Costco 2000 Annual Report Download - page 8

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except per share data)
The following table sets forth the results of operations by quarter for Ñscal 2000 and 1999. This information includes
all adjustments which management considers necessary for a fair presentation.
53 Weeks Ended September 3, 2000 52 Weeks Ended August 29, 1999
First Second Third Fourth First Second Third Fourth
Quarter Quarter Quarter Quarter Total Quarter Quarter Quarter Quarter Total
12 12 12 17 53 12 12 12 16 52
Weeks Weeks Weeks Weeks Weeks Weeks Weeks Weeks Weeks Weeks
REVENUE
Net sales ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $6,824,197 $7,613,601 $6,768,608 $10,414,317 $31,620,723 $5,894,238 $6,484,445 $5,941,049 $8,656,721 $26,976,453
Membership fees and otherÏÏÏ 119,315 123,386 126,000 174,872 543,573 103,840 107,913 112,771 155,054 479,578
Total revenue ÏÏÏÏÏÏÏÏÏÏÏÏ 6,943,512 7,736,987 6,894,608 10,589,189 32,164,296 5,998,078 6,592,358 6,053,820 8,811,775 27,456,031
OPERATING EXPENSES
Merchandise costs ÏÏÏÏÏÏÏÏÏÏ 6,120,201 6,792,367 6,084,246 9,325,356 28,322,170 5,287,785 5,788,653 5,341,716 7,752,045 24,170,199
Selling, general and
administrative ÏÏÏÏÏÏÏÏÏÏÏÏ 596,717 636,739 604,924 916,975 2,755,355 518,990 543,565 528,158 747,485 2,338,198
Preopening expensesÏÏÏÏÏÏÏÏÏ 10,334 8,108 6,728 17,151 42,321 10,707 3,951 6,120 10,229 31,007
Provision for impaired assets
and warehouse closing
costs ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,000 1,500 1,500 3,000 7,000 2,000 3,000 1,500 50,000 56,500
Operating income ÏÏÏÏÏÏÏÏÏ 215,260 298,273 197,210 326,707 1,037,450 178,596 253,189 176,326 252,016 860,127
OTHER INCOME
(EXPENSE)
Interest expense ÏÏÏÏÏÏÏÏÏÏÏÏ (10,397) (10,576) (9,604) (8,704) (39,281) (10,912) (10,995) (10,524) (13,096) (45,527)
Interest income and other ÏÏÏÏ 10,667 14,983 12,943 15,633 54,226 6,039 11,192 10,659 16,376 44,266
INCOME BEFORE INCOME
TAXES AND
CUMULATIVE EFFECT
OF ACCOUNTING
CHANGEÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 215,530 302,680 200,549 333,636 1,052,395 173,723 253,386 176,461 255,296 858,866
Provision for income taxesÏÏÏÏ 86,212 121,072 80,220 133,454 420,958 69,489 101,354 70,584 102,118 343,545
INCOME BEFORE
CUMULATIVE EFFECT
OF ACCOUNTING
CHANGEÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 129,318 181,608 120,329 200,182 631,437 104,234 152,032 105,877 153,178 515,321
Cumulative eÅect of
accounting change, net of
tax ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì Ì Ì (118,023) Ì Ì Ì (118,023)
NET INCOME ÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 129,318 $ 181,608 $ 120,329 $ 200,182 $ 631,437 $ (13,789)$ 152,032 $ 105,877 $ 153,178 $ 397,298
NET INCOME PER
COMMON SHARE:
Basic Earnings per share:
Income before cumulative
eÅect of accounting
change ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 0.29 $ 0.41 $ 0.27 $ 0.45 $ 1.41 $ 0.24 $ 0.35 $ 0.24 $ 0.35 $ 1.17
Cumulative eÅect of
accounting change, net of
tax ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì Ì Ì (0.27) Ì Ì Ì (0.27)
Net IncomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 0.29 $ 0.41 $ 0.27 $ 0.45 $ 1.41 $ (0.03)$ 0.35 $ 0.24 $ 0.35 $ 0.90
Diluted earnings per shareÏÏÏÏ
Income before cumulative
eÅect of accounting
change ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 0.28 $ 0.39 $ 0.26 $ 0.43 $ 1.35 $ 0.23 $ 0.33 $ 0.23 $ 0.33 $ 1.11
Cumulative eÅect of
accounting change, net of
tax ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì Ì Ì (0.25) Ì Ì Ì (0.25)
Net IncomeÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 0.28 $ 0.39 $ 0.26 $ 0.43 $ 1.35 $ (0.02)$ 0.33 $ 0.23 $ 0.33 $ 0.86
Shares used in calculation
(000's):
Basic ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 443,300 445,255 448,113 447,757 446,255 435,676 437,782 440,438 442,152 439,253
DilutedÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 473,414 476,642 478,750 474,304 475,737 466,774 470,453 473,570 472,959 471,120
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