Costco 2002 Annual Report Download - page 9

TEN YEAR OPERATING AND FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
WAREHOUSES IN OPERATIONS 2002 2001 2000 1999
Beginningofyear......................... 345 313 292 278
Openings ............................... 35 39 25 21
Closings ................................ (6) (7) (4) (7)
Endofyear.............................. 374 345 313 292
OPERATING RESULTS
Revenue
Net Sales ............................... $37,993 100.00% $34,137 100.00% $31,621 100.0% $26,976 100.0%
Membership fees and other ................. 769 2.0 660 1.9 543 1.7 480 1.8
Totalrevenue .......................... 38,762 102.0 34,797 101.9 32,164 101.7 27,456 101.8
Operating expenses
Merchandise costs ........................ 33,983 89.4 30,598 89.6 28,322 89.6 24,170 89.6
Selling, general and administrative expenses . . . 3,576 9.4 3,129 9.2 2,756 8.7 2,338 8.7
Preopeningexpenses ...................... 51 0.1 60 0.2 42 0.1 31 0.1
Provision for impaired assets and closing costs . . . 21 0.1 18 — 7 — 57 0.2
Operating expenses ..................... 37,631 99.0 33,805 99.0 31,127 98.4 26,596 98.6
Operating income ......................... 1,131 3.0 992 2.9 1,037 3.3 860 3.2
Other income (expenses)
Interest expense .......................... (29) (0.1) (32) (0.1) (39) (0.1) (45) (0.2)
Interest income and other ................... 36 0.1 43 0.1 54 0.1 44 0.2
Provision for merger and restructuring
expenses .............................. — — — — — — — —
Income from continuing operations before
income taxes and cumulative effect of
accountingchange ........................ 1,138 3.0 1,003 2.9 1,052 3.3 859 3.2
Provision for income taxes ................ 438 1.2 401 1.1 421 1.3 344 1.3
Income from continuing operations before
cumulative effect of accounting change ........ 700 1.8 602 1.8 631 2.0 515 1.9
Cumulative effect of accounting change,
netoftax ............................... — — — — — — (118) (0.4)
Income from continuing operations 700 1.8 602 1.8 631 2.0 397 1.5
Discontinued operations:
Income (loss), net of tax .................. — — — — — — — —
Lossondisposal........................ — — — — — — — —
Netincome(loss) ........................... $ 700 1.8% $ 602 1.8% $ 631 2.0% $ 397 1.5%
Per Share Data—Diluted
Income from continuing operations before
cumulative effect of accounting change ...... $ 1.48 $ 1.29 $ 1.35 $ 1.11
Cumulative effect of accounting change, net
oftax ................................ — — — (0.25)
Income from continuing operations ........... 1.48 1.29 1.35 0.86
Discontinued operations:
Income (loss), net of tax .................. — — — —
Lossondisposal........................ — — — —
Netincome(loss) ....................... $ 1.48 $ 1.29 $ 1.35 $ 0.86
Shares used in calculation (000’s) .......... 479,262 475,827 475,737 471,120
Balance Sheet Data
Working capital (deficit) ................... $ 181 $ (230) $ 66 $ 450
Property and equipment, net ................ 6,524 5,827 4,834 3,907
Total assets .............................. 11,620 10,090 8,634 7,505
Short-term debt .......................... 104 195 10 —
Long-term debt and capital lease
obligations ............................ 1,211 859 790 919
Stockholders’ equity ...................... 5,694 4,883 4,240 3,532
SALES INCREASE (DECREASE) FROM
PRIOR YEAR
Total ................................... 11% 8% 17% 13%
Comparable units ......................... 6% 4% 11% 10%
MEMBERS AT YEAR END (000’S)
Business (primary cardholders) .............. 4,476 4,358 4,170 3,887
GoldStar ............................... 14,597 12,737 10,521 9,555
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