Costco 2010 Annual Report Download

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YEAR ENDED AUGUST 29, 2010
2010
Annual
Report
2010

Table of contents

  • Page 1
    Annual Report 2010 2010 YEAR ENDED AUGUST 29, 2010

  • Page 2
    ...Letter to Shareholders ...Map of Warehouse Locations ...Business Overview ...Risk Factors ...Properties: Warehouses, Administration and Merchandise Distribution Properties ...Market for Costco Common Stock, Dividend Policy and Stock Repurchase Program ...Five Year Operating and Financial Highlights...

  • Page 3
    ... Mexico At Fiscal Year End 2008 2009 2010 2006 2007 Excludes Mexico Fiscal Year 2008 2009 2010 0 2006 2007 Fiscal Year 2008 2009 2010 Comparable Sales Growth Comparable Sales Growth Gold Star Members 10% 8% 8% 6% 8% 7% 23 22 21 Membership Membership Business Members 22.527 21...

  • Page 4
    ... to a number of our existing buildings. Costco will end calendar year 2010 with 582 warehouses in operation around the world: 425 in the United States and Puerto Rico, 80 in Canada, 22 in the United Kingdom, 32 in Mexico, nine in Japan, seven in Korea, six in Taiwan and one in Australia. The demand...

  • Page 5
    ...large pipeline of promising new locations to be developed over the next few years. In mid-2010 we increased our annual dividend to shareholders by 14%, to $.82 per share. We also bought back nearly 10 million shares at a cost of $568 million. Since inception of our stock buy-back program in 2005, we...

  • Page 6
    ... the dominant warehouse club operator, with over 60 million loyal members. Bolstered by a strong member renewal rate (over 87%) and an expanding Executive Membership base, our membership fee revenue totaled nearly $1.7 billion in 2010. Our Executive Membership program (which represents approximately...

  • Page 7
    ... income and help drive incremental sales in our buildings. Encompassing our food courts, mini-photo labs, optical, hearing aid, pharmacy and gas station operations, many of these departments showed good sales and profit increases in 2010. Increases in gas prices, for example, helped us realize...

  • Page 8
    ... Fort Oglethorpe Aurora Perimeter Colorado Springs Town Center Colorado Springs West HAWAII (7) S.W. Denver Hawaii Kai Douglas County Honolulu Gypsum Kailua-Kona Parker Kapolei Sheridan Kauai Superior Maui Thornton Waipio Westminster New warehouse openings and relocations since FY 2009 in bold. 6

  • Page 9
    ... WASHINGTON (29) Aurora Village Bellingham Burlington Clarkston Covington Everett Federal Way Fife - Bus. Ctr. Gig Harbor Issaquah Kennewick Kirkland Lacey Lynnwood - Bus. Ctr. Marysville Puyallup Seattle Sequim Silverdale Spokane N. Spokane Tacoma Tukwila Tumwater Union Gap Vancouver CANADA...

  • Page 10
    ..., coupon mailers, weekly email blasts from costco.com, and handouts) to existing members 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...

  • Page 11
    ... of ancillary businesses in operation at fiscal year end: Ancillary Business 2010 2009 2008 Food Court ...One-Hour Photo Centers ...Optical Dispensing Centers ...Pharmacies ...Gas Stations ...Hearing-Aid Centers ...Print Shops and Copy Centers ...Car Washes ...Number of warehouses ...9 534 530...

  • Page 12
    ...Canada, provide our members additional products generally not found in our warehouses, in addition to services such as digital photo processing, pharmacy, travel, and membership services. Our warehouses accept cash, checks, certain debit cards, American Express and a private label Costco credit card...

  • Page 13
    ...credit-card processing, auto and home insurance, the Costco auto purchase program, and check printing services. The services are generally provided by thirdparties and vary by country and state. In addition, Executive members qualify for a 2% annual reward (which can be redeemed at Costco warehouses...

  • Page 14
    ... our systems. In January 2009, CSEG issued a Corporate Sustainability Report, which is available, with updates, on the Costco.com website. Greenhouse Gas Reduction Program We have implemented a corporate energy policy within an environmental framework, supported by a program for greenhouse gas (GHG...

  • Page 15
    ... in Arizona and a water recovery system in a California warehouse that uses selected warehouse wastewater for site irrigation. By coordinating with state and federal incentive programs, these and other energy-saving systems help us reduce our carbon footprint and lower the cost of operating our...

  • Page 16
    ... retail business is highly competitive. We compete for members, employees, sites, products and services and in other important respects with many other local, regional and national retailers, both in the United States and in foreign countries. We compete with other warehouse club operators, discount...

