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Not to be confused with COSCO, a Chinese shipping company.
Costco Wholesale Corporation|
Traded as| NASDAQ: COST|
Founded| 1983 (Kirkland, Washington)|
Founder(s)| James D. Sinegal
Jeffrey H. Brotman|
Headquarters| Issaquah, Washington, U.S.|
Area served| Worldwide|
Key people| Jeffrey H. Brotman (Chairman)
W. Craig Jelinek (President, CEO & COO)|
Products| Discount stores, Merchandise, Cash & Carry/Warehouse club| Revenue| US$ 88.915 billion (2011)|
Operating income| US$ 2.439 billion (2011)|
Net income| US$ 1.462 billion (2011)|
Total assets| US$ 26.761 billion (2011)|
Total equity| US$ 12.002 billion (2011)|
Employees| 92,000 (2012)|
Costco Wholesale Corporation is the seventh largest retailer in the world. As of July 2012, it was the fifth largest retailer in the United States, and the largest membership warehouse club chain in the United States. As of October 2007, Costco is the largest retailer of wine in the world. Contents * 1 Location * 2 History * 3 Costco today * 4 Sales model * 5 Membership * 6 Policies * 6.1 Return policy * 6.2 Food stamps in the U.S. * 6.3 Cash Cards * 7 Products * 7.1 Kirkland Signature * 8 Services * 8.1 Online shopping * 8.2 Costco Travel * 8.3 Costco Connection * 8.4 Food service * 9 Animal Welfare Concerns * 10 Labor relations * 11 International * 12 Locations * 13 Other wholesale formats * 13.1 Costco Business Center * 13.2 Costco Home * 14 See also * 15 References * 16 External links| Location
Costco is headquartered in Issaquah, Washington, United States and was founded in 1983 in Kirkland, Washington with its first warehouse in nearby Seattle. Today Costco has locations in the United Kingdom, Australia, Canada, Mexico, Taiwan, South Korea, Japan, and the United States. History
Logo used until the early 1990s.
Founded by James (Jim) Sinegal and Jeffrey H. Brotman, Costco opened its first warehouse in Seattle, Washington, on September 15, 1983. Sinegal had started in wholesale distribution by working for Sol Price at both FedMart and Price Club. Brotman, an attorney from an old Seattle retailing family, had also been involved in retail distribution from an early age. Wal-Mart founder Sam Walton had plans to merge Sam's Club with Price Club. In 1993, however, Costco merged with Price Club (called Club Price in the Canadian province of Quebec). Costco's business model and size were similar to those of Price Club, which was founded by Sol and Robert Price in 1976 in San Diego, California. Thus, the combined company, PriceCostco, was effectively double the size of each of its parents. Just after the merger, PriceCostco had 206 locations generating $16 billion in annual sales. PriceCostco was initially led by executives from both companies, but then Sol and his son Robert Price founded Price Enterprises and left Costco in December 1994.
The Costco in Moncton, New Brunswick
Entrance in Henderson, Nevada
In 1993, when growing competition threatened both Price Club and Costco Wholesale, they entered into a partial merger just after Price’s earnings dropped to 40%. The new company, named PriceCostco, Inc., focused heavily on international expansion, opening stores in Mexico, South Korea, and England. Despite best efforts to recover losses, sales continued to drop. Disagreement between the two leaders, Robert Price and Jim Sinegal, regarding company direction and recovery policies soon left the merger in tatters. In 1994, the breakup was formally announced. Sinegal continued to manage PriceCostco while Price’s breakaway company was named as Price Enterprises. In 1997, the name of Sinegal’s company...