Costco 2008 Annual Report Download

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YEAR ENDED AUGUST 31, 2008
2008
Annual
Report
2008

Table of contents

  • Page 1
    Annual Report 2008 2008 YEAR ENDED AUGUST 31, 2008

  • Page 2
    ... ...Market for Costco Common Stock, Dividend Policy and Stock Repurchase Program ...Five Year Operating and Financial Highlights ...Management's Discussion and Analysis of Financial Condition and Results of Operations ...Directors, Executive Officers and Corporate Governance ...Management's Reports...

  • Page 3
    ...2005 2006 Fiscal Year 2007 2008 Excludes Mexico At Fiscal Year End Comparable Sales Growth Gold Star Members 12% 10% 21 Membership Business Members 5.8 20.181 20 5.6 5.594 10% Percent Increase 8% 7% 6% 8% 8% 19 18.619 Millions 6% 18 17.338 17 Millions 5.4 5.401 5.2 5.050 5.0 5.214...

  • Page 4
    ... of our warehouse ancillary businesses - pharmacies, food courts, optical and hearing aid centers, 1-hour photo and gas stations. These are "signature" departments that have been major contributors to Costco's success for many years: generating good levels of profits, driving incremental sales and...

  • Page 5
    ... the size of our company over the next ten years; and we believe if we do it right, moving into new communities and infilling in current markets, we will see demand for our business continue to grow. We currently operate 550 warehouses: 403 in the U.S. and Puerto Rico, 76 in Canada, 31 in Mexico, 21...

  • Page 6
    ... in the U.S., we now operate in Puerto Rico, in nine Canadian Provinces, as well as in Mexico, the United Kingdom, Japan, Korea, Taiwan and soon Australia. Our Company now operates six successful Business Centers in the U.S., primarily dedicated to helping our business members. We see an opportunity...

  • Page 7
    ... the economy and enable us to not only survive, but grow during these challenging times. We intend to carry out our current expansion plans and grow our market share, becoming an even stronger, more successful Company, increasing our sales, our profits and the satisfaction of our many Costco members...

  • Page 8
    ... San Bernardino El Centro San Diego CONNECTICUT (5) Eureka S.E. San Diego Brookfield Fairfield San Dimas Enfield Folsom San Francisco Milford New warehouse openings and relocations since FY 2007 in bold. 2 3 2 3 1 31 3 9 3 3 2 2 14 HAWAII 3 2 Norwalk Waterbury DELAWARE (1) Christiana FLORIDA...

  • Page 9
    ...Tumwater Derby Nepean Union Gap Gateshead Newmarket Vancouver Haydock Peterborough E. Wenatchee Leeds Richmond Hill Woodinville Liverpool St. Catharines WISCONSIN (2) Manchester Scarborough Grafton Milton Keynes Sudbury Middleton Oldham Vaughan Reading Windsor PUERTO RICO (4) CANADA (76) Sheffield...

  • Page 10
    ... promoting selected merchandise. These practices result in lower marketing expenses as compared to typical retailers. In connection with new warehouse openings, our marketing teams personally contact businesses in the area that are potential wholesale members. These contacts are supported by direct...

  • Page 11
    ...indicates the number of ancillary businesses in operation at fiscal year end: 2008 2007 2006 Food Court and Hot Dog Stands ...One-Hour Photo Centers ...Optical Dispensing Centers ...Pharmacies ...Gas Stations ...Hearing-Aid Centers ...Print Shops and Copy Centers ...Number of warehouses ... 506 504...

  • Page 12
    ...relate to the 53-week fiscal year ended September 3, 2006. Membership Policy Our membership format is designed to reinforce customer loyalty and provide a continuing source of membership fee revenue, which allows us to offer lower prices. Members can utilize their memberships at any Costco warehouse...

  • Page 13
    ...and consumer services offered by Costco, such as merchant credit-card processing, auto and home insurance, business telephone service, check printing, and real estate and mortgage services. The services are generally provided by third-parties and vary by state. In addition, Executive members qualify...

  • Page 14
    ... has been developing company-wide solutions to manage the various aspects of our business most directly related to sustainability, including data research, tracking and analysis; policy development; designing or assisting with sustainable initiatives related to development, environmental, economic...

