Costco 2011 Annual Report Download - page 82

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Note 13—Quarterly Financial Data (Unaudited)
The two tables that follow reflect the unaudited quarterly results of operations for 2011 and 2010.
52 Weeks Ended August 28, 2011(1)
First
Quarter
12 Weeks
Second
Quarter
12 Weeks
Third
Quarter
12 Weeks
Fourth
Quarter
16 Weeks
Total 52
Weeks
REVENUE
Net sales ............................. $ 18,823 $ 20,449 $ 20,188 $ 27,588 $ 87,048
Membership fees ....................... 416 426 435 590 1,867
Total revenue ...................... 19,239 20,875 20,623 28,178 88,915
OPERATING EXPENSES
Merchandise costs ..................... 16,757 18,235(2) 18,067(2) 24,680(2) 77,739
Selling, general and administrative ........ 1,941 2,038 1,991 2,712 8,682
Preopening expenses ................... 12 4 8 22 46
Provision for impaired assets and closing
costs, net ........................... 42129
Operating income .................. 525 596 556 762 2,439
OTHER INCOME (EXPENSE)
Interest expense ....................... (26) (27) (27) (36) (116)
Interest income and other, net ............ 5 4 5 46 60
INCOME BEFORE INCOME TAXES .......... 504 573 534 772 2,383
Provision for income taxes ............... 172 204 193 272 841
Net income including noncontrolling
interests ............................ 332 369 341 500 1,542
Net income attributable to noncontrolling
interests ............................ (20) (21) (17) (22) (80)
NET INCOME ATTRIBUTABLE TO COSTCO . . $ 312 $ 348 $ 324 $ 478 $ 1,462
NET INCOME PER COMMON SHARE
ATTRIBUTABLE TO COSTCO:
Basic ................................. $ 0.72 $ 0.80 $ 0.74 $ 1.09 $ 3.35
Diluted ............................... $ 0.71 $ 0.79 $ 0.73 $ 1.08 $ 3.30
Shares used in calculation (000’s)
Basic ................................. 434,099 436,682 436,977 436,596 436,119
Diluted ............................... 441,360 443,186 443,570 443,518 443,094
Dividends per share ........................ $ 0.205 $ 0.205 $ 0.240 $ 0.240 $ 0.89
(1) As discussed in Note 1, the Company began consolidating Mexico on August 30, 2010.
(2) Includes a $6, $49, and $32 increase to merchandise costs for a LIFO inventory adjustment for the second, third and
fourth quarters, respectively. (See note 1—Merchandise Inventories).
80