Cost Plus, Inc. Announces a New Director to Its Board

Oakland, CA – June 23, 2006 – Yesterday, the shareholders of Cost Plus, Inc. (Nasdaq:CPWM) elected Christopher V. Dodds to its board of directors. Mr. Dodds will join the audit committee and will serve as the board’s “financial expert”.

Mr. Dodds is Executive Vice President and Chief Financial Officer of the Charles Schwab Corporation headquartered in San Francisco, California. He joined Charles Schwab in 1986 and has held a variety of financial positions in treasury, financial planning and analysis and corporate development.

Barry Feld, President and CEO commented: “We are very fortunate to have someone of Chris’ financial caliber join the board. As a CFO of a major public financial services company, Chris brings a strong working knowledge of emerging accounting issues and financial trends.”

Cost Plus, Inc. is a leading specialty retailer of casual home living and entertaining products. As of June 23, 2006, the Company operated 274 stores in 34 states.

Contact:
Barry Feld
(510) 893-7300