Costco 2006 Annual Report Download - page 42

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COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
53 weeks
ended
September 3,
2006
52 weeks
ended
August 28,
2005
52 weeks
ended
August 29,
2004
REVENUE
Net sales ............................... $58,963,180 $51,879,070 $47,148,627
Membership fees ......................... 1,188,047 1,073,156 961,280
Total revenue ........................ 60,151,227 52,952,226 48,109,907
OPERATING EXPENSES
Merchandise costs ....................... 52,745,497 46,346,961 42,092,016
Selling, general and administrative .......... 5,732,141 5,061,339 4,600,792
Preopening expenses ..................... 42,504 53,230 30,451
Provision for impaired assets and closing
costs, net ............................. 5,453 16,393 1,000
Operating income .................... 1,625,632 1,474,303 1,385,648
OTHER INCOME (EXPENSE)
Interest expense ......................... (12,570) (34,437) (36,651)
Interest income and other .................. 138,355 109,096 51,627
INCOME BEFORE INCOME TAXES ............ 1,751,417 1,548,962 1,400,624
Provision for income taxes ................. 648,202 485,870 518,231
NET INCOME ............................... $ 1,103,215 $ 1,063,092 $ 882,393
NET INCOME PER COMMON SHARE:
Basic .................................. $ 2.35 $ 2.24 $ 1.92
Diluted ................................. $ 2.30 $ 2.18 $ 1.85
Shares used in calculation (000’s)
Basic ............................... 469,718 473,945 459,223
Diluted ............................. 480,341 492,035 482,459
Dividends per share ...................... $ 0.49 $ 0.43 $ 0.20
The accompanying notes are an integral part of these consolidated financial statements.
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