Costco 2003 Annual Report Download - page 28

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COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
52 Weeks
Ended
August 31,
2003
52 Weeks
Ended
September 1,
2002
52 Weeks
Ended
September 2,
2001
REVENUE
Net sales ............................................... $41,692,699 $37,993,093 $34,137,021
Membership fees and other ................................. 852,853 769,406 660,016
Total revenue ........................................ 42,545,552 38,762,499 34,797,037
OPERATING EXPENSES
Merchandise costs ........................................ 37,235,383 33,983,121 30,598,140
Selling, general and administrative ........................... 4,097,398 3,575,536 3,129,059
Preopening expenses ...................................... 36,643 51,257 59,571
Provision for impaired assets and closing costs ................. 19,500 21,050 18,000
Operating income .................................... 1,156,628 1,131,535 992,267
OTHER INCOME (EXPENSE)
Interest expense .......................................... (36,920) (29,096) (32,024)
Interest income and other .................................. 38,525 35,745 43,238
INCOME BEFORE INCOME TAXES ..................... 1,158,233 1,138,184 1,003,481
Provision for income taxes ................................. 437,233 438,201 401,392
NET INCOME .......................................... $ 721,000 $ 699,983 $ 602,089
NET INCOME PER COMMON SHARE:
Basic .................................................. $ 1.58 $ 1.54 $ 1.34
Diluted ................................................. $ 1.53 $ 1.48 $ 1.29
Shares used in calculation (000’s)
Basic .............................................. 456,335 453,650 449,631
Diluted ............................................. 479,326 479,262 475,827
The accompanying notes are an integral part of these consolidated financial statements.
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