  • Page 15
    ..., we encourage employees to ride bikes to work when practical. All of these programs and activities help to reduce our carbon footprint. Available Information We maintain an internet website at www.costco.com. We make available through the Investor Relations section of our website, free of charge...

  • Page 16
    ..., supercenter stores, warehouse clubs, internet-based retailers and catalog businesses. Such retailers and warehouse club operators compete in a variety of ways, including merchandise pricing, selection and availability, services offered to members, location, store hours and price. Our inability...

  • Page 17
    ...to manage these and other similar factors effectively will affect our ability to timely build or lease new warehouses, which may have a material adverse affect on our future growth and profitability. We seek to expand our business in existing markets in order to attain a greater overall market share...

  • Page 18
    ... no assurances of continued supply, pricing or access to new products, and any vendor could at any time change the terms upon which it sells to us or discontinue selling to us. Member demands may lead to insufficient in-stock positions of our merchandise, leading to loss of sales. We purchase our...

  • Page 19
    ... and related accounting pronouncements, implementation guidelines and interpretations with regard to a wide range of matters that are relevant to our business, including but not limited to, revenue recognition, sales returns reserves, impairment of long-lived assets and warehouse closing costs...

  • Page 20
    ...computer systems and back-up systems may have a material adverse effect on our business or results of operations. Natural disasters could unfavorably affect our financial performance. The occurrence of natural disasters, such as hurricanes or earthquakes, particularly in California, or in Washington...

  • Page 21
    ... highly qualified employees in the future, which could have a material adverse effect on the Company's business, results of operations and financial condition. The Company does not maintain key man insurance. If we do not maintain the privacy and security of member-related information, we could...

  • Page 22
    ..., 10.2 million in Canada and 5.3 million in other international locations, excluding Mexico. Administration and Merchandise Distribution Properties Our executive offices are located in Issaquah, Washington and occupy approximately 402,000 square feet. We operated eight regional offices in the United...

  • Page 23
    MARKET FOR COSTCO COMMON STOCK Market Information and Dividend Policy Our common stock is traded on the National Market tier of the NASDAQ Global Select Market ("NASDAQ") under the symbol "COST." We are authorized to issue up to 900,000,000 shares of common stock, par value $.005, and up to 100,000,...

  • Page 24
    ... repurchase program is provided in Note 5- Stockholders' Equity on pages 69 through 71 of this Annual Report. Equity Compensation Plans Information related to our equity compensation plans is incorporated herein by reference to the Proxy Statement filed with the Securities and Exchange Commission...

  • Page 25
    ... Club, Inc.; The Home Depot, Inc.; Lowe's Companies; Best Buy Co., Inc.; Office Depot, Inc.; Staples Inc.; Target Corporation; Kroger Company; and Wal-Mart Stores, Inc. The information provided is from August 31, 2003 through August 31, 2008. COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN AMONG COSTCO...

  • Page 26
    ... and should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations, and our consolidated financial statements. SELECTED FINANCIAL DATA (dollars in thousands, except per share and warehouse data) As of and for the year ended(1) Aug 31, 2008...

  • Page 27
    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Overview Our fiscal year ends on the Sunday closest to August 31. References to 2008 and 2007 relate to the 52-week years ended August 31, 2008 and September 2, 2007, respectively. References to 2006 relate to the ...

  • Page 28
    ... below: 2007 (amounts in thousands) Sales return reserve Employee tax consequences on stock options Deferred Membership Excise tax refund Total Net sales ...Membership fees ...Total revenue ...Merchandise costs ...Gross margin(1) ...SG&A ...Operating income ...Interest expense ...Interest income...

  • Page 29
    ... in comparable warehouse sales and $2.03 billion primarily from sales at new warehouses opened during 2007 and 2006, partially offset by the change in the reserve for estimated sales returns. Changes in prices of merchandise did not materially affect the sales increase. Gasoline sales contributed to...

  • Page 30
    ... of the Executive Membership two-percent reward program and increased spending by Executive members. These decreases were partially offset by a net 15 basis point increase from our merchandise departments, particularly fresh foods, food and sundries, Costco Online and our international operations...

