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.I <br />' D®nalds® <br />n, Luf ku� & DOnaidson Lufkin lenrefte <br />iL Jonrotto Sssrurlttos Corporattorl 140 Broad?way, Now Yodi, N.Y. lows . (212) 504.3000 <br />Research Bulletin <br />Stuart M. Robbins <br />VIC* President June S. 1986 <br />(212) 504-4200 DJIA: is78,44 <br />Thomas J.R. Beckmann. C.F.A. SPIT: 275.20 <br />(212) 504-4211 <br />COSTCO WHOLESALE CORPORATION (COST-1 i)*+ <br />Momentum Building--tong-Term Prospects Excellent <br />52-lN <br />Earn in s Per Share P/E Ratio <br />--- Rance s ' <br />®iv--- idend <br />17 S/8-11 318 S10 511 $0 a0 $0 55 <br />58.7 262 Nil <br />Shwas Outstanding, 21 S rtnillIon Market Cip110111f8l"on, S35S.5 mullion <br />®6J OVERALL RANKINGS <br />'Awvwerd; Aesk AnalVals- <br />'Alptail Statistical Compendium" 78 of so companies <br />'Nat.anal Marital Shire Survev. NA <br />'4490onat and 04'r@109roahlc Sure- Good <br />Good <br />Summary <br />COstco has rapidly become one of the leading wholesate membership warehouses.• <br />what appear to be Axploding sales and earnings. Membership warehouses, specializing in <br />ng <br />n8me-brand goads th t are sold at extremely low prices primarily to small Commecll <br />euatomers, represent one of the fastest -growing distribution segments, and In just two <br />Vt:r.: Costco has - become one of the largest and most suCCG%Sful 0 the warehouse <br />entrants. <br />ROcent reSu115 shoe COST'S overall and same -store sales gains burgeoning. <br />result of the company's rapid expansion program, The sharp sales Increases.l cou as <br />e <br />er turn the cor4�er <br />profitability in Its first fiscal 1886 halt (ending February), Well ahead of t <br />With tight Inventory and operating expense totals. allowed COST to <br />GxPectations, We believe that continued sharp operating leverage will allow strop <br />Profits in the current fiscal year and at least 50% annual SPS gains In the ensuing gtw <br />to three years. g o <br />i SECURITY fps cood"[CTION WtT@M,THIStl.C'TtVITV�RAfrQe� W�ARtS it �ti1r111[T tfs fill( SiCtJRtfy AND Kl4S P4ipi1QD� 1�QftT <br />•W1T►IP1tI Tlit PAST TwR[[ qSA �NALDt10rl. LUS �it+wtTT@ [iSECURi[S CORPORATIONORATtON NAS ,t[rl A WAgAailyD Qll CO•b�ANAif1N0 <br />tJNlOtrtWRlttR IMF TN[ MOST 411 R[C[NT OtttRtNG Of VKt; COMPArs CURZtttx <br />K QortaldW. 4.Llfltltl ,�nrslta Ssoullt C�poraltOA. Igo <br />LOdilte"11 IItIHN1Al+�s .t lvP1PlIt+ vQoa ntoM*ti <br />TNtS RtPORT "AS Iitf% ORPAREO FROM oRtaINA4 #OURCttS AND DATA A3 Tp ITS ACCURACv QI, COMPt[TtktSS DONALOSON LUFKIN • .I[NIRgrr! f,"ZV9T O tMILIAILIN ITS A/FAKE 1 i AND <br />Wt tlt6liV[ TO at RtttARlt RUT WE MARL MQ RlPQtStNTAT10NS <br />SUBSIDIARIES AND4oR TpttR OFFICtRS AND [lwPLOv[[S MAY pRQM TIME TQ Tll4lt RIVItS t MOLD CORPORATION M A ►OSITIDN A D <br />S[CURITISS M"TIO"o W[RtIN UPON RtOUCST WE WILL It Ntt*.Sto TQ FURNtSp CUC101 IC INFO 014StON IN TNIS RN IN THI It <br />DDNASSED 1 LUrIS • "'R) Tt g(CURWSON Tt[S CORfDRAttON li UStO IN CONtN[CTION WtTF1 TMt PURCpAs( OR SAIL Or ANY StC1JRiTr <br />DISCUSSED tN Twg REPQNT SQNALDSON lUttltN i .ItNIAtTT[ "CUBIT" CORPORATION MAY ACT AS A PRINCIPAL FOR ITS OWN <br />ACCOUNT DR /� Af�ZNT FOB± BCTp Tp[ BL►�ItR AND THE LtLL[R <br />