Costco 2013 Annual Report Download - page 5

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time, $.14 per share, tax benefit in 2013, earnings per share would still have
been up 15% year-over-year.
Our balance sheet is very solid. Our cash position increased $1.1 billion to $4.6
billion, highlighted by operating income from our worldwide operations that
generated more than $3.4 billion in cash.
During 2013, twenty-six new Costco warehouses were opened in seven countries.
These openings added square footage of about 4½ percent to our warehouse base,
now totaling nearly 91 million square feet. Annualized sales in our twenty-six new
warehouses averaged nearly $100 million during the first partial year of operations.
In the U.S., we opened 12 warehouses, including our first location in North Dakota
(Fargo), and our first unit in Washington D.C. The remaining U.S. warehouse openings
were in new and existing markets: Baxter and Rochester, Minnesota; Spanish Fork
(Provo), Utah; Farragut (Knoxville), Tennessee; Concordville (Philadelphia),
Pennsylvania; East Peoria, Illinois; Sun Prairie (Madison), Wisconsin; Wheaton,
Maryland; Sugar Land (Houston), Texas; and Mount Vernon, Virginia. Five warehouses
were opened in Japan (Kitakyushu, Hiroshima, Tsukuba, Chiba New Town and Chubu);
three warehouses were opened in Canada (West Edmonton, Oshawa (Toronto) and
Drummondville (Montreal)); three in the United Kingdom (Leicester, Southampton and
Farnborough, England); one in Korea (Gwangmyeong); one in Taiwan (Chiayi); and one
in Mexico (Chihuahua).
Several of our new locations generated large numbers of new member sign-ups and
opening day sales in excess of $1 million. To support these high-volume warehouse
operations, provide consistent in-stock positions and provide our members with the
lowest possible prices, each of our international divisions operates at least one cross-
dock distribution (depot) facility. These facilities are integral to our efficient supply chain
logistics.
Our plans for expansion in fiscal 2014 are for nearly thirty new warehouse openings,
including 16 units in the U.S., four in Australia, two in each of Canada, Korea and
Japan, and one in Mexico. Plans for fiscal 2014 also include the opening of our first
warehouse in Spain.
In the first three months of fiscal year 2014 we have opened 15 warehouses, including
our first locations in two new states: Louisiana (New Orleans) and South Dakota (Sioux
Falls). Other openings included our third warehouse in Monterrey, Mexico, our second
warehouse in Columbus, Ohio, and new openings in Fort Wayne, Indiana; Bellevue
(Green Bay), Wisconsin; North Riverside (Chicago), Illinois; Lexington, Kentucky; St.
Albert (Edmonton), Alberta; Central Mississauga (Toronto), Ontario; North Plainfield,
New Jersey; Cedar Park (Austin) and Lubbock, Texas; and two additional Australia
buildings: Ringwood (Melbourne) and Crossroads (Sydney).
We believe that our domestic and international growth plans, including infills in existing
markets, will allow Costco to continue to gain market share and achieve long-term