  • Page 31
    ... ancillary businesses, costco.com and our international operations, offset by a decrease in our hardlines and softlines categories of approximately 15 basis points. In addition, increased penetration of the Executive Membership two-percent reward program and increased spending by Executive members...

  • Page 32
    ... operations related to new warehouses and the expansion of ancillary operations at existing warehouses. Preopening expenses can vary due to the timing of the opening relative to our year end, whether the warehouse is owned or leased, whether the opening is in an existing, new or international market...

  • Page 33
    ... in our cash and cash equivalents and short-term investments resulting from increased earnings from operations and the proceeds of the issuance of the 2007 Senior Notes, as well as an increase in the earnings of affiliates, primarily our investment in Costco Mexico (a 50%-owned joint venture). 31

  • Page 34
    ...% increase over the prior year. During 2007, we repurchased and retired 36.4 million shares of common stock, favorably impacting earnings per diluted share by approximately $0.03. LIQUIDITY AND CAPITAL RESOURCES The following table itemizes our most liquid assets at the end of 2008 and 2007 (dollars...

  • Page 35
    ... the accompanying consolidated statements of income. The markets relating to these investments remain uncertain, and there may be further declines in the value of these investments that may cause additional losses in future periods. At the end of 2008, the balance of the Columbia fund securities was...

  • Page 36
    ...do not have an estimate of the recovery value of these securities. Although future market conditions cannot be predicted, we currently do not expect future losses in our investment portfolio to be material to our consolidated financial statements or that we will experience a detriment to our overall...

  • Page 37
    ... to uncertainty regarding the timing of future cash payments. Expansion Plans Our primary requirement for capital is the financing of land, building and equipment costs for new and remodeled warehouses. Capital is also required for initial warehouse operations and working capital. While there can be...

  • Page 38
    .... Bank Credit Facilities and Commercial Paper Programs (all amounts stated in thousands, in U.S. dollars) Credit Line Usage at August 31, 2008 Credit Facility Description Expiration Date Total of all Credit Facilities Stand-by LC & Commercial Short Letter of Letter of Term Guaranty Credit Borrowing...

  • Page 39
    ... Short Letter of Term Credit Borrowing Available Credit Applicable Interest Rate Entity U.S...Uncommitted Stand By Letter of Credit U.S...Uncommitted Stand By Letter of Credit Canada(1) ...Revolving Credit Japan(1) ...Revolving Credit Japan(1) ...Revolving Credit Korea(1) ...Multi-Purpose Line...

  • Page 40
    ... 2012. We may redeem, at our option, the Zero Coupon Notes (at the discounted issue price plus accrued interest to date of redemption) any time after August 2002. As of August 31, 2008, $832.9 million in principal amount of the Zero Coupon Notes had been converted by note holders to shares of Costco...

  • Page 41
    ...from time-to-time as conditions warrant in the open market or in block purchases, and pursuant to plans under SEC Rule 10b5-1. Repurchased shares are retired, in accordance with the Washington Business Corporation Act. Critical Accounting Policies The preparation of our financial statements requires...

  • Page 42
    ...membership fees on our consolidated balance sheet. This adjustment included both a change in method of applying an accounting principle to a preferable method and a correction for cumulative timing errors. Our Executive members qualify for a 2% reward (which can be redeemed only at Costco warehouses...

  • Page 43
    ... and ability to hold the investment. We also consider specific adverse conditions related to the financial health of and business outlook for the issuer, including industry and sector performance, operational and financing cash flow factors, and rating agency actions. Once a decline in fair value is...

  • Page 44
    ... a material impact on our consolidated financial statements. In June 2008, the FASB issued Staff Position EITF 03-06-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities" (FSP EITF 03-06-1). FSP EITF 03-06-1 provides that unvested share-based...

  • Page 45
    ...for trading purposes. Recent developments in the financial markets, however, have rendered risks less predictable, and liquidity concerns and credit risks have increased. Our exposure to market risk for changes in interest rates relates primarily to our money market funds, debt securities, corporate...

