Costco 2002 Annual Report Download - page 25

Download and view the complete annual report

Please find page 25 of the 2002 Costco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 47

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47

COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
52 Weeks
Ended
September 1,
2002
52 Weeks
Ended
September 2,
2001
53 Weeks
Ended
September 3,
2000
REVENUE
Net sales ............................................. $37,993,093 $34,137,021 $31,620,723
Membership fees and other ............................... 769,406 660,016 543,573
Totalrevenue........................................ 38,762,499 34,797,037 32,164,296
OPERATING EXPENSES
Merchandise costs ...................................... 33,983,121 30,598,140 28,322,170
Selling, general and administrative ......................... 3,575,536 3,129,059 2,755,355
Preopeningexpenses .................................... 51,257 59,571 42,321
Provision for impaired assets and closing costs ............... 21,050 18,000 7,000
Operating income .................................... 1,131,535 992,267 1,037,450
OTHER INCOME (EXPENSE)
Interest expense ........................................ (29,096) (32,024) (39,281)
Interest income and other ................................ 35,745 43,238 54,226
INCOME BEFORE INCOME TAXES ..................... 1,138,184 1,003,481 1,052,395
Provision for income taxes ............................... 438,201 401,392 420,958
NET INCOME .......................................... $ 699,983 $ 602,089 $ 631,437
NET INCOME PER COMMON SHARE:
Basic ................................................ $ 1.54 $ 1.34 $ 1.41
Diluted............................................... $ 1.48 $ 1.29 $ 1.35
Shares used in calculation (000’s) ..........................
Basic .............................................. 453,650 449,631 446,255
Diluted............................................. 479,262 475,827 475,737
The accompanying notes are an integral part of these consolidated financial statements.
24