Costco Wholesale (COST) 8-K Costco Wholesale Corporation Reports Second Quarter and Year-to-date

Exhibit 99.1

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COSTCO WHOLESALE CORPORATION REPORTS SECOND QUARTER AND YEAR-TO-DATE

OPERATING RESULTS FOR FISCAL YEAR 2013

ISSAQUAH, Wash., March 12, 2013 – Costco Wholesale Corporation (“Costco” or the “Company”) (Nasdaq: COST) announced today its operating results for the second quarter (twelve weeks) and first half (24 weeks) of fiscal 2013, ended February 17, 2013. Net sales for the quarter increased eight percent, to $24.34 billion, from $22.51 billion last year. Net sales for the first half increased nine percent, to $47.55 billion, from $43.69 billion last year.

Comparable sales were as follows:

	12 Weeks			24 Weeks
U.S.		5	%		6	%
International		6	%		7	%
Total		5	%		6	%

Inflation in gasoline prices and stronger foreign currencies had positive impacts on comparable sales for both reporting periods. Excluding these effects, comparable sales were as follows:

	12 Weeks			24 Weeks
U.S.		5	%		6	%
International		4	%		5	%
Total		5	%		5	%

Net income for the quarter was $547 million, or $1.24 per diluted share, compared to $394 million, or $.90 per diluted share, last year. Net income was positively impacted by a $62 million ($0.14 per diluted share) tax benefit in connection with the portion of the special cash dividend paid by the Company in December 2012 to the Company 401(k) plan participants. Net income for the first half was $963 million, or $2.19 per diluted share, compared to $714 million, or $1.62 per diluted share, last year.

Costco currently operates 622 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, nine in Korea and three in Australia. The Company plans to open up to an additional fourteen new warehouses prior to the end of its fiscal year on September 1, 2013. Costco also operates electronic commerce web sites, atwww.costco.com (U.S.), www.costco.ca (Canada), andwww.costco.co.uk (United Kingdom).

A conference call to discuss these second quarter operating results is scheduled for 8:00 a.m. (PT) today, March 12, 2013, 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

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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

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data)

(unaudited)

	12 Weeks Ended						24 Weeks Ended
	February 17, 2013			February 12, 2012			February 17, 2013			February 12, 2012
REVENUE
Net sales	$	24,343		$	22,508		$	47,547		$	43,689
Membership fees		528			459			1,039			906
Total revenue		24,871			22,967			48,586			44,595
OPERATING EXPENSES
Merchandise costs		21,766			20,139			42,492			39,070
Selling, general and administrative		2,361			2,178			4,693			4,322
Preopening expenses		6			6			24			16
Operating income		738			644			1,377			1,187
OTHER INCOME (EXPENSE)
Interest expense		(25	)		(27	)		(38	)		(54	)
Interest income and other, net		26			10			46			47
INCOME BEFORE INCOME TAXES		739			627			1,385			1,180
Provision for income taxes		185			215			410			440
Net income including noncontrolling interests		554			412			975			740
Net income attributable to noncontrolling interests		(7	)		(18	)		(12	)		(26	)
NET INCOME ATTRIBUTABLE TO COSTCO	$	547		$	394		$	963		$	714
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:
Basic	$	1.26		$	0.91		$	2.22		$	1.64
Diluted	$	1.24		$	0.90		$	2.19		$	1.62
Shares used in calculation (000’s)
Basic		435,975			434,535			434,698			434,374
Diluted		439,812			439,468			439,222			440,036
Cash dividends declared per common share	$	7.275		$	0.240		$	7.550		$	0.480

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COSTCO WHOLESALE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

(unaudited)

Subject to Reclassifications

	February 17, 2013		September 2, 2012
ASSETS
Cash and cash equivalents	$	4,413	$	3,528
Short-term investments		1,238		1,326
Receivables, net		1,300		1,026
Merchandise inventories		7,582		7,096
Deferred income taxes and other current assets		577		550
Total current assets		15,110		13,526
Property and equipment, net		13,386		12,961
Other assets		593		653
TOTAL ASSETS	$	29,089	$	27,140
LIABILITIES AND EQUITY
Short-term borrowings	$	64	$	0
Accounts payable		7,441		7,303
Accrued salaries and benefits		2,077		1,832
Other current liabilities		2,264		2,024
Deferred membership fees		1,199		1,101
Total current liabilities		13,045		12,260
Long-term debt, excluding current portion		4,806		1,381
Deferred income taxes and other liabilities		955		981
Total liabilities		18,806		14,622
Total Costco stockholders’ equity		10,112		12,361
Noncontrolling interests		171		157
Total equity		10,283		12,518
TOTAL LIABILITIES AND EQUITY	$	29,089	$	27,140