Costco 2011 Annual Report Download - page 49

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COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
52 weeks
ended
August 28,
2011
52 weeks
ended
August 29,
2010
52 weeks
ended
August 30,
2009
REVENUE
Net sales ....................................... $ 87,048 $ 76,255 $ 69,889
Membership fees ................................ 1,867 1,691 1,533
Total revenue ................................ 88,915 77,946 71,422
OPERATING EXPENSES
Merchandise costs ............................... 77,739 67,995 62,335
Selling, general and administrative .................. 8,682 7,840 7,252
Preopening expenses ............................. 46 26 41
Provision for impaired assets and closing costs, net .... 9 8 17
Operating income ............................ 2,439 2,077 1,777
OTHER INCOME (EXPENSE)
Interest expense ................................. (116) (111) (108)
Interest income and other, net ...................... 60 88 58
INCOME BEFORE INCOME TAXES .................... 2,383 2,054 1,727
Provision for income taxes ......................... 841 731 628
Net income including noncontrolling interests ......... 1,542 1,323 1,099
Net income attributable to noncontrolling interests ..... (80) (20) (13)
NET INCOME ATTRIBUTABLE TO COSTCO ............ $ 1,462 $ 1,303 $ 1,086
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO
COSTCO:
Basic .......................................... $ 3.35 $ 2.97 $ 2.50
Diluted ......................................... $ 3.30 $ 2.92 $ 2.47
Shares used in calculation (000’s)
Basic ................................... 436,119 438,611 433,988
Diluted ................................. 443,094 445,970 440,454
Dividends per share .............................. $ 0.89 $ 0.77 $ 0.68
The accompanying notes are an integral part of these consolidated financial statements.
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