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Costco Wholesale, Inc.Find BBB Accredited Businesses in Bulk Food Stores.
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Costco Wholesale, Inc. is a publicly held corporation headquartered in Kirkland, Washington. They operate a chain of 82 wholesale cash and carry membership warehouses in Washington, Oregon, Montana, California, Utah, Nevada, Alaska, Hawaii, Idaho, Florida, Connecticut, Massachusetts, New Hampshire and Canada.
Each Costco warehouse is 110,000-125,000 square feet in size and carries approximately 3,600 items of merchandise (hardlines, softlines, food and sundries). The company sells merchandise at low prices to businesses purchasing primarily for commercial use or resale, as well as to individuals who are members of selected employee groups. The company sells merchandise only to its MEMBERS, who pay an annual membership fee which is generally $25-$35 per year. Total company membership exceeds four million members.
(see section B)
In the first 8 years of operation, Costco's revenues have grown from $102 million in fiscal 1984 to $5.2 billion for the fiscal year ending September 1, 1991, compared to net income of $49.2 million on revenues of $4.1 billion in the preceeding fiscal year, reflecting increases of 28% in sales and 72% in earnings over the prior years results. The first quarter of fiscal year 1992 resulted in an increase of 27% in net sales and an increase of 49% in net income from the first quarter of the prior fiscal year.
To fund the company's rapid expansion, Costco has raised approximately $500 million in equity and equity-related securities since 1983. This includes $197 million in equity proceeds generated from the sale of 6,900,000 new shares of Costco common stock in March, 1991. The company's principal bank ing relationship is with Seattle First National Bank (Seafirst), Seattle, Washington.
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