Costco Wholesale (COST) FY2013 results: revenue $105.2 billion, up 6.1% on the year
Costco Wholesale Corp. (COST) reported revenue of $105.2 billion for fiscal 2013, the year ended 1 September 2013, up 6.1% on the year before. Net income was $2.0 billion, up 19.3%, and diluted earnings per share $4.63. The figures are the company's own, from the 10-K it filed with the SEC on 16 October 2013.
Revenue
$105.2 billion
+6.1% on the year
FY2008FY2013
Operating margin
2.9%
2.8% a year earlier
FY2008FY2013
Net income
$2.0 billion
+19.3% on the year
FY2008FY2013
Diluted EPS
$4.63
+19.0% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
105,156
99,137
88,915
+6.1%
Cost of revenue
91,948
86,823
77,739
+5.9%
Gross profit
13,208
12,314
11,176
+7.3%
Gross margin
12.6%
12.4%
12.6%
Selling, general and administrative
10,104
9,518
8,682
+6.2%
Operating income
3,053
2,759
2,439
+10.7%
Operating margin
2.9%
2.8%
2.7%
Interest expense
99.0
95.0
116
+4.2%
Pre-tax income
3,051
2,767
2,383
+10.3%
Income tax
990
1,000
841
-1.0%
Effective tax rate
32.4%
36.1%
35.3%
Net income
2,039
1,709
1,462
+19.3%
Net margin
1.9%
1.7%
1.6%
Diluted EPS
$4.63
$3.89
$3.30
+19.0%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
3,437
3,057
3,198
+12.4%
Capital expenditure
2,083
1,480
1,290
+40.7%
Free cash flow
1,354
1,577
1,908
-14.1%
Free cash flow margin
1.3%
1.6%
2.1%
Cash from investing
-2,251
-1,236
-1,180
Cash from financing
44.0
-2,281
-1,277
Depreciation and amortisation
946
908
855
+4.2%
Share-based compensation
285
241
207
+18.3%
Buybacks
36.0
632
624
-94.3%
Dividends paid
3,560
446
389
+698.2%
Dividend per share
$8.17
$1.03
$0.89
+693.2%
Diluted shares, weighted
441m
439m
443m
+0.3%
Shares outstanding at period end
437m
432m
434m
+1.0%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
10,833
12,361
12,002
-12.4%
Non-controlling interest
179
157
571
+14.0%
Short-term borrowings
36.0
0.0
0.0
Debt
4,998
1,382
2,153
+261.6%
Other liabilities
14,237
13,240
12,035
+7.5%
Total liabilities and equity
30,283
27,140
26,761
+11.6%
Fixed assets
13,881
12,961
12,432
+7.1%
Goodwill
63.0
66.0
74.0
-4.5%
Investments
1,480
1,326
1,604
+11.6%
Cash and equivalents
4,644
3,528
4,009
+31.6%
Receivables
1,201
1,026
965
+17.1%
Inventory
7,894
7,096
6,638
+11.2%
Other assets
1,120
1,137
1,039
-1.5%
Total assets
30,283
27,140
26,761
+11.6%
10-K for the year ended 1 September 2013, filed 16 October 2013: the filing.