Costco Wholesale (COST) 8-K Costco Wholesale Corporation Reports First Quarter Fiscal

Exhibit 99.1

News from

COSTCO WHOLESALE CORPORATION REPORTS FIRST QUARTER FISCAL

YEAR 2013 OPERATING RESULTS

ISSAQUAH, Wash., December 12, 2012—Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) announced today its operating results for the first quarter (twelve weeks) of fiscal 2013, ended November 25, 2012.

Net sales for the quarter increased ten percent, to $23.20 billion from $21.18 billion during the first quarter last year. Comparable sales for the first quarter of fiscal 2013 were as follows:

	12 Weeks
U.S.		7	%
International		9	%
Total Company		7	%

Inflation in gasoline prices and strengthening foreign currencies had a positive impact on comparable sales. Excluding these effects, comparable sales were as follows:

	12 Weeks
U.S.		6	%
International		7	%
Total Company		6	%

Net income for the quarter was $416 million, or $.95 per diluted share, compared to $320 million, or $.73 per diluted share, last year. Last year’s net income was negatively impacted by a $12 million charge (or $.03 per diluted share) related to settlement of an income tax audit of the Company’s Mexico operation, and a $17 million charge (or $.04 per diluted share) related to contributions to an initiative reforming alcoholic beverage laws in Washington State.

Costco currently operates 621 warehouses, including 448 in the United States and Puerto Rico, 85 in Canada, 32 in Mexico, 23 in the United Kingdom, 13 in Japan, nine in Taiwan, eight in Korea, and three in Australia. The Company plans to open one additional new warehouse (Gwangmyeong, Korea) before the end of calendar year 2012. The Company also operates Costco Online, electronic commerce web sites, at www.costco.com (U.S.),www.costco.ca (CN), andwww.costco.co.uk (United Kingdom).

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A conference call to discuss these fiscal 2013 first quarter operating results is scheduled for 7:00 a.m. (PT) today, December 12, 2012, and is available via a webcast on www.costco.com (click on Investor Relations and “Play webcast”).

Certain statements contained in this document 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.

CONTACTS:	Costco Wholesale Corporation
	Richard Galanti, 425/313-8203, Bob Nelson, 425/313-8255, Jeff Elliott, 425/313-8264

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COSTCO WHOLESALE CORPORATION

CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data)

(unaudited)

	12 Weeks Ended
	November 25, 2012			November 20, 2011
REVENUE
Net sales	$	23,204		$	21,181
Membership fees		511			447
Total revenue		23,715			21,628
OPERATING EXPENSES
Merchandise costs		20,726			18,931
Selling, general and administrative		2,332			2,144
Preopening expenses		18			10
Operating income		639			543
OTHER INCOME (EXPENSE)
Interest expense		(13	)		(27	)
Interest income and other, net		20			37
INCOME BEFORE INCOME TAXES		646			553
Provision for income taxes		225			225
Net income including noncontrolling interests		421			328
Net income attributable to noncontrolling interests		(5	)		(8	)
NET INCOME ATTRIBUTABLE TO COSTCO	$	416		$	320
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:
Basic	$	0.96		$	0.74
Diluted	$	0.95		$	0.73
Shares used in calculation (000’s)
Basic		433,423			434,222
Diluted		438,643			440,615
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.275		$	0.240

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COSTCO WHOLESALE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

(unaudited)

Subject to Reclassifications

	November 25, 2012		September 2, 2012
ASSETS
Cash and cash equivalents	$	3,897	$	3,528
Short-term investments		1,679		1,326
Receivables, net		1,175		1,026
Merchandise inventories		8,152		7,096
Deferred income taxes and other current assets		502		550
Total current assets		15,405		13,526
Property and equipment, net		13,251		12,961
Other assets		667		653
TOTAL ASSETS	$	29,323	$	27,140
LIABILITIES AND EQUITY
Accounts payable	$	8,825	$	7,303
Accrued salaries and benefits		1,945		1,832
Other current liabilities		2,196		2,024
Deferred membership fees		1,169		1,101
Total current liabilities		14,135		12,260
Long-term debt, excluding current portion		1,366		1,381
Deferred income taxes and other liabilities		990		981
Total liabilities		16,491		14,622
Total Costco stockholders’ equity		12,665		12,361
Noncontrolling interests		167		157
Total equity		12,832		12,518
TOTAL LIABILITIES AND EQUITY	$	29,323	$	27,140

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