开市客Costco Wholesale Corporation (COST) 2006年年度报告「NASDAQ」.pdf

1、YEAR ENDED SEPTEMBER 3,2006AnnualReport20062006AnnualReport2006THE COMPANYCostco Wholesale Corporation(“Costco”or the“Company”)began operations in 1983 in Seattle,Washington.In October 1993,Costco merged with The Price Company,which had pioneered themembership warehouse concept in 1976,to form Price

2、/Costco,Inc.,a Delaware corporation.InJanuary 1997,after the spin-off of most of its non-warehouse assets to Price Enterprises,Inc.,theCompany changed its name to Costco Companies,Inc.On August 30,1999,the Companyreincorporated from Delaware to Washington and changed its name to Costco Wholesale Cor

3、poration,which trades on the NASDAQ under the symbol“COST.”As of December 2006,the Company operated a chain of 504 warehouses in 38 states and PuertoRico(371 locations),nine Canadian provinces(70 locations),the United Kingdom(19 locations),Korea(five locations),Taiwan(four locations,through a 55%-ow

4、ned subsidiary)and Japan(five locations),aswell as 30 warehouses in Mexico through a 50%-owned joint venture.CONTENTSFinancial Highlights.1Letter to Shareholders.2Map of Warehouse Locations.6Business Overview.8Risk Factors.13Properties:Warehouse,Administration and Distribution Properties.18Market fo

5、r Costco Common Stock,Dividend Policy and Stock Repurchase Program.19Five Year Operating and Financial Highlights.20Managements Discussion and Analysis of Financial Condition and Results of Operations.21Executive Officers of the Company.35Managements Reports.35Reports of Independent Registered Publi

6、c Accounting Firm.37Consolidated Financial Statements.39Notes to Consolidated Financial Statements.43Directors and Officers of the Company.71Additional Information.73Warehouses in OperationAt Fiscal Year EndNumber of Warehouses47545020022004425400397(474 at 12/31/06)3750200541743320064582003374Exclu