Costco 2005 Annual Report Download - page 38

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COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
52 Weeks
Ended
August 28,
2005
52 Weeks
Ended
August 29,
2004
52 Weeks
Ended
August 31,
2003
REVENUE
Net sales ............................................. $51,862,072 $47,145,712 $41,692,699
Membership fees ....................................... 1,073,156 961,280 852,853
Totalrevenue...................................... 52,935,228 48,106,992 42,545,552
OPERATING EXPENSES
Merchandise costs ...................................... 46,346,961 42,092,016 37,235,383
Selling, general and administrative ......................... 5,044,341 4,597,877 4,097,398
Preopeningexpenses .................................... 53,230 30,451 36,643
Provision for impaired assets and closing costs, net ............ 16,393 1,000 19,500
Operating income .................................. 1,474,303 1,385,648 1,156,628
OTHER INCOME (EXPENSE)
Interest expense ........................................ (34,437) (36,651) (36,920)
Interest income and other ................................ 109,096 51,627 38,525
INCOME BEFORE INCOME TAXES ..................... 1,548,962 1,400,624 1,158,233
Provision for income taxes ............................... 485,870 518,231 437,233
NET INCOME .......................................... $ 1,063,092 $ 882,393 $ 721,000
NET INCOME PER COMMON SHARE:
Basic ................................................ $ 2.24 $ 1.92 $ 1.58
Diluted............................................... $ 2.18 $ 1.85 $ 1.53
Shares used in calculation (000’s) ..........................
Basic ............................................ 473,945 459,223 456,335
Diluted........................................... 492,035 482,459 479,326
Dividendspershare..................................... $ 0.43 $ 0.20 $ —
The accompanying notes are an integral part of these consolidated financial statements.
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