  • Page 17
    ...consolidated net sales in 2010 and 2009, respectively. Our California market in general, has a larger percentage of higher volume warehouses as compared to our other markets. Any substantial slowing or sustained decline in these operations could materially adversely affect our business and financial...

  • Page 18
    ... our financial results. Damage to our brands or reputation may negatively impact comparable warehouse sales, lower employee morale and productivity, diminish member trust, and reduce member renewal rates and, accordingly, membership fee revenues, resulting in a reduction in shareholder value. 16

  • Page 19
    ... 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, inventories, self-insurance, income taxes, unclaimed property laws and...

  • Page 20
    ... rates, margins, earnings and earnings per share or new warehouse openings, could cause the market price of our stock to decline, as could changes in our dividend or stock repurchase policies. We rely extensively on computer systems to process transactions, summarize results and manage our business...

  • Page 21
    ... our locations, which could have a material adverse effect on our business, financial condition, and results of operations. These events could also reduce demand for our products or make it difficult or impossible to receive products from suppliers. We are subject to a wide variety of federal, state...

  • Page 22
    ... 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 damage our reputation...

  • Page 23
    ... At August 29, 2010, we operated 540 membership warehouses: NUMBER OF WAREHOUSES Own Land and Building Lease Land and/or Building(1) Total United States and Puerto Rico ...Canada ...United Kingdom ...Japan ...Korea ...Taiwan ...Australia ...Total ... 329 70 19 1 3 - 1 423 87 9 3 8 4 6 - 117...

  • Page 24
    ... to pay dividends on a quarterly basis. Issuer Purchases of Equity Securities (dollars in millions, except per share data) The following table sets forth information on our common stock repurchase program activity for the 16-week fourth quarter of fiscal 2010: Total Number of Shares Purchased as...

  • 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 28, 2005 through August 29, 2010. COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN AMONG COSTCO...

  • Page 26
    ... per share and warehouse number data) As of and for the year ended(1) Aug. 29, 2010 (52 weeks) Aug. 30, 2009 (52 weeks) Aug. 31, 2008 (52 weeks) Sept. 2, 2007 (52 weeks) Sept. 3, 2006 (53 weeks) RESULTS OF OPERATIONS Net sales ...Merchandise costs ...Gross Margin ...Membership fees ...Operating...

  • Page 27
    ...AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (dollars in millions, except per share and warehouse number data) OVERVIEW Our fiscal year ends on the Sunday closest to August 31. References to 2010, 2009, and 2008 relate to the 52-week years ended August 29, 2010, August 30, 2009, and...

  • Page 28
    ... at new warehouses opened during 2010 and 2009. Foreign currencies, particularly in Canada, Korea, and Japan, strengthened against the U.S. dollar, which positively impacted net sales during 2010 by approximately $1,570 (225 basis points). Net sales were also positively impacted by gasoline price...

  • Page 29
    ...an increase of $1,502 primarily from sales at new warehouses opened during 2009 and 2008. Our sales were also impacted by a lower number of warehouse openings year-over-year. Foreign currencies, particularly in Canada, the United Kingdom, and Korea, weakened against the U.S. dollar, which negatively...

  • Page 30
    ...in Canada, the United Kingdom, and Korea, which negatively impacted membership fees during 2009 by approximately $50, and a lower number of warehouse openings year-over-year. Our member renewal rate at the end of 2009 was 87% in the U.S. and Canada. Gross Margin 2010 2009 2008 Gross margin ...Gross...

  • Page 31
    ... to 2009. If the effect of gasoline price inflation on net sales in 2010 is excluded, these expenses increased three basis points compared to 2009. Warehouse operating costs, excluding the effect of gasoline price inflation, increased seven basis points, primarily due to higher employee benefit...

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

  • Page 33
    ...-market adjustment in 2009 compared to a favorable $6 adjustment in 2008, related to our forward foreign exchange contracts. Provision for Income Taxes 2010 2009 2008 Income tax expense ...Effective tax rate ... $ 731 35.6% $ 628 36.4% $ 716 35.6% The decline in the effective tax rate from 2009...

  • Page 34
    ... $862 and $758 at the end of 2010 and 2009, respectively, represented debit and credit card receivables, primarily related to sales in the week prior to the end of our fiscal year. Net cash provided by operating activities totaled $2,780 in 2010 compared to $2,092 in 2009. This net increase of $688...

  • Page 35
    The effect of exchange rate changes, increased cash by $11 in 2010, compared to a decrease of $14 in 2009. This increase was primarily due to the strengthening of foreign currencies, primarily in Canada, Korea, and Japan during 2010. Dividends In April 2010, our Board of Directors increased our ...

