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June 2, 2011 at 4:10 AM EDT

Costco Wholesale Corporation Reports May Sales Results


Costco Wholesale Corporation ("Costco" or the "Company") (NASDAQ: COST) today reported net sales of $7.14 billion for the month of May, the four weeks ended May 29, 2011, an increase of 17 percent from $6.09 billion during the similar period last year. This year's four-week period included sales from the Company's Mexico joint venture, as the Company began consolidating its Mexico operations beginning with its 2011 fiscal year (on August 30, 2010); otherwise the net sales increase would have been 14 percent.

For the thirty-nine weeks of its reporting period ended May 29, 2011, the Company reported net sales of $64.75 billion, an increase of 13 percent from $57.17 billion during the similar period last year; excluding Mexico sales, the increase would have been 10 percent.

Comparable sales for the four-week and thirty-nine-week periods ended May 29, 2011, including Mexico operations for last year and this year, were as follows:

                                      4 Weeks   39 Weeks
                                    ---------- ----------

                   U.S.                 11%        7%
                   International        21%        15%

                   Total Company        13%        9%
                                    ========== ==========

Inflation in gasoline prices and strengthening foreign currencies had a positive impact on comparable sales. Excluding these effects, comparable sales for the four-week and thirty-nine-week periods were as follows:

                                      4 Weeks   39 Weeks
                                    ---------- ----------

                   U.S.                 6%         4%
                   International        12%        10%

                   Total Company        7%         6%
                                    ========== ==========

Additional discussion of these sales results is available in a pre-recorded telephone message. You can access the recording by dialing 1-800-642-1687 (conference ID 25103367). This message will be available today through 5:00 p.m. (PT) on Friday, June 3, 2011.

Costco currently operates 581 warehouses, including 425 in the United States and Puerto Rico, 80 in Canada, 32 in Mexico, 22 in the United Kingdom, eight in Japan, seven in Korea, six in Taiwan and one in Australia. The Company also operates Costco Online, an electronic commerce web site, at and at in Canada. The Company plans to open up to eleven additional warehouses prior to the end of its 2011 fiscal year on August 28, 2011.

Certain statements contained in this document and the pre-recorded telephone message constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For these purposes, forward-looking statements are statements that address activities, events, conditions or developments that the Company expects or anticipates may occur in the future. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. These risks and uncertainties include, but are not limited to, domestic and international economic conditions, including exchange rates, the effects of competition and regulation, uncertainties in the financial markets, consumer and small business spending patterns and debt levels, conditions affecting the acquisition, development, ownership or use of real estate, actions of vendors, rising costs associated with employees (including health care costs), energy, and certain commodities, geopolitical conditions and other risks identified from time to time in the Company's public statements and reports filed with the Securities and Exchange Commission.

Costco Wholesale Corporation
Bob Nelson
Jeff Elliott
David Sherwood

SOURCE: Costco