EXHIBIT 28
 
                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
 
To Price/Costco, Inc.:
 
    We  have reviewed the  accompanying condensed consolidated  balance sheet of
Price/Costco, Inc. (a Delaware corporation) and subsidiaries as of February  18,
1996,  and the related  condensed consolidated statements  of operations for the
twelve and twenty-four-week  periods ended  February 18, 1996  and February  12,
1995,   and   condensed  consolidated   statements   of  cash   flows   for  the
twenty-four-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
March 20, 1996
 
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