| Type | public, (NASDAQ: CPWM) |
|---|---|
| Industry | Department Stores |
| Founded | 1958 at Fisherman's Wharf in San Francisco, California |
| Headquarters | Oakland, California, USA |
| Number of locations | 259[1] |
| Key people | Barry J. Feld |
| Revenue | $1.04 billion for fiscal year 2006 [2] |
| Employees | 2390 full time |
| Website | worldmarket.com |
Cost Plus, Inc. (NASDAQ: CPWM) is the owner and operator of the chain of Cost Plus World Market specialty/import retail stores. The name originated from the initial concept, since abandoned, of selling items for "cost plus 10%".
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Cost Plus opened its first store at Fisherman's Wharf in San Francisco, California in 1958. Founder William Amthor did not intend to create a discount import retail chain—or even to open a single store—but he discovered San Franciscans loved that sort of merchandise. His discovery occurred by chance in 1958 when he sold some extra rattan furniture. Amthor operated a small family-owned furniture store in San Francisco at the time, but instead of displaying the rattan furniture in his store, he rented 4,000 square feet (370 m2) of warehouse space in the Fisherman's Wharf area of San Francisco. The rattan furniture sold quickly, convincing Amthor to start importing merchandise as a new business. He opened his first store devoted exclusively to imported merchandise later in 1958 and began importing wicker by the shipload.
After the success of this store, they quickly spread across the Bay Area and later into other states. There are currently 259 stores spread across 30 states.[3]
In the 1990s, "Cost Plus" shifted the branding of its stores to either Cost Plus World Market or simply World Market in developing markets. In 1996, Cost Plus went public and began trading on the NASDAQ stock market.
In February 2006, Cost Plus reported quarterly earnings of $125 million with $367 million in revenue for the 4th fiscal quarter of 2006. Their annual earnings were $280 million with over $800 million in revenue.
Cost Plus World Market is often described as a larger, lower-cost version of Pier 1. They offer a wide array of goods from many countries, such as dishes, rugs, furniture, candles and plates. The stores feature many artistic and cultural accessories for sale. In addition World Market also has a large selection of international dry goods (non-refrigerated foods). These include imported snacks, candies, and condiments, such as Pocky, Weetabix, and Marmite. They are especially well known for an extensive wine selection in most stores. The stores also have some "store brand" consumables, including but not limited to their own versions of unique condiments and drinks.