Costco 2001 Annual Report Download - page 21

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COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
52 Weeks 53 Weeks 52 Weeks
Ended Ended Ended
September 2, September 3, August 29,
2001 2000 1999
REVENUE
Net sales ..................................... $34,137,021 $31,620,723 $26,976,453
Membership fees and other ....................... 660,016 543,573 479,578
Total revenue ................................ 34,797,037 32,164,296 27,456,031
OPERATING EXPENSES
Merchandise costs .............................. 30,598,140 28,322,170 24,170,199
Selling, general and administrative .................. 3,129,059 2,755,355 2,338,198
Preopening expenses ............................ 59,571 42,321 31,007
Provision for impaired assets and closing costs ......... 18,000 7,000 56,500
Operating income ............................ 992,267 1,037,450 860,127
OTHER INCOME (EXPENSE)
Interest expense ............................... (32,024) (39,281) (45,527)
Interest income and other ........................ 43,238 54,226 44,266
INCOME BEFORE INCOME TAXES AND CUMULATIVE
EFFECT OF ACCOUNTING CHANGE .............. 1,003,481 1,052,395 858,866
Provision for income taxes ........................ 401,392 420,958 343,545
INCOME BEFORE CUMULATIVE EFFECT OF
ACCOUNTING CHANGE ....................... 602,089 631,437 515,321
Cumulative effect of accounting change, net of tax benefit
of $78,682 .................................. — — (118,023)
NET INCOME ................................. $ 602,089 $ 631,437 $ 397,298
NET INCOME PER COMMON SHARE:
Basic earnings per share:
Income before cumulative effect of accounting change . . $ 1.34 $ 1.41 $ 1.17
Cumulative effect of accounting change, net of tax ..... — — (0.27)
Net Income ................................... $ 1.34 $ 1.41 $ 0.90
Diluted earnings per share:
Income before cumulative effect of accounting change . . $ 1.29 $ 1.35 $ 1.11
Cumulative effect of accounting change, net of tax ..... — — (0.25)
Net Income ................................... $ 1.29 $ 1.35 $ 0.86
Shares used in calculation (000’s)
Basic ....................................... 449,631 446,255 439,253
Diluted ...................................... 475,827 475,737 471,120
The accompanying notes are an integral part of these financial statements
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