Contact Information: CONTACTS: Costco Wholesale Corporation Joel Benoliel, 425/313-8193 Richard Galanti, 425/313-8203 Bob Nelson, 425/313-8255 Jeff Elliott, 425/313-8264
Costco Wholesale Corporation Announces Expansion of Its Pilot Test for Accepting Food Stamps
| Source: Costco
ISSAQUAH, WA--(Marketwire - May 29, 2009) - Costco Wholesale Corporation ("Costco")
(NASDAQ : COST ) announced today that it will accept food stamps at its new
116th Street location now under development in New York City, in addition
to the two previously announced test locations in Queens and Brooklyn. The
Manhattan location, scheduled to be open within the coming year, is part of
the East River Plaza redevelopment project in the Harlem neighborhood in
Manhattan.
Costco CEO, Jim Sinegal, stated: "Our announcement earlier this week of the
food stamp test in our two existing New York City locations was apparently
misunderstood by some. It was always our intention to include the new 116th
Street location, either as part of the ongoing test or as a permanent
fixture depending on the exact opening date for East River Plaza. When we
announced that the test, if successful, would result in adding food stamp
acceptance to all New York City locations, we did not mention 116th Street
specifically because we wanted to be inclusive of all planned locations,
some of which have not been publicly announced. As a result of a phone call
I received from Congressman Charles Rangel, we now understand the special
sensitivity in New York to this long-awaited project in his district. So,
to remove any doubt we may have inadvertently caused, Representative Rangel
asked that we make this clarification. We are grateful to Mr. Rangel for
the respect he showed for our company in bringing this to our attention. We
appreciate that he has a very special interest in the well-being of the
people in that neighborhood, and respect his point of view."
Costco currently operates 555 warehouses, including 407 in the United
States and Puerto Rico, 77 in Canada, 21 in the United Kingdom, six in
Korea, five in Taiwan, eight in Japan and 31 in Mexico. The Company also
operates Costco Online, an electronic commerce web site, at www.costco.com
and at www.costco.ca in Canada. The Company plans to open an additional
six new warehouses and close its two Costco Home locations prior to the end
of its 2009 fiscal year, on August 30, 2009.
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 and workers'
compensation costs), rising costs associated with the acquisition of
merchandise (including the direct and indirect effects of the rising cost
of petroleum-based products and fuel and energy costs), 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.