  • Page 36
    ... Guaranty LC Borrowing Credit Rate Entity Credit Facility Description Expiration Date U.S...U.S...Australia(1) ...Canada(1)(3) ...Japan(1) Japan(1) Japan(1) Japan(2) Korea(1) ... Taiwan ...Taiwan ...United Kingdom . . United Kingdom . . United Kingdom(2) ...United Kingdom . . Uncommitted...

  • Page 37
    ... Expiration Date Credit Line Usage at August 30, 2009 Stand-by Total of LC & ShortApplicable all Credit Letter of Commercial Term Available Interest Facilities Guaranty LC Borrowing Credit Rate U.S...U.S...Australia(1) ...Canada(1) ...Japan(1) ...Japan(1) ...Japan(1) ...Japan(2) ...Korea...

  • Page 38
    ...at the discounted issue price plus accrued interest to date of redemption) any time after August 2002. As of August 29, 2010, $859 in principal amount of Zero Coupon Notes had been converted by note holders to shares of Costco Common Stock, of which the principal converted during 2010, 2009 and 2008...

  • Page 39
    ..., a material current or future effect on our financial condition or consolidated financial statements. Stock Repurchase Programs In September and November of 2007, our Board of Directors approved $300 and $1,000, respectively, of stock repurchases, which expire in August 2010 and November 2010. In...

  • Page 40
    ... over the one-year membership period. Our Executive members qualify for a 2% reward (which can be redeemed only at Costco warehouses), up to a maximum of $500 per year, on qualified purchases made at Costco. We account for this 2% reward as a reduction in sales, with the related liability being...

  • Page 41
    ... diversified among money market funds, U.S. Government and Agency debt securities, Federal Deposit Insurance Corporation (FDIC) insured corporate notes, and corporate notes and bonds with effective maturities of generally three months to five years at the date of purchase. The primary objective of...

  • Page 42
    ... the fair value of the fixed-rate debt and may affect the interest expense related to the variable rate debt. See Note 4 to the consolidated financial statements included in this Report for more information on our long and short-term debt. Foreign Currency-Exchange Risk Our foreign subsidiaries...

  • Page 43
    ... Board of Directors. Prior to that date, he was Executive Vice President, Chief Operating Officer, Merchandising since 2004. Executive Vice President and Chief Financial Officer. Mr. Galanti has been a director of the Company since January 1995. Executive Vice President and Chief Information Officer...

  • Page 44
    ...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 and procedures are effective. There has been...

  • Page 45
    ...) in Internal Control- Integrated Framework. Based on its assessment, management has concluded that our internal control over financial reporting was effective as of August 29, 2010. James D. Sinegal Chief Executive Officer Richard A. Galanti Executive Vice President Chief Financial Officer 43

  • Page 46
    ... in FASB ASC Topic 810, Consolidation) effective August 31, 2009. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company's internal control over financial reporting as of August 29, 2010, based on criteria established in...

  • Page 47
    ... of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of August 29, 2010 and August 30, 2009, and the related consolidated statements of income, equity and comprehensive income, and cash flows for each of the 52-week periods ended August...

  • Page 48
    COSTCO WHOLESALE CORPORATION CONSOLIDATED BALANCE SHEETS (dollars in millions, except par value and share data) August 29, 2010 August 30, 2009 ASSETS CURRENT ASSETS Cash and cash equivalents ...Short-term investments ...Receivables, net ...Merchandise inventories ...Deferred income taxes and other...

  • Page 49
    ... WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (dollars in millions, except per share data) 52 weeks ended August 29, 2010 52 weeks ended August 30, 2009 52 weeks ended August 31, 2008 REVENUE Net sales ...Membership fees ...Total revenue ...OPERATING EXPENSES Merchandise costs ...Selling...

  • Page 50
    ...Common Stock Shares (000's) Amount Accumulated Additional Other Total Costco NonPaid-in Comprehensive Retained Stockholders' controlling Capital Income Earnings Equity Interests Total Equity BALANCE AT SEPTEMBER 2, 2007 . . 437,013 Cumulative effect of adoption of guidance related to uncertain tax...

  • Page 51
    ... OF CASH FLOW INFORMATION: Cash paid during the year for: Interest (reduced by $11, $8, and $16 interest capitalized in 2010, 2009, and 2008, respectively) ...Income taxes ...SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: Common stock issued upon conversion of 3.5% Zero Coupon Convertible...

