News Release

Costco Wholesale Corporation Reports First Quarter Fiscal 2001 Operating Results
ISSAQUAH, Wash.--(BUSINESS WIRE)--Dec. 14, 2000--Costco Wholesale Corporation ("Costco" or the "Company") (Nasdaq: COST) announced today its operating results for the first quarter of fiscal 2001, the 12 weeks ended November 26, 2000.
Sales for the first quarter of fiscal 2001 increased 10% to $7.50 billion from $6.82 billion during the first quarter of fiscal 2000. On a comparable warehouse basis, that is warehouses open at least a year, net sales increased by 5%.
Net income for the first quarter of fiscal 2001 was $129.5 million, or $.28 per diluted share, compared to $129.3 million, or $.28 per diluted share, during the first quarter of fiscal 2000.
Costco currently operates 349 warehouses, including 251 in the United States, 59 in Canada, 11 in the United Kingdom, four in Korea, three in Taiwan, two in Japan and 19 in Mexico. The Company also operates Costco Online, an electronic commerce web site, at www.costco.com.
As previously announced, a conference call to discuss these first quarter results is scheduled for 8:00 a.m. (PST), December 14, 2000, and is available via a webcast on www.costco.com (go to Customer Service, Investor Relations, Financial Releases and click on the "Live Webcast" icon).
COSTCO WHOLESALE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) (unaudited) 12 Weeks Ended ---------------------------- November 26, November 21, 2000 1999 ----------- ----------- REVENUE Net sales $ 7,498,979 $ 6,824,197 Membership fees and other 138,299 119,315 ----------- ----------- Total revenue 7,637,278 6,943,512 OPERATING EXPENSES Merchandise costs 6,713,644 6,120,201 Selling, general and administrative 691,127 596,717 Preopening expenses 19,680 10,334 Provision for impaired assets and warehouse closing costs 1,000 1,000 ----------- ----------- Operating income 211,827 215,260 OTHER INCOME (EXPENSE) Interest expense (6,964) (10,397) Interest income and other 11,005 10,667 ----------- ----------- INCOME BEFORE INCOME TAXES 215,868 215,530 Provision for income taxes 86,347 86,212 ----------- ----------- NET INCOME $ 129,521 $ 129,318 =========== =========== NET INCOME PER COMMON AND COMMON EQUIVALENT SHARE: ----------- ----------- Basic $ 0.29 $ 0.29 =========== =========== Diluted $ 0.28 $ 0.28 =========== =========== Shares used in calculation (000's) Basic 447,676 443,300 Diluted 473,920 473,414
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CONTACT: | Costco Wholesale Corporation |
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Richard Galanti, 425/313-8203 | |
Bob Nelson, 425/313-8255 | |