Costco 2004 Annual Report Download - page 30

Download and view the complete annual report

Please find page 30 of the 2004 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 56

  • 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
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56

COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
52 Weeks
Ended
August 29,
2004
52 Weeks
Ended
August 31,
2003
52 Weeks
Ended
September 1,
2002
REVENUE
Net sales ............................................... $47,145,712 $41,692,699 $37,993,093
Membership fees ......................................... 961,280 852,853 769,406
Totalrevenue........................................ 48,106,992 42,545,552 38,762,499
OPERATING EXPENSES
Merchandise costs ........................................ 42,092,016 37,235,383 33,983,121
Selling, general and administrative ........................... 4,597,877 4,097,398 3,575,536
Preopeningexpenses ...................................... 30,451 36,643 51,257
Provision for impaired assets and closing costs, net .............. 1,000 19,500 21,050
Operating income .................................... 1,385,648 1,156,628 1,131,535
OTHER INCOME (EXPENSE)
Interest expense .......................................... (36,651) (36,920) (29,096)
Interest income and other .................................. 51,627 38,525 35,745
INCOME BEFORE INCOME TAXES ..................... 1,400,624 1,158,233 1,138,184
Provision for income taxes ................................. 518,231 437,233 438,201
NET INCOME .......................................... $ 882,393 $ 721,000 $ 699,983
NET INCOME PER COMMON SHARE:
Basic .................................................. $ 1.92 $ 1.58 $ 1.54
Diluted................................................. $ 1.85 $ 1.53 $ 1.48
Shares used in calculation (000’s)
Basic .............................................. 459,223 456,335 453,650
Diluted............................................. 482,459 479,326 479,262
Dividendspershare....................................... $ 0.20 $ — $ —
The accompanying notes are an integral part of these consolidated financial statements.
28