Cost Plus, Inc. Announces Sales For The Fourth Quarter.

Business Editors

OAKLAND, Calif.--(BUSINESS WIRE)--Feb. 8, 2001

Cost Plus, Inc. (Nasdaq:CPWM) announced today that its total sales for the fourteen-week fourth quarter ended February 3, 2001 were $206.7 million, a 23.4% increase from $167.5 million for the thirteen-week fourth quarter ended January 29, 2000. Year-to-date, total sales for the fifty-three week fiscal year were $493.7 million, a 22.7% increase from $402.3 million for the fifty-two week period in fiscal 1999. Consistent with the National Retail Federation reporting calendar, fiscal 2000 was a fifty-three week year for the Company.

Same store sales for the fourth quarter ended February 3, 2001 increased 2.1% on top of an 8.1% increase for the fourth quarter of fiscal 1999. Year-to-date, same store sales increased 4.6% on top of an 8.6% increase in fiscal 1999.

Murray Dashe, Chairman, President and CEO stated, "We have seen sales stabilize since Christmas, and results are consistent with the estimates in our January 9, 2001 pre-announcement. Effective post-holiday promotional activity enabled us to end the quarter with clean inventories which are in line with year-over-year sales growth."

During the quarter, the Company opened five stores, one each in: Fort Worth, TX; Gresham, OR; Chandler, AZ; Falls Church, VA and the Chicago suburb of St. Charles, IL. A total of 24 new stores were opened during fiscal 2000, as planned.

The Company also announced the opening of its first new store for fiscal 2001 earlier this week in Escondido, CA, a San Diego suburb.

Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of February 3, 2001, the Company operated 127 stores in 19 states compared to 103 stores in 16 states as of January 29, 2000.