Costco 2004 Annual Report Download - page 12

TEN YEAR OPERATING AND FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
WAREHOUSES IN OPERATIONS 2004 2003 2002 2001
Beginningofyear ............................. 397 374 345 313
Openings.................................... 20 29 35 39
Closings .................................... — (6) (6) (7)
Endofyear .................................. 417 397 374 345
OPERATING RESULTS
Revenue
Net Sales .................................... $47,146 100.00% $41,693 100.0% $37,993 100.0% $34,137 100.0%
Membership fees and other ..................... 961 2.0 853 2.0 769 2.0 660 1.9
Totalrevenue .............................. 48,107 102.0 42,546 102.0 38,762 102.0 34,797 101.9
Operating expenses
Merchandise costs ............................ 42,092 89.3 37,235 89.3 33,983 89.4 30,598 89.6
Selling, general and administrative expenses ........ 4,598 9.7 4,097 9.8 3,576 9.4 3,129 9.2
Preopeningexpenses .......................... 30 0.1 37 0.1 51 0.1 60 0.2
Provision for impaired assets and closing costs ...... 1 0.0 20 0.0 21 0.1 18 —
Operating expenses .......................... 46,721 99.1 41,389 99.2 37,631 99.0 33,805 99.0
Operating income ............................. 1,386 2.9 1,157 2.8 1,131 3.0 992 2.9
Other income (expenses)
Interest expense .............................. (37) (0.0) (37) (0.1) (29) (0.1) (32) (0.1)
Interest income and other ....................... 51 0.1 38 0.1 36 0.1 43 0.1
Provision for merger and restructuring expenses ..... — — — — — — — —
Income from continuing operations before income taxes
and cumulative effect of accounting change ........ 1,400 3.0 1,158 2.8 1,138 3.0 1,003 2.9
Provision for income taxes .................... 518 1.1 437 1.1 438 1.2 401 1.1
Income from continuing operations before cumulative
effect of accounting change ..................... 882 1.9 721 1.7 700 1.8 602 1.8
Cumulative effect of accounting change, net of tax ..... — — — — — — — —
Income from continuing operations ................. 882 1.9 721 1.7 700 1.8 602 1.8
Discontinued operations:
Income (loss), net of tax ...................... — — — — — — — —
Lossondisposal ............................ — — — — — — — —
Netincome(loss) ............................... $ 882 1.9% $ 721 1.7% $ 700 1.8% $ 602 1.8%
Per Share Data—Diluted
Income from continuing operations before cumulative
effect of accounting change ................... $ 1.85 $ 1.53 $ 1.48 $ 1.29
Cumulative effect of accounting change, net of tax . . . — — — —
Income from continuing operations ............... 1.85 1.53 1.48 1.29
Discontinued operations:
Income (loss), net of tax ...................... — — — —
Lossondisposal ............................ — — — —
Netincome(loss) ........................... $ 1.85 $ 1.53 $ 1.48 $ 1.29
Shares used in calculation (000’s) .............. 485,459 479,326 479,262 475,827
Dividendspershare ......................... $ 0.20 $ — $ — $ —
Balance Sheet Data
Working capital (deficit) ....................... $ 1,099 $ 700 $ 181 $ (230)
Property and equipment, net ..................... 7,264 6,960 6,524 5,827
Total assets .................................. 15,093 13,192 11,620 10,090
Short-term debt ............................... 22 47 104 195
Long-term debt and capital lease obligations ........ 994 1,290 1,211 859
Stockholders’ equity ........................... 7,625 6,555 5,694 4,883
SALES INCREASE (DECREASE) FROM PRIOR
YEAR
Total ....................................... 13% 10% 11% 8%
Comparable units ............................. 10% 5% 6% 4%
MEMBERS AT YEAR END (000’S)
Business (primary cardholders) .................. 4,810 4,636 4,476 4,358
GoldStar.................................... 15,018 14,984 14,597 12,737
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