  • Page 46
    ... of the Board. Mr. Brotman is a co-founder of the Company and has been a director since its inception. Sr. Executive Vice President, Chief Operating Officer, Global Operations, Distribution and Construction, Manufacturing and Ancillary Businesses. Mr. DiCerchio has been a Senior Executive Vice...

  • Page 47
    ... and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act of 2002. Executive Compensation The information required by this Item is incorporated herein by reference to the Proxy Statement filed with the Securities and Exchange Commission. MANAGEMENT'S REPORTS Management's Report...

  • Page 48
    ... (as defined in Rules 13a-15(e) or 15d-15(e) under the Securities and Exchange Act of 1934 (the Exchange Act)). Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this Annual Report, our disclosure controls...

  • Page 49
    ... The Board of Directors and Shareholders Costco Wholesale Corporation: We have audited the accompanying consolidated balance sheets of Costco Wholesale Corporation and subsidiaries as of August 31, 2008 and September 2, 2007 and the related consolidated statements of income, stockholders' equity and...

  • Page 50
    ...Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of August 31, 2008 and September 2, 2007, and the related consolidated statements of income, stockholders' equity and comprehensive income, and cash flows for the 52-week periods ended August...

  • Page 51
    COSTCO WHOLESALE CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in thousands, except par value) August 31, 2008 September 2, 2007 ASSETS CURRENT ASSETS Cash and cash equivalents ...Short-term investments ...Receivables, net ...Merchandise inventories ...Deferred income taxes and other current ...

  • Page 52
    ... CORPORATION CONSOLIDATED STATEMENTS OF INCOME (dollars in thousands, except per share data) 52 weeks ended August 31, 2008 52 weeks ended September 2, 2007 53 weeks ended September 3, 2006 REVENUE Net sales ...Membership fees ...Total revenue ...OPERATING EXPENSES Merchandise costs ...Selling...

  • Page 53
    COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME (in thousands) Common Stock Shares Amount Additional Paid-In Capital... notes ...13 Stock repurchase ...(13,812) Stock-based compensation ...- Cash dividends ...-...consolidated financial statements. 51

  • Page 54
    COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) 52 Weeks ended August 31, 2008 52 Weeks ended September 2, 2007 53 Weeks ended September 3, 2006 CASH FLOWS FROM OPERATING ACTIVITIES Net income ...Adjustments to reconcile net income to net cash provided by ...

  • Page 55
    ... accounts of Costco Wholesale Corporation, a Washington corporation, and its subsidiaries ("Costco" or the "Company"). All material inter-company transactions between the Company and its subsidiaries have been eliminated in consolidation. Costco operates membership warehouses that offer low prices...

  • Page 56
    ... the consolidated balance sheets on a gross basis. Third-party pharmacy receivables generally relate to amounts due from members' insurance companies for the amount above their co-pay, which is collected at the point-of-sale. Amounts are recorded net of an allowance for doubtful accounts. Management...

  • Page 57
    ... results of operations by more closely matching current costs with current revenues. The Company records an adjustment each quarter, if necessary, for the expected annual effect of inflation, and these estimates are adjusted to actual results determined at year-end. The LIFO inventory adjustment in...

  • Page 58
    ... number of years representing incentive amounts granted to the Company when a new location was opened, or for the repayment of certain infrastructure initially paid for by the Company. Accounts Payable The Company's banking system provides for the daily replenishment of major bank accounts as checks...

  • Page 59
    ..., as well as the Company's investment in Costco Mexico, are translated at the exchange rate on the balance sheet date. Translation adjustments resulting from this process are charged or credited to accumulated other comprehensive income. Revenues and expenses of the Company's consolidated foreign 57

  • Page 60
    ... financial statements was not material. The Company's Executive members qualify for a 2% reward, which can be redeemed at Costco warehouses, up to a maximum of $500 per year, on all qualified purchases made at Costco. The Company accounts for this 2% reward as a reduction in sales, with the related...

  • Page 61
    ... to support warehouse operations. Marketing and Promotional Expenses Costco's policy is generally to limit marketing and promotional expenses to new warehouse openings, occasional direct mail marketing to prospective new members and direct mail marketing programs to existing members promoting...