  • Page 52
    .... Costco operates membership warehouses that offer low prices on a limited selection of nationally branded and select private label products in a wide range of merchandise categories in no-frills, selfservice facilities. At August 29, 2010, Costco operated 540 warehouses in 40 states and Puerto Rico...

  • Page 53
    ... are presented on a gross basis within other current liabilities on the consolidated balance sheets. 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...

  • Page 54
    ... cost or market principle. 2010 2009 Merchandise inventories consist of: United States (primarily LIFO) ...Foreign (FIFO) ...Total ... $4,150 1,488 $5,638 $4,080 1,325 $5,405 The Company provides for estimated inventory losses between physical inventory counts as a percentage of net sales, using...

  • Page 55
    .... In 2010, 2009, and 2008, the Company recorded impairment charges of $2, $11, and $10, respectively. In 2009, the charge was primarily related to the closure of its two Costco Home locations in July 2009. In 2008, the charge was primarily related to an on-site relocation of a warehouse that was...

  • Page 56
    ...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 are presented. Accordingly, included in accounts payable at the end of 2010...

  • Page 57
    ...exchange prevailing during the year. Gains and losses on foreign currency transactions are included in interest income and other, net and were $13 in 2010 and not significant in 2009 or 2008. Revenue Recognition The Company generally recognizes sales, net of estimated returns, at the time the member...

  • Page 58
    ... 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 59
    ... the expected closing date and remaining lease obligations, net of estimated sublease income, for leased locations. At the end of 2010 and 2009, the Company's reserve for warehouse closing costs was $5 and primarily related to estimated future lease obligations. Fair Value of Financial Instruments...

  • Page 60
    ... are used to measure fair value: Level 1 primarily consists of financial instruments, such as money market mutual funds, whose value is based on quoted market prices, such as quoted net asset values published by the fund as supported in an active market, exchange-traded instruments and listed...

  • Page 61
    ... 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...

  • Page 62
    ... fair value measurement hierarchy. The guidance is effective for annual and interim reporting periods beginning after December 15, 2009, except for Level 3 (on a gross basis) reconciliation disclosures, which are effective for annual and interim periods beginning after December 15, 2010. The Company...

  • Page 63
    ... operates 32 warehouses similar in format and merchandise offerings to Costco warehouses operated world-wide. Historically, the Company accounted for its interest in Costco Mexico under the equity method. Consolidation of Costco Mexico is expected to increase total assets, liabilities, and revenue...

  • Page 64
    ...At the end of 2009, $3 was recorded in other assets, reflecting the timing of the expected distributions. The proceeds and gross realized gains and losses from sales of available-for-sale securities during 2010, 2009, and 2008 are provided in the following table: 2010 2009 2008 Proceeds ...Realized...

  • Page 65
    ..., net in the accompanying consolidated statements of income. At the end of 2010, the Company no longer held any of these securities. The maturities of available-for-sale and held-to-maturity securities at August 29, 2010 are as follows: Available-For-Sale Cost Basis Fair Value Held-To-Maturity Cost...

  • Page 66
    ... and other, net related to assets held as of August 30, 2009 ... $ 12 0 (4) (17) 23 $ 14 $ (4) $ 6 3 (6) (23) 32 $ 12 $ (4) $ 18 3 (10) (40) 55 $ 26 $ (8) The Company reports transfers in and out of Levels 1, 2, and 3, as applicable, using the fair value of the individual securities as of the...

  • Page 67
    ... Rate During the Fiscal Year Year ended August 29, 2010 Bank borrowings: Canada ...Japan ...Bank overdraft facility: United Kingdom ...Year ended August 30, 2009 Bank borrowings: Canada ...United Kingdom ...Japan ...Bank overdraft facility: United Kingdom ...Other: United Kingdom Money Market...

  • Page 68
    ... Coupon Notes outstanding are convertible into a maximum of 943,000 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...

  • Page 69
    ...2013 ...2014 ...2015 ...Thereafter ...Total ...$ 0 899 0 0 0 1,242 $2,141 Note 5-Leases Operating Leases The Company leases land and/or buildings at warehouses and certain other office and distribution facilities primarily under operating leases. These leases expire at various dates through 2049...

  • Page 70
    ... consolidated statements of cash flows to the extent that repurchases had not settled 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...

  • Page 71
    ... awarded RSU grants continue to involve daily vesting upon certain terminations of employment. Additionally, employees who attain certain years of service with the Company will receive shares under accelerated vesting provisions on the annual vesting date rather than upon qualified retirement. The...

