Costco 2008 Annual Report Download - page 52

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COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
52 weeks
ended
August 31,
2008
52 weeks
ended
September 2,
2007
53 weeks
ended
September 3,
2006
REVENUE
Net sales ............................... $70,977,484 $63,087,601 $58,963,180
Membership fees ......................... 1,505,536 1,312,554 1,188,047
Total revenue ........................ 72,483,020 64,400,155 60,151,227
OPERATING EXPENSES
Merchandise costs ....................... 63,502,750 56,449,702 52,745,497
Selling, general and administrative .......... 6,953,804 6,273,096 5,732,141
Preopening expenses ..................... 57,383 55,163 42,504
Provision for impaired assets and closing
costs, net ............................. 248 13,608 5,453
Operating income .................... 1,968,835 1,608,586 1,625,632
OTHER INCOME (EXPENSE)
Interest expense ......................... (102,636) (64,079) (12,570)
Interest income and other .................. 132,775 165,484 138,355
INCOME BEFORE INCOME TAXES ............ 1,998,974 1,709,991 1,751,417
Provision for income taxes ................. 716,249 627,219 648,202
NET INCOME ............................... $ 1,282,725 $ 1,082,772 $ 1,103,215
NET INCOME PER COMMON SHARE:
Basic .................................. $ 2.95 $ 2.42 $ 2.35
Diluted ................................. $ 2.89 $ 2.37 $ 2.30
Shares used in calculation (000’s) ...........
Basic ............................... 434,442 447,659 469,718
Diluted ............................. 444,240 457,641 480,341
Dividends per share ...................... $ 0.61 $ 0.55 $ 0.49
The accompanying notes are an integral part of these consolidated financial statements.
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