Costco 2013 Annual Report Download - page 46

Download and view the complete annual report

Please find page 46 of the 2013 Costco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 80

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80

44
COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(amounts in millions, except per share data)
52 Weeks
Ended 53 Weeks
Ended 52 Weeks
Ended
September 1,
2013 September 2,
2012 August 28,
2011
REVENUE
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $102,870 $ 97,062 $ 87,048
Membership fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,286 2,075 1,867
Total revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,156 99,137 88,915
OPERATING EXPENSES
Merchandise costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,948 86,823 77,739
Selling, general and administrative . . . . . . . . . . . . . . . . . . . 10,104 9,518 8,691
Preopening expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 37 46
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,053 2,759 2,439
OTHER INCOME (EXPENSE)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (99) (95) (116)
Interest income and other, net . . . . . . . . . . . . . . . . . . . . . . . 97 103 60
INCOME BEFORE INCOME TAXES . . . . . . . . . . . . . . . . . . . . . 3,051 2,767 2,383
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 990 1,000 841
Net income including noncontrolling interests . . . . . . . . . . . 2,061 1,767 1,542
Net income attributable to noncontrolling interests. . . . . . . . (22) (58) (80)
NET INCOME ATTRIBUTABLE TO COSTCO. . . . . . . . . . . . . . $ 2,039 $ 1,709 $ 1,462
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO
COSTCO:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.68 $ 3.94 $ 3.35
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.63 $ 3.89 $ 3.30
Shares used in calculation (000’s)
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 435,741 433,620 436,119
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 440,512 439,373 443,094
CASH DIVIDENDS DECLARED PER COMMON SHARE. . . . . $ 8.17 $ 1.03 $ 0.89
The accompanying notes are an integral part of these consolidated financial statements.