Costco Wholesale (COST) FY2011 results: revenue $88.9 billion, up 14.1% on the year
Costco Wholesale Corp. (COST) reported revenue of $88.9 billion for fiscal 2011, the year ended 28 August 2011, up 14.1% on the year before. Net income was $1.5 billion, up 12.2%, and diluted earnings per share $3.30. The figures are the company's own, from the 10-K it filed with the SEC on 14 October 2011.
Revenue
$88.9 billion
+14.1% on the year
FY2008FY2011
Operating margin
2.7%
2.7% a year earlier
FY2008FY2011
Net income
$1.5 billion
+12.2% on the year
FY2008FY2011
Diluted EPS
$3.30
+13.0% on the year
FY2008FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
88,915
77,946
71,422
+14.1%
Cost of revenue
77,739
67,995
62,335
+14.3%
Gross profit
11,176
9,951
9,087
+12.3%
Gross margin
12.6%
12.8%
12.7%
Selling, general and administrative
8,682
7,840
7,252
+10.7%
Operating income
2,439
2,077
1,777
+17.4%
Operating margin
2.7%
2.7%
2.5%
Interest expense
116
111
108
+4.5%
Pre-tax income
2,383
2,054
1,727
+16.0%
Income tax
841
731
628
+15.0%
Effective tax rate
35.3%
35.6%
36.4%
Net income
1,462
1,303
1,086
+12.2%
Net margin
1.6%
1.7%
1.5%
Diluted EPS
$3.30
$2.92
$2.47
+13.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
3,198
2,780
2,092
+15.0%
Capital expenditure
1,290
1,055
1,250
+22.3%
Free cash flow
1,908
1,725
842
+10.6%
Free cash flow margin
2.1%
2.2%
1.2%
Cash from investing
-1,180
-2,015
-1,101
Cash from financing
-1,277
-719
-439
Depreciation and amortisation
855
795
728
+7.5%
Share-based compensation
207
190
181
+8.9%
Buybacks
624
551
69.0
+13.2%
Dividends paid
389
338
296
+15.1%
Dividend per share
$0.89
$0.77
$0.68
+15.6%
Diluted shares, weighted
443m
446m
440m
-0.6%
Shares outstanding at period end
434m
434m
436m
+0.2%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
12,002
10,829
10,024
+10.8%
Non-controlling interest
571
101
80.0
+465.3%
Short-term borrowings
0.0
n/a
16.0
Debt
2,153
2,167
2,210
-0.6%
Other liabilities
12,035
10,718
9,649
+12.3%
Total liabilities and equity
26,761
23,815
21,979
+12.4%
Fixed assets
12,432
11,314
10,900
+9.9%
Goodwill
74.0
71.0
71.0
+4.2%
Investments
1,604
1,535
573
+4.5%
Cash and equivalents
4,009
3,214
3,157
+24.7%
Receivables
965
884
834
+9.2%
Inventory
6,638
5,638
5,405
+17.7%
Other assets
1,039
1,159
1,039
-10.4%
Total assets
26,761
23,815
21,979
+12.4%
10-K for the year ended 28 August 2011, filed 14 October 2011: the filing.