Costco 2007 Annual Report Download - page 49

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COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
52 weeks
ended
September 2,
2007
53 weeks
ended
September 3,
2006
52 weeks
ended
August 28,
2005
REVENUE
Net sales ............................... $63,087,601 $58,963,180 $51,879,070
Membership fees ......................... 1,312,554 1,188,047 1,073,156
Total revenue ........................ 64,400,155 60,151,227 52,952,226
OPERATING EXPENSES
Merchandise costs ....................... 56,449,702 52,745,497 46,346,961
Selling, general and administrative .......... 6,273,096 5,732,141 5,061,339
Preopening expenses ..................... 55,163 42,504 53,230
Provision for impaired assets and closing
costs, net ............................. 13,608 5,453 16,393
Operating income .................... 1,608,586 1,625,632 1,474,303
OTHER INCOME (EXPENSE)
Interest expense ......................... (64,079) (12,570) (34,437)
Interest income and other .................. 165,484 138,355 109,096
INCOME BEFORE INCOME TAXES ............ 1,709,991 1,751,417 1,548,962
Provision for income taxes ................. 627,219 648,202 485,870
NET INCOME ............................... $ 1,082,772 $ 1,103,215 $ 1,063,092
NET INCOME PER COMMON SHARE:
Basic .................................. $ 2.42 $ 2.35 $ 2.24
Diluted ................................. $ 2.37 $ 2.30 $ 2.18
Shares used in calculation (000’s) ...........
Basic ............................... 447,659 469,718 473,945
Diluted ............................. 457,641 480,341 492,035
Dividends per share ...................... $ 0.55 $ 0.49 $ 0.43
The accompanying notes are an integral part of these consolidated financial statements.
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