52 Weeks Ended September 1, 2013 | |||||||||||||||||||
First Quarter (12 Weeks) | Second Quarter (12 Weeks) | Third Quarter (12 Weeks) | Fourth Quarter (16 Weeks) | Total (52 Weeks) | |||||||||||||||
REVENUE | |||||||||||||||||||
Net sales | $ | 23,204 | $ | 24,343 | $ | 23,552 | $ | 31,771 | $ | 102,870 | |||||||||
Membership fees | 511 | 528 | 531 | 716 | 2,286 | ||||||||||||||
Total revenue | 23,715 | 24,871 | 24,083 | 32,487 | 105,156 | ||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||
Merchandise costs | 20,726 | 21,766 | 21,038 | 28,418 | 91,948 | ||||||||||||||
Selling, general and administrative | 2,332 | 2,361 | 2,313 | 3,098 | 10,104 | ||||||||||||||
Preopening expenses | 18 | 6 | 10 | 17 | 51 | ||||||||||||||
Operating income | 639 | 738 | 722 | 954 | 3,053 | ||||||||||||||
OTHER INCOME (EXPENSE) | |||||||||||||||||||
Interest expense | (13 | ) | (25 | ) | (25 | ) | (36 | ) | (99 | ) | |||||||||
Interest income and other, net | 20 | 26 | 15 | 36 | 97 | ||||||||||||||
INCOME BEFORE INCOME TAXES | 646 | 739 | 712 | 954 | 3,051 | ||||||||||||||
Provision for income taxes | 225 | 185 | (1) | 248 | 332 | 990 | |||||||||||||
Net income including noncontrolling interests | 421 | 554 | 464 | 622 | 2,061 | ||||||||||||||
Net income attributable to noncontrolling interests | (5 | ) | (7 | ) | (5 | ) | (5 | ) | (22 | ) | |||||||||
NET INCOME ATTRIBUTABLE TO COSTCO | $ | 416 | $ | 547 | $ | 459 | $ | 617 | $ | 2,039 | |||||||||
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: | |||||||||||||||||||
Basic | $ | 0.96 | $ | 1.26 | $ | 1.05 | $ | 1.41 | $ | 4.68 | |||||||||
Diluted | $ | 0.95 | $ | 1.24 | $ | 1.04 | $ | 1.40 | $ | 4.63 | |||||||||
Shares used in calculation (000’s) | |||||||||||||||||||
Basic | 433,423 | 435,975 | 436,488 | 436,752 | 435,741 | ||||||||||||||
Diluted | 438,643 | 439,812 | 440,780 | 441,907 | 440,512 | ||||||||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.275 | $ | 7.275 | (2) | $ | 0.31 | $ | 0.31 | $ | 8.17 | ||||||||
(1) | Includes a $62 tax benefit recorded in the second quarter in connection with the special cash dividend paid to employees through the Company's 401(k) Retirement Plan. |
(2) | Includes the special cash dividend of $7.00 per share paid in December 2012. |
53 Weeks Ended September 2, 2012 | ||||||||||||||||||||
First Quarter (12 Weeks) | Second Quarter (12 Weeks) | Third Quarter (12 Weeks) | Fourth Quarter (17 Weeks) | Total (53 Weeks) | ||||||||||||||||
REVENUE | ||||||||||||||||||||
Net sales | $ | 21,181 | $ | 22,508 | $ | 21,849 | $ | 31,524 | $ | 97,062 | ||||||||||
Membership fees | 447 | 459 | 475 | 694 | 2,075 | |||||||||||||||
Total revenue | 21,628 | 22,967 | 22,324 | 32,218 | 99,137 | |||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Merchandise costs | 18,931 | 20,139 | 19,543 | 28,210 | 86,823 | |||||||||||||||
Selling, general and administrative | 2,144 | (1) | 2,178 | 2,152 | 3,044 | 9,518 | ||||||||||||||
Preopening expenses | 10 | 6 | 6 | 15 | 37 | |||||||||||||||
Operating income | 543 | 644 | 623 | 949 | 2,759 | |||||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||||||
Interest expense | (27 | ) | (27 | ) | (19 | ) | (22 | ) | (95 | ) | ||||||||||
Interest income and other, net | 37 | 10 | 18 | 38 | 103 | |||||||||||||||
INCOME BEFORE INCOME TAXES | 553 | 627 | 622 | 965 | 2,767 | |||||||||||||||
Provision for income taxes | 225 | (2) | 215 | 217 | 343 | 1,000 | ||||||||||||||
Net income including noncontrolling interests | 328 | 412 | 405 | 622 | 1,767 | |||||||||||||||
Net income attributable to noncontrolling interests | (8 | ) | (18 | ) | (19 | ) | (13 | ) | (58 | ) | ||||||||||
NET INCOME ATTRIBUTABLE TO COSTCO | $ | 320 | $ | 394 | $ | 386 | $ | 609 | $ | 1,709 | ||||||||||
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: | ||||||||||||||||||||
Basic | $ | 0.74 | $ | 0.91 | $ | 0.89 | $ | 1.41 | $ | 3.94 | ||||||||||
Diluted | $ | 0.73 | $ | 0.90 | $ | 0.88 | $ | 1.39 | $ | 3.89 | ||||||||||
Shares used in calculation (000’s) | ||||||||||||||||||||
Basic | 434,222 | 434,535 | 433,791 | 432,437 | 433,620 | |||||||||||||||
Diluted | 440,615 | 439,468 | 439,166 | 438,344 | 439,373 | |||||||||||||||
CASH DIVIDENDS DECLARED PER COMMON SHARE | $ | 0.24 | $ | 0.24 | $ | 0.00 | (3) | $ | 0.55 | (4 | ) | $ | 1.03 | |||||||
(1) | Includes a $17 charge to selling, general and administrative for contributions to an initiative reforming alcohol beverage laws in Washington State. |
(2) | Includes a $24 charge relating to the settlement of an income tax audit in Mexico. |
(3) | On May 9, 2012, subsequent to the end of the third quarter of 2012, the Board of Directors declared a quarterly cash dividend of $0.275 per share. |
(4) | The quarterly dividend rate was $0.275 per share. |