  • Page 62
    ... note securities. Stock Repurchase Programs Shares repurchased are retired, in accordance with the Washington Business Corporation Act. The par value of repurchased shares is deducted from common stock and the excess repurchase price over par value is deducted from additional paid-in capital and...

  • Page 63
    ... a material impact on the consolidated financial statements. In June 2008, the FASB issued Staff Position EITF 03-06-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities" (FSP EITF 03-06-1). FSP EITF 03-06-1 provides that unvested share-based...

  • Page 64
    ... future consolidated financial statements. Note 2-Investments Investments at August 31, 2008 and September 2, 2007, were as follows: Balance Sheet Classification 2008: Cost Basis Unrealized Gains Unrealized Losses Recorded Basis Short-term Investments Other Assets Available-for-sale: Money market...

  • Page 65
    ... Basis Unrealized Gains Unrealized Losses Recorded Basis Short-term Investments Other Assets Available-for-sale: Money market mutual funds ...U.S. Government and agency securities ...Corporate notes and bonds ...Asset and mortgage backed securities ...Total available-for-sale ...Held-to-maturity...

  • Page 66
    ... statements of cash flows. At the end of 2008, $228,730 remained, with $160,708 in short-term investments and $68,022 in other assets on the consolidated balance sheet, reflecting the timing of the expected distributions. The maturities of available-for-sale and held-to-maturity debt securities...

  • Page 67
    ... Letter of Credit Short Term Borrowing Applicable Interest Rate Entity Credit Facility Description Expiration Date Available Credit U.S...Uncommitted Stand By Letter of Credit U.S...Uncommitted Commercial Letter of Credit Australia(1) ...Guarantee Line Canada(1,3) ...Multi-Purpose Line Japan...

  • Page 68
    Credit Line Usage at September 2, 2007 Total of all Credit Facilities Stand-by LC & Letter of Guaranty Commercial Short Letter of Term Credit Borrowing Applicable Interest Rate Entity Credit Facility Description Expiration Date Available Credit U.S...Uncommitted Stand By Letter of Credit U.S......

  • Page 69
    ... facility: United Kingdom ...Other: United Kingdom Money Market Line Borrowing ...Year ended September 2, 2007 Bank borrowings: Canada ...United Kingdom ...Japan ...Bank overdraft facility: United Kingdom ...Other: United Kingdom Money Market Line Borrowing ...Long-Term Debt $174,802 31,682 22,416...

  • Page 70
    ... of 1,523,298 shares of Costco Common Stock shares at an initial conversion price of $22.71. Holders of the Zero Coupon Notes may require the Company to purchase the Zero Coupon Notes (at the discounted issue price plus accrued interest to date of purchase) in August 2012. The Company, at its option...

  • Page 71
    ... term: (a) renewal of the lease for a defined number of years at the then-fair market rental rate or rate stipulated in the lease agreement; (b) purchase of the property at the then-fair market value; or (c) right of first refusal in the event of a third party purchase offer. The Company accounts...

  • Page 72
    ... at the end of the fiscal year. Purchases are made from time-to-time as conditions warrant in the open market or in block purchases, and pursuant to share repurchase plans under SEC Rule 10b5-1. Repurchased shares are retired. Amounts remaining under stock repurchase authorizations of the Board of...

  • Page 73
    ...eight million shares of common stock for future grants in addition to grants currently authorized. The Third Restated 2002 Plan was amended by the Board of Directors in July, 2008 (Fourth Restated 2002 Plan). The primary change was to allow quarterly vesting of awards, as opposed to daily vesting on...

  • Page 74
    ...generally vest over five years and have a ten-year term. In 2006, the fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: 2006 Expected volatility ...Expected term ...Risk free interest rate...

  • Page 75
    ... the Company provides for accelerated vesting upon qualified retirement for recipients that have attained certain years of service with the Company. Recipients are not entitled to vote or receive dividends on unvested shares. The fair value of RSUs is the market value of the common stock on the date...

  • Page 76
    ... on hours worked and years of service. The Company has a defined contribution plan for Canadian and United Kingdom employees and contributes a percentage of each employee's salary. The Company complies with government requirements related to retirement benefits for other international operations and...

