Costco 2012 Annual Report Download - page 27

FIVE YEAR OPERATING AND FINANCIAL HIGHLIGHTS
The following table sets forth certain information concerning our consolidated financial condition, operating
results, and key operating metrics. This information should be read in conjunction with Management’s
Discussion and Analysis of Financial Condition and Results of Operations and our Consolidated Financial
Statements and notes thereto, included in this Report.
In July 2012, we purchased from our former joint venture partner its 50% equity interest of Costco Mexico
(Mexico) for $789. At the beginning of fiscal 2011, we began consolidating Mexico, at that time a 50%
owned joint venture, on a prospective basis due to the adoption of a new accounting standard. In the table
below, Mexico’s results for fiscal 2010, 2009 and 2008, were accounted for under the equity method and our
50% share was included in “interest income and other, net.” For fiscal 2012 and 2011, the financial position
and results of Mexico’s operations are fully consolidated and the joint venture partner’s share is included in
“net income attributable to noncontrolling interests.”
SELECTED FINANCIAL DATA
(dollars in millions, except per share and warehouse number data)
As of and for the year ended
Sept. 2, 2012
(53 weeks)
Aug. 28, 2011
(52 weeks)
Aug. 29, 2010
(52 weeks)
Aug. 30, 2009
(52 weeks)
Aug. 31, 2008
(52 weeks)
RESULTS OF OPERATIONS
Net sales ..................... $97,062 $87,048 $76,255 $69,889 $70,977
Merchandise costs ............. 86,823 77,739 67,995 62,335 63,503
Gross margin .............. 10,239 9,309 8,260 7,554 7,474
Membership fees .............. 2,075 1,867 1,691 1,533 1,506
Operating income .............. 2,759 2,439 2,077 1,777 1,969
Net income attributable to
Costco ..................... 1,709 1,462 1,303 1,086 1,283
Net income per diluted common
share attributable to Costco .... 3.89 3.30 2.92 2.47 2.89
Cash dividends declared per
common share .............. $ 1.03 $ 0.89 $ 0.77 $ 0.68 $ 0.61
Increase (decrease) in comparable
warehouse sales(1)
United States .............. 7% 7% 4% (2%) 6%
International ............... 6% 16% 19% (8%) 15%
Total ..................... 7% 10% 7% (4%) 8%
Increase in international comparable
warehouse sales in local currency . . 8% 10% 8% 7% 6%
BALANCE SHEET DATA
Net property and equipment ..... $12,961 $12,432 $11,314 $10,900 $10,355
Total assets ................... 27,140 26,761 23,815 21,979 20,682
Current portion of long-term
debt ....................... 1 900 — 80 6
Long-term debt, excluding current
portion ..................... 1,381 1,253 2,141 2,130 2,206
Costco stockholders’ equity ...... $12,361 $12,002 $10,829 $10,024 $ 9,194
WAREHOUSE INFORMATION
Warehouses in Operation(2)
Beginning of year(2) ............ 592 572 527 512 488
Opened(3) .................... 17 24 14 19 34
Closed(3) ..................... (1) (4) (1) (4) (10)
End of year ................... 608 592 540 527 512
(1) Includes net sales at warehouses open more than one year, including relocated facilities. For fiscal 2012, the prior year includes
the comparable 53 weeks.
(2) Excludes in 2010 and in prior years presented warehouses operated in Mexico through a 50% owned joint venture. Mexico opened
31 of these warehouses prior to 2009 and one in 2009. The 2011 beginning-of-year figure includes the 32 Mexico warehouses
consolidated at the beginning of the fiscal year.
(3) Includes warehouse relocations and the closure in July 2009 of two Costco Home locations.
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