Costco 2014 Annual Report Download - page 70

Download and view the complete annual report

Please find page 70 of the 2014 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 76

  • 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

68
Note 12—Quarterly Financial Data (Unaudited)
The two tables that follow reflect the unaudited quarterly results of operations for 2014 and 2013.
52 Weeks Ended Au
g
ust 31, 2014
First
Quarter
(
12 Weeks
)
Second
Quarter
(
12 Weeks
)
Third
Quarter
(
12 Weeks
)
Fourth
Quarter
(
16 Weeks
)
Total
(
52 Weeks
)
REVENUE
Net sales .............................................................................. $ 24,468 $ 25,756 $ 25,233
$ 34,755 $110,212
Membership fees ................................................................ 549 550 561
768 2,428
Total revenue .................................................................. 25,017 26,306 25,794
35,523 112,640
OPERATING EXPENSES
Merchandise costs ............................................................. 21,824 23,043 22,554
31,037 98,458
Selling, general and administrative .................................. 2,501 2,531 2,487
3,380 10,899
Preopening expenses ........................................................ 24 816
15 63
Operating income .......................................................... 668 724 737
1,091 3,220
OTHER INCOME
(
EXPENSE
)
Interest expense .................................................................
(
27
)
(
26
)
(
25
)
(
35
)
(
113
)
Interest income and other, net .......................................... 18 30 12
30 90
INCOME BEFORE INCOME TAXES ................................ 659 728 724
1,086 3,197
Provision for income taxes ................................................ 228 255 245
381 1,109
Net income including noncontrolling interests ................ 431 473 479
705 2,088
Net income attributable to noncontrolling interests .......
(
6
)
(
10
)
(
6
)
(
8
)
(
30
)
NET INCOME ATTRIBUTABLE TO COSTCO ................ $ 425 $ 463 $ 473
$ 697 $ 2,058
NET INCOME PER COMMON SHARE
ATTRIBUTABLE TO COSTCO:
Basic ..................................................................................... $0.97$1.05$1.08
$ 1.59 $4.69
Diluted .................................................................................. $0.96$1.05$1.07
$ 1.58 $4.65
Shares used in calculation
(
000’s
)
Basic ................................................................................ 437,970 439,776 439,446
437,875 438,693
Diluted ............................................................................. 442,420 442,829 442,720
441,887 442,485
CASH DIVIDENDS DECLARED PER COMMON
SHARE ............................................................................... $0.31$0.31$ 0.355
$ 0.355 $1.33