  • Page 77
    ... The Company is currently subject to examination in Canada for fiscal years 2002 to present and in California for fiscal years 2000 to present. No other examinations are believed to be material. Income before income taxes is comprised of the following: 2008 2007 2006 Domestic (including Puerto Rico...

  • Page 78
    ... as follows: 2008 2007 Stock options ...Deferred income/membership fees ...Excess foreign tax credits ...Accrued liabilities and reserves ...Other ...Total deferred tax assets ...Property and equipment ...Merchandise inventories ...Translation gain ...Total deferred tax liabilities ...Net deferred...

  • Page 79
    ... actions on behalf of certain present and former Costco managers in California, in which plaintiffs principally allege that they have not been properly compensated for overtime work. Scott M. Williams v. Costco Wholesale Corp., United States District Court (San Diego), Case No. 02-CV-2003 NAJ (JFS...

  • Page 80
    ... Company's routine closing procedures and security checks cause employees to incur delays that qualify as uncompensated working time and that effectively deny them statutorily guaranteed meal periods and rest breaks. The complaint was filed on October 2, 2008. Anthony Castaneda v. Costco Wholesale...

  • Page 81
    ... of the laws of various states, essentially alleging that milk provided to Costco by its supplier Aurora Dairy Corp. was improperly labeled "organic." Plaintiffs filed a consolidated complaint on July 18, 2008. With respect to the Company, plaintiffs seek to certify four classes of people who...

  • Page 82
    ... Attorney's Office for the Central District of California, seeking records relating to the Company's receipt and handling of hazardous merchandise returned by Costco members and other records. The Company is cooperating with the inquiry and at this time cannot reasonably estimate any loss that may...

  • Page 83
    ...grant date. The subject grants were made to over one thousand of the Company's employees, including, among others, the Company's warehouse managers and buyers. None of the options in which the review identified imprecision in the grant process were issued to the Company's chief executive officer, 81

  • Page 84
    ... were made to a director who serves as executive vice president and chief financial officer and to a director who had no role in the determination of any grant date, but who serves as senior executive vice president and chief operating officer. Given the lack of historical documentation, it...

  • Page 85
    ...below, as it is accounted for under the equity method and its operations are not consolidated in the Company's financial statements. United States Operations(a) Canadian Operations Other International Operations Total Year Ended August 31, 2008 Total revenue ...Operating income ...Depreciation and...

  • Page 86
    The accounting policies of the segments are the same as those described in Note 1. All inter-segment net sales and expenses are immaterial and have been eliminated in computing total revenue and operating income. (a) Certain Home Office operating expenses are incurred on behalf of our Canadian ...

  • Page 87
    ... an accounting principle and for cumulative timing errors related to the calculation of deferred membership income (See Note 1- Revenue Recognition). Note 14-Subsequent Events Subsequent to the end of 2008, on September 18, 2008, one of the Company's government agency money market funds, The...

  • Page 88
    ...Costco Mexico, Controladora Comercial Mexicana, initiated a reorganization proceeding in Mexico. That filing does not include the Company's joint venture Costco Mexico, and at present the Company does not expect this filing to have a material impact on the venture's financial condition or operations...

  • Page 89
    ..., Costco Wholesale Industries & Business Development Richard D. DiCerchio Senior Executive Vice President, COO - Global Operations, Distribution & Construction John B. Gaherty Senior Vice President, General Manager - Midwest Region Richard A. Galanti Executive Vice President, Chief Financial Officer...

  • Page 90
    ..., Service Deli and Food Court Deb Cain GMM - Foods - Northwest Region Deborah Calhoun GMM - Foods - San Diego Region Patrick Callans Corporate Purchasing, Business Centers and Costco Home Richard Chang Country Manager - Taiwan Jeff Cole U.S. Gas Purchasing & Operations Victor Curtis Pharmacy Richard...

  • Page 91
    ... Drive, Issaquah, Washington 98027. Internet users can access recent sales and earnings releases, the annual report and SEC filings, as well as our Costco Online web site, at http://www.costco.com. E-mail users may direct their investor relations questions to [email protected]. All of the Company...

  • Page 92
    09C0104_B 9/08