There is no charge for the postmark.

Cost-U-Less Reports Earnings of 24 Cents Per Share for Fourth Quarter 69 Cents Per Share for Fiscal Year 2004

(the "Company") (Nasdaq:CULS) today announced results for the fourth
fiscal quarter and fiscal year ended December 26, 2004.69 per fully
diluted share outstanding, compared to net income of $1. In a
year proven to be challenging for other grocery retailers, we grew
sales by 18.3% and our comparable store sales increased 13.72 $ 0.

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24 per fully diluted share outstanding,
compared to net income of $568,000, or $0.15 per fully diluted share
outstanding for the corresponding period last year.38 per fully diluted share outstanding, for fiscal year 2003.6% increase in comparable store sales, and from
sales of the Dededo, Guam store which reopened on October 3, 2003.

COST-U-LESS, INC.38
========== ========== ========== ==========
Diluted $ 0.

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Customers may request a free catalog by calling 1-800-STAMP-24 or writing to:

INFORMATION FULFILLMENT
DEPT 6270
US POSTAL SERVICE
PO BOX 219014
KANSAS CITY MO 64121-9014

First day covers remain on sale for at least one year after the stamp's
issuance. Total sales for the fiscal
year ended December 26, 2004, increased 18.3% to $209.5% of sales compared to 17.
These statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.16 $ 0.

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As previously reported, total sales for the fiscal quarter ended
December 26, 2004, increased 13.1 million for fiscal year 2003.

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Highlights for the fourth fiscal quarter ended December 26, 2004 ,
were as follows:

EPS of $0.15 for Q4 2003.5
million for the same period a year ago as the Company benefited from
strong comparable store sales of 11.
Comparable store sales for the fiscal quarter and year ending December
26, 2004, are calculated on stores excluding the Guam market as the
Company's Dededo store was closed for most of fiscal 2003. Jeffrey Meder, the Company's President and
CEO. We simply continue to execute on our
strengths.
Cost-U-Less currently operates eleven stores in the Caribbean and
Pacific region: U. 28,
2004 2003 2004 2003
----------- ----------- ----------- -----------

Net sales $ 57,411 $ 50,464 $ 209,390 $ 177,066
Merchandise costs 46,765 41,493 170,866 145,563
---------- ---------- -- -------- ----------
Gross profit 10,646 8,971 38,524 31,503

Operating expenses:
Store 6,944 6,210 26,408 22,304
General and
administrative 2,007 2,145 7,103 6,853
Store openings 51 79 188 287
---------- ---------- -- -------- ----------
Total operating
expenses 9,002 8,434 33,699 29,444
---------- ---------- ---------- ----------

Operating income 1,644 537 4,825 2,059

Other income
(expense):
Interest expense,
net (106) (139) (437) (458)
Other 62 550 80 710
---------- ---------- ---------- ----------
Income before income
taxes 1,600 948 4,468 2,311

Income tax provision 640 380 1,780 930
---------- ---------- ---------- ----------
Net income $ 960 $ 568 $ 2,688 $ 1,381
========== ========== ========== ==========

Earnings per common
share:
Basic $ 0.

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HOW TO ORDER FIRST DAY COVERS AND FIRST DAY DIGITAL COLOR POSTMARKS
Stamp Fulfillment Services offers first-day covers on new stamp issues and
Postal Service stationery items postmarked with the official first-day-of-
issue cancellation.
As a percentage of sales, store expenses declined from 12. Store expense dollars increased 11. Additional
information about Cost-U-Less is available at www.38
========== ========== ========== ==========

Weighted average
common shares
outstanding, basic 3,745,503 3,636,823 3,731,754 3,613,988
========== ========== ========== ==========
Weighted average
common shares
outstanding, diluted 4,030,486 3,807,643 3,915,808 3,670,908
========== ========== ========== ==========


COST-U-LESS , INC.

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28% of sales.3% for
the fourth quarter of fiscal 2003, to 12.8% for the fourth
quarter of fiscal 2004 over the same period a year ago due to several
factors, including higher insurance and utility expenses, and volume
related items such as labor costs and credit card fees. Prolonged adverse occurrences affecting tourism
or air travel, particularly to non-U.15 $ 0.

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4% of sales compared to 17.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)

Dec.

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They may purchase new stamps at their local Post Office(TM), by telephone at
1-800 -STAMP-24 and at the Postal Store at http://www.usps. For the fiscal
year 2004, net income increased to $2.

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com/shop.4 million,
compared to $177.1% for the fourth quarter of
fiscal 2004. The Company builds its business through
delivering high-quality U. destinations, including
political instability , armed hostilities, terrorism, natural disasters
or other activity that involves or affects air travel or the tourism
industry generally, could cause actual results to differ materially
from historical results or those anticipated.24 $ 0. 26, Dec.

