Costco Wholesale Corporation released its operating results for the fourth quarter and the fiscal year ended Aug. 29, 2010, and its September sales results.
Net sales for the fiscal 2010 fourth quarter, the 16 weeks ended Aug. 29, 2010, were $23.59 billion, an increase of 8% from $21.89 billion in the 16-week fourth quarter of fiscal 2009 ended Aug. 30, 2009. Net sales for the 52-week fiscal year 2010 were $76.25 billion, an increase of 9% from $69.89 billion in the 52-week fiscal year 2009 ended August 30, 2009.
Net income for the fourth quarter of fiscal 2010 was $432 million, or 97 cents per diluted share, compared to $374 million, or 85 cents per diluted share, during the fourth quarter of fiscal 2009.
Net income for fiscal 2010 was $1.30 billion, or $2.92 per diluted share, compared to $1.09 billion, or $2.47 per diluted share, during fiscal year 2009.
For the five-week reporting month of September, ended Oct. 3, 2010, the Company reported net sales of $7.51 billion, an increase of 10% from $6.84 billion during the similar five-week period of the prior year. This year's five-week period includes sales from the Company's Mexico joint venture, as the Company began consolidating its Mexico operations on a prospective basis beginning with its 2011 fiscal year on Aug. 30, 2010, due to the adoption of a new accounting standard. Total sales for the five-week period excluding Mexico sales reflected a 7% increase over the similar five-week period of the prior year.
COSTCO WHOLESALE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(dollars in millions, except per share data)
(unaudited)
16 Weeks Ended 52 Weeks Ended
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August 29, August 30, August 29, August 30,
2010 2009 2010 2009
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REVENUE
Net sales $ 23,592 $ 21,888 $ 76,255 $ 69,889
Membership fees 533 490 1,691 1,533
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Total revenue 24,125 22,378 77,946 71,422
OPERATING EXPENSES
Merchandise costs 21,024 19,512 67,995 62,335
Selling, general and
administrative 2,401 2,254 7,840 7,252
Preopening expenses 9 12 26 41
Provision for impaired
assets and closing
costs, net 3 2 8 17
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Operating income 688 598 2,077 1,777
OTHER INCOME (EXPENSE)
Interest expense (34) (33) (111) (108)
Interest income and
other, net 30 19 88 58
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INCOME BEFORE INCOME TAXES 684 584 2,054 1,727
Provision for income taxes 247 206 731 628
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Net income including
noncontrolling interests 437 378 1,323 1,099
Net income attributable to
noncontrolling interests (5) (4) (20) (13)
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NET INCOME ATTRIBUTABLE
TO COSTCO $ 432 $ 374 $ 1,303 $ 1,086
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NET INCOME PER COMMON SHARE
ATTRIBUTABLE TO COSTCO:
Basic $ 0.99 $ 0.86 $ 2.97 $ 2.50
========== ========== ========== ==========
Diluted $ 0.97 $ 0.85 $ 2.92 $ 2.47
========== ========== ========== ==========
Shares used in calculation
(000's)
Basic 437,071 435,255 438,611 433,988
Diluted 444,289 441,699 445,970 440,454
Dividends per share $ 0.205 $ 0.180 $ 0.770 $ 0.680