  • Page 72
    ... exercise price at the end of 2009 and 2008: 2009 2008 Options exercisable (shares in 000's) ...Weighted average exercise price ... 16,588 $ 39.62 15,735 $ 39.14 The tax benefits realized and intrinsic value related to total stock options exercised during 2010, 2009, and 2008 are provided in...

  • Page 73
    ... of California union employees, the plan allows pre-tax deferrals against which the Company matches 50% of the first one thousand dollars of employee contributions. In addition, the Company provides each eligible participant an annual discretionary contribution based on salary and years of service...

  • Page 74
    ...programs were allocated to equity attributable to Costco in the amount of $15, $2, and $62, in 2010, 2009, and 2008, respectively. The reconciliation between the statutory tax rate and the effective rate for 2010, 2009, and 2008 is as follows: 2010 2009 2008 Federal taxes at statutory rate ...State...

  • Page 75
    ... the beginning and ending amount of gross unrecognized tax benefits for 2010 and 2009 is as follows: 2010 2009 Gross unrecognized tax benefit at beginning of year ...Gross increases-current year tax positions ...Gross increases-tax positions in prior years ...Gross decreases-tax positions in prior...

  • Page 76
    in Note 1. The Company recognized $7 of income related to interest and penalties in 2010. Accrued interest and penalties are $9 and $20 at the end of 2010 and 2009, respectively. The Company is currently under audit by several taxing jurisdictions in the United States and in several foreign ...

  • Page 77
    ... resulting from misclassification of certain California department managers as exempt employees. On September 3, 2010, the Company removed the case to federal court. Manuel Medrano v. Costco Wholesale Corp., and Costco Wholesale Membership, Inc., United States District Court (Los Angeles), Case No...

  • Page 78
    ... Kathryn Vratil in the United States District Court for the District of Kansas. On February 21, 2008, the court denied a motion to dismiss the consolidated amended complaint. On April 12, 2009, the Company agreed to a settlement involving the actions in which it is named as a defendant. Under the...

  • Page 79
    ... of one plaintiff to file an amended complaint. In Kilano, et. ano, v. Costco Wholesale Corp., No. 2:10-cv-11456-VAR-DAS (United States District Court for the Eastern District of Michigan), two members purport to represent a class of certain Michigan Executive level-members who received 2% rewards...

  • Page 80
    ...TSZ (United States District Court for the Western District of Washington), was filed on or about September 29, 2008, and named as defendants all but one of the Company's directors and certain of its senior executives. Plaintiff alleged that defendants approved the issuance of backdated stock options...

  • Page 81
    ... Solano Counties filed a complaint, People of the State of California v. Costco Wholesale Corp., et. al No. 37-2009-00099912 (Superior Court for the County of San Diego), alleging on information and belief that the Company has violated and continues to violate provisions of the California Health and...

  • Page 82
    ... in the operation of membership warehouses in the United States, Canada, the United Kingdom, Japan, Australia, through majority-owned subsidiaries in Taiwan and Korea, and through a 50%-owned joint-venture in Mexico. The Company's reportable segments are largely based on management's organization of...

  • Page 83
    ...Financial Data (Unaudited) The two tables that follow reflect the unaudited quarterly results of operations for 2010 and 2009. First Quarter 12 Weeks 52 Weeks Ended August 29, 2010 Second Third Fourth Quarter Quarter Quarter 12 Weeks 12 Weeks 16 Weeks Total 52 Weeks REVENUE Net sales ...Membership...

  • Page 84
    First Quarter 12 Weeks 52 Weeks Ended August 30, 2009 Second Third Fourth Quarter Quarter Quarter 12 Weeks 12 Weeks 16 Weeks Total 52 Weeks REVENUE Net sales ...Membership fees ...Total revenue ...OPERATING EXPENSES Merchandise costs ...Selling, general and administrative ...Preopening expenses ...

  • Page 85
    ... the Board of Daily Journal Corporation; and Chairman and CEO of Wesco Financial Corporation Jeffrey S. Raikes CEO of the Bill and Melinda Gates Foundation Jill S. Ruckelshaus Director, Lincoln National Corporation James D. Sinegal Chief Executive Officer, Costco EXECUTIVE AND SENIOR OFFICERS Joel...

  • Page 86
    ..., Service Deli and Food Court Deborah Cain GMM - Foods - Northwest Region Deborah Calhoun GMM - Foods - San Diego Region Patrick Callans Corporate Purchasing and Business Centers Mike Casebier Operations - San Diego Region Richard Chang Country Manager - Taiwan Jeffrey Cole U.S. Gasoline, Car Wash...

  • Page 87
    ... 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 88