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and local goods, progressive
merchandising practices, sophisticated distribution capabilities, and
superior customer service, primarily to island markets. 26, Dec.

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6%, a
Company record," said J."
For the fourth quarter of fiscal 2004, the Company's gross margins
rose 0.8% for the same
period a year ago, and for fiscal 2004 gross margins improved 0. Virgin Islands (2), Netherlands Antilles (2),
Hawaiian Islands (2), California (1), Guam (2), American Samoa (1),
and Republic of Fiji (1).

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Each item has been assigned an individual catalog number and is offered in
the quarterly "USA Philatelic" catalog and at http://www.8% increase over Q4 2003.

For the fourth fiscal quarter of 2004 the Company reported net
income of $960 ,000, or $0. Total sales for the
fiscal year ended December 26, 2004, compared to the prior fiscal year
benefited from a 13.26 $ 0.

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Comparable store sales (stores open a full 13 months ) increase
of 11.S. 28,
2004 2003
------------- ------------
ASSETS
-------------------------------------------
Current assets:
Cash and cash equivalents $ 6,081 $ 4,093
Insurance receivable 0 1,135
Accounts receivable, net 805 1,366
Inventories , net 23,140 19,540
Other current assets 1,053 1,145
------------ --------- --
Total current assets 31,079 27,279

Property and equipment , net 14,345 12,862
Deposits and other assets 778 799
------------ -----------

Total assets $ 46,202 $ 40,940
============ ===========


LIABILITIES AND SHAREHOLDERS' EQUITY
-- -----------------------------------------

Current liabilities:
Accounts payable $ 16,132 $ 15,240
Accrued expenses and other liabilities 5,964 4,245
Line of credit 0 960
Current portion of long-term debt 267 267
Current portion Capital Leases 102 0
------------ ----- ------
Total current liabilities 22,465 20,712

Other long-term liabilities 920 684
Long-term debt, less current portion 2,277 2,544
Capital Lease, less current portion 607 0
------------ -----------
Total liabilities 26,269 23,940

Commitments and contingencies

Shareholders ' equity 19,933 17,000
------------ -----------

Total liabilities and shareholders'
equity $ 46,202 $ 40,940
============ ===========

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Sales of $57.8% to $57.69 $ 0.

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5% over Q4 2003.6
points to 18.

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00

HOW TO ORDER THE FIRST-DAY-OF-ISSUE POSTMARK
Customers have 30 days to obtain the first-day-of-issue postmark by mail.usps.8 points to 18. These
improvements were due to several factors, including better sourcing,
pricing, and merchandising of goods in the Company's stores.

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Spring Flowers Blossom on Stamps From the U.S. Postal Service

They
should affix the stamps to envelopes of their choice, address the envelopes
(to themselves or others), and place them in a larger envelope addressed to:

SPRING FLOWERS SPECIAL STAMPS
POSTMASTER
433 W HARRISON ST RM 2033
CHICAGO IL 60607-9998

After applying the first-day-of-issue postmark, the Postal Service will
return the envelopes through the mail.----Cost-U-Less, Inc.

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com/shop.
"Our results for this quarter cap off an outstanding year.S. Other risks and
uncertainties include the Company's small store base; the mix of
geographic and product revenues; relationships with third parties;
litigation; the Company's ability to maintain existing credit
facilities and obtain additional credit; business and economic
conditions and growth in various geographic regions; pricing
pressures; political and regulatory instability in various geographic
regions; and other risks and uncertainties detailed in the Company's
filings with the SEC.

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4 million, or
$0. 28, Dec.

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Business Editors

BELLEVUE, Wash.4 million, compared to $50. "Our net profit margin improved for the year by fifty basis
points to 1.8% for fiscal 2003.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands , except share and per share data)
(Unaudited)

13 Weeks Ended 52 Weeks Ended
--------------------- -- -----------------------
Dec.

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24 compared to EPS of $0.7 million, or $0 . Such statements,
including comparable store sales expectations, trends in or
expectations regarding the Company's revenue growth, and the Company's
growth plans are all based on currently available operating,
financial, and competitive information and are subject to various
risks and uncertainties that could cause actual results to differ
materially from historical results or those anticipated , including
that the Company may encounter substantial delays, increased expenses
or loss of potential store sites due to the complexities, cultural
differences, and local political issues associated with the regulatory
and permitting processes in the island markets in which the Company
may locate its stores. 26, Dec.

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WASHINGTON,
$6.
All orders must be postmarked by April 14, 2005.4M, a 13.5%.com

Forward-Looking Statements

This press release contains statements that are forward-looking.

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- - kjjkjk

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