Cost Plus, Inc. Files Form 10-Q For First Quarter of Fiscal 2007 - Net Loss Reduced By $0.04 Per Share From Preliminary Estimate

Oakland, CA — June 14, 2007 — Cost Plus, Inc. (NASDAQ: CPWM) today filed financial results for its first quarter ended May 5, 2007.

First Quarter Results

Net loss for the first quarter of fiscal 2007 was $11.1 million, or $0.50 per diluted share, compared to a net loss of $3.5 million, or $0.16 per diluted share, for the same period last year. On May 24, 2007 the Company reported a preliminary estimated net loss of $12.0 million, or $0.54 per diluted share. At the time the preliminary estimate was given, the Company had not fully completed its analysis related to the adoption of FIN 48, Accounting for Uncertainty in Income Taxes. After completing its analysis of its various tax positions and tax depreciation methods, the Company?s tax expense (including related interest and penalty amounts) was approximately $900,000 lower than previously estimated. There were no other changes to the income statement.

The Company?s financial statements for its first quarter ended May 5, 2007 can be found in the Quarterly Report on Form 10-Q that was filed today with the Securities and Exchange Commission.

About Cost World Market

Cost Plus World Market operates 296 stores in 34 states under the names “World Market” and “Cost Plus World Market.” The stores feature an ever-changing selection of casual home furnishings, housewares, gifts, jewelry, decorative accessories, over 500 international wines, gourmet foods and beverages offered at affordable prices and are imported from more than 50 countries.

Contact:
Cost Plus, Inc.
Tom Willardson
(510) 808-9119