiwan, and a warehouse in Japan; as well as 18 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 10 additional new warehouses (including relocations of two 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