Exhibit 99.1

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COSTCO WHOLESALE CORPORATION REPORTS FOURTH QUARTER AND FISCAL YEAR 2011 OPERATING RESULTS, SEPTEMBER SALES RESULTS AND PLANS FOR MEMBERSHIP FEE INCREASES

ISSAQUAH, Wash., October 5, 2011 - Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) announced today its operating results for the 16 weeks (fourth quarter) and the 52 weeks (fiscal year) ended August 28, 2011, its September sales results, and its plans for membership fee increases.

Net sales for the fiscal 2011 fourth quarter were $27.59 billion, an increase of 17 percent from $23.59 billion in the 16-week fourth quarter of fiscal 2010 ended August 29, 2010. This year’s 16-week period included sales from the Company’s Mexico joint venture; otherwise the increase would have been 14 percent.

Net sales for the 52-week fiscal year 2011 were $87.05 billion, an increase of 14 percent from $76.25 billion last year; excluding Mexico sales, the increase would have been 11 percent.

Comparable sales for the 16-week fiscal fourth quarter and the 52-week fiscal year 2011, including Mexico for last year and this year, were as follows:

 

     16 Weeks     52 Weeks  

U.S.

     10     7

International

     19     16

Total Company

     12     10
  

 

 

   

 

 

 

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

 

     16 Weeks     52 Weeks  

U.S.

     6     5

International

     10     10

Total Company

     7     6
  

 

 

   

 

 

 

Net income for the fourth quarter of fiscal 2011 was $478 million, or $1.08 per diluted share, compared to $432 million, or $.97 per diluted share, during the fourth quarter of fiscal 2010. Net income for fiscal 2011 was $1.46 billion, or $3.30 per diluted share, compared to $1.30 billion, or $2.92 per diluted share, during fiscal year 2010. The fourth quarter this year included a $32 million pretax LIFO charge ($.04 per diluted share); for all of fiscal 2011 the LIFO charge was $87 million pretax ($.12 per diluted share), compared to no LIFO charge in fiscal 2010. The consolidation of Mexico had no impact on net income or earnings per share attributable to Costco.


The following information was filed by Costco Wholesale Corp New (COST) on Wednesday, October 5, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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