COSTCO COMPANIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except per share data)
(unaudited)
12 Weeks Ended
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November 23, November 24,
1997 1996
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REVENUE
Net sales $ 5,321,256 $ 4,785,636
Membership fees and other 108,507 97,772
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Total revenue 5,429,763 4,883,408
OPERATING EXPENSES
Merchandise costs 4,779,296 4,308,369
Selling, general and administrative 470,711 426,104
Preopening expenses 7,343 10,197
Provision for impaired assets
and warehouse closing costs 2,000 70,000
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Operating income 170,413 68,738
OTHER INCOME (EXPENSE)
Interest expense (10,923) (18,933)
Interest income and other 3,720 3,657
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INCOME BEFORE PROVISION FOR INCOME TAXES 163,210 53,462
Provision for income taxes 65,284 21,652
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NET INCOME $ 97,926 $ 31,810/a
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NET INCOME PER COMMON AND COMMON
EQUIVALENT SHARE--FULLY DILUTED:
Net income $ 0.44 $ 0.16/a
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Shares used in calculation (000's) 230,068 199,630
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(a) Net income and net income per common and common equivalent share would have been $70,485 and $0.34, respectively, without the effect of adopting FAS No. 121, using 227,096 fully-diluted shares.
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