Quarterly Financial Data (Unaudited)

12 Months Ended

Aug. 30, 2020

Quarterly Financial Information Disclosure [Abstract]

Note 13—Quarterly Financial Data (Unaudited)

The two tables that follow reflect the unaudited quarterly results of operations for 2020 and 2019.


	52 Weeks Ended August 30, 2020
	First Quarter (12 Weeks)		Second Quarter (12 Weeks)		Third Quarter (12 Weeks)		Fourth Quarter (16 Weeks)			Total (52 Weeks)
REVENUE
Net sales	$	36,236	$	38,256	$	36,451	$	52,277		$	163,220
Membership fees	804		816		815		1,106			3,541
Total revenue	37,040		39,072		37,266		53,383			166,761
OPERATING EXPENSES
Merchandise costs (1)	32,233		34,056		32,249		46,401			144,939
Selling, general and administrative (2)	3,732		3,743		3,830		5,027		(3)	16,332
Preopening expenses	14		7		8		26			55
Operating income	1,061		1,266		1,179		1,929			5,435
OTHER INCOME (EXPENSE)
Interest expense	(38)		(34)		(37)		(51)			(160)
Interest income and other, net	35		45		21		(9)			92
INCOME BEFORE INCOME TAXES	1,058		1,277		1,163		1,869			5,367
Provision for income taxes	202		330		311		465			1,308
Net income including noncontrolling interests	856		947		852		1,404			4,059
Net income attributable to noncontrolling interests	(12)		(16)		(14)		(15)			(57)
NET INCOME ATTRIBUTABLE TO COSTCO	$	844	$	931	$	838	$	1,389		$	4,002
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:
Basic	$	1.91	$	2.10	$	1.90	$	3.14		$	9.05
Diluted	$	1.90	$	2.10	$	1.89	$	3.13		$	9.02
Shares used in calculation (000’s)
Basic	441,818		442,021		442,322		442,843			442,297
Diluted	443,680		443,727		443,855		444,231			443,901

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(1)Includes $108 of incremental wage and sanitation costs as a result of COVID-19 of which $44 and $64 were recorded in the third and fourth quarters, respectively.

(2)Includes $456 of incremental wage and sanitation costs as a result of COVID-19 of which $239 and $217 were recorded in the third and fourth quarters, respectively.

(3)Includes a $84 benefit due to a partial reversal of an accrual for a product tax assessment in 2019.


	52 Weeks Ended September 1, 2019
	First Quarter (12 Weeks)		Second Quarter (12 Weeks)		Third Quarter (12 Weeks)		Fourth Quarter (16 Weeks)			Total (52 Weeks)
REVENUE
Net sales	$	34,311	$	34,628	$	33,964	$	46,448		$	149,351
Membership fees	758		768		776		1,050			3,352
Total revenue	35,069		35,396		34,740		47,498			152,703
OPERATING EXPENSES
Merchandise costs	30,623		30,720		30,233		41,310			132,886
Selling, general and administrative	3,475		3,464		3,371		4,684		(1)	14,994
Preopening expenses	22		9		14		41			86
Operating income	949		1,203		1,122		1,463			4,737
OTHER INCOME (EXPENSE)
Interest expense	(36)		(34)		(35)		(45)			(150)
Interest income and other, net	22		46		36		74			178
INCOME BEFORE INCOME TAXES	935		1,215		1,123		1,492			4,765
Provision for income taxes	158		314		207		382			1,061
Net income including noncontrolling interests	777		901		916		1,110			3,704
Net income attributable to noncontrolling interests	(10)		(12)		(10)		(13)			(45)
NET INCOME ATTRIBUTABLE TO COSTCO	$	767	$	889	$	906	$	1,097		$	3,659
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO:
Basic	$	1.75	$	2.02	$	2.06	$	2.49		$	8.32
Diluted	$	1.73	$	2.01	$	2.05	$	2.47		$	8.26
Shares used in calculation (000’s)
Basic	439,157		440,284		439,859		439,727			439,755
Diluted	442,749		442,337		442,642		443,400			442,923

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(1)Includes a $123 charge for a product tax assessment.