(Exhibit 11)

                                COST PLUS, INC.

                       COMPUTATION OF NET LOSS PER SHARE
               (IN THOUSANDS EXCEPT PER SHARE AMOUNTS, UNAUDITED)






                                               THREE MONTHS ENDED                NINE MONTHS ENDED
                                          ---------------------------       ---------------------------
                                           NOVEMBER 1,    NOVEMBER 2,        NOVEMBER 1,    NOVEMBER 2,
                                              1997           1996               1997           1996
                                          ------------   ------------       ------------   ------------      
                                                                                 
NET LOSS                                   $ (1,252)      $  (863)             $  (958)      $ (1,455)    
                                           ========       =======              =======       ========      
                                                                                                          
                                                                                                          
WEIGHTED AVERAGE SHARES OUTSTANDING                                                                       
DURING THE PERIOD:                                                                                        
                                                                                                          
COMMON STOCK                                  8,357         8,077              $ 8,206          7,595     
                                                                                                          
ADD INCREMENTAL SHARES FROM ASSUMED                                                                       
  EXERCISE OF STOCK OPTIONS                     404           411                  367            390     
                                           --------       -------              -------       --------     
                                                                                                          
WEIGHTED AVERAGE COMMON AND COMMON                                                                        
  EQUIVALENT SHARES OUTSTANDING               8,761         8,488                8,573          7,985     
                                           ========       =======              =======       ========      
                                                                                                          
PRIMARY NET LOSS PER SHARE                 $  (0.14)      $ (0.10)             $ (0.11)      $  (0.18)    
                                           ========       =======              =======       ========      
                                                                                                          
Weighted average shares outstanding                                                                       
  during the period:                                                                                      
                                                                                                          
Common stock                                  8,357         8,077                8,206          7,595     
                                                                                                          
Add incremental shares from assumed                                                                       
  exercise of stock options                     412           410                  444            390     
                                           --------       -------              -------       --------     
                                                                                                          
Weighted average common and common                                                                        
  equivalent shares outstanding               8,769         8,487                8,650          7,985     
                                           ========       =======              =======       ========      
                                                                                                          
FULLY DILUTED NET LOSS PER SHARE           $  (0.14)      $ (0.10)             $ (0.11)      $  (0.18)    
                                           ========       =======              =======       ========