EXHIBIT 28

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To Price/Costco, Inc.:

    We  have reviewed the accompanying  condensed consolidated balance sheets of
Price/Costco, Inc., (a Delaware corporation) and subsidiaries as of May 7, 1995,
and the related condensed consolidated  statements of operations for the  twelve
and  thirty-six-week periods ended May  7, 1995, and May  8, 1994, and condensed
consolidated statements  of  cash flows  for  the thirty-six-week  periods  then
ended.  These  financial  statements  are the  responsibility  of  the Company's
management.

    We conducted  our review  in accordance  with standards  established by  the
American  Institute  of  Certified  Public  Accountants.  A  review  of  interim
financial information consists principally of applying analytical procedures  to
financial  data and  making inquiries of  persons responsible  for financial and
accounting matters. It is substantially less in scope than an audit conducted in
accordance with generally accepted auditing standards, the objective of which is
the expression  of an  opinion regarding  the financial  statements taken  as  a
whole. Accordingly, we do not express such an opinion.

    Based  on our review,  we are not  aware of any  material modifications that
should be made to the financial statements  referred to above for them to be  in
conformity with generally accepted accounting principles.

                                          ARTHUR ANDERSEN LLP

Seattle, Washington
June 14, 1995

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