Income Statement

2016 2015 2014

Net Sales 116,073 113,666 110,212
Membership Fees 2,646 2,533 2,428
Total Revenue 118,719 116,199 112,640
Operating Expenses
Merchandise Costs 102,901 101,065 98,458
Selling, general, and administrative 12,068 11,445 10,899
Preopen Expenses 78 65 63
Provision of Impaired Assests and Store Closing Costs -- -- --
Operating Income 3,672 3,624 3,220
Other Income (Expenses)
Interest Expense -133 -124 -113
Interest Income and Other 80 104 90
Income Before Income Taxes 3,619 3,604 3,197
Provision of Income taxes 1,243 1,195 1,109
Net Income 2,376 2,409 2,088

Balance Sheet Data

Cash and Cash Equivalent 3,379 4,801 5,738
Merchandise Inventory 8,969 8,908 8,456
Current Assests 15,218 17,299 17,588
Current Liabilities 15,575 16,540 14,412
Net Property and Equipment 17,043 15,401 14,830
Total Assests 33,163 33,440 33,024
Long-Term Debt 4,061 4,864 5,093
Stockholder's Equity 12,079 10,843 12,515

Profitability Ratio
Gross profit margin 13.3% 13.0% 12.6%
Merchandise costs as a % of sales 88.7% 88.9% 89.3%
SG&A as a % of total revenues 10.2% 9.8% 9.7%
Operating profit margin 3.1% 3.1% 2.9%
Net profit margin 2.0% 2.1% 1.9%
Total return on assets 7.4% 7.5% 6.6%
Net return on total assets (ROA) 7.2% 7.2% 6.3%
Return on Stockholder’s equity (ROE) 19.7% 22.2% 16.7%
Return on invested capital (ROIC) 14.7% 15.3% 11.9%

Liquidity Ratios
Current ratio 0.98 1.05 1.22
Working capital (in millions) -357 759 3,176

Leverage Ratios
Total debt-to-asset ratio 59% 64% 59%
Long-term debt-to-capital ratio 25.2 31.0 28.9
Debt-to-equity ratio 163% 197% 156%
Long-term debt-to-equity ratio 33.6 44.9 40.7
Times-interest-earned (or coverage) ratio -27.6 -29.2 -28.5

Activity Ratios
Days of inventory 32 32 31
Inventory turnover 11.5 11.3 11.6

Gross Profit Margin

company's gross profit margin is increased by 0.3% as ca
indicates good performance of the company. whereas in 2
0.4%, which indicates that current year growth is

Operating Profit Margin

company's operating Margin is constant as campared to 20
revenue which indicates companys operation expenses are
shows poor performance of the comp

Net Profit Margin

Company Net profit margin is decreased by 0.1% as camp
increase in revenues. Which indiactes that companys expen
and may leads to losses in future

ROE
Company ROE is decreased by 2.5% as campered to 201
shareholders equity is not invested in proper manner to ge
campered to previos year. However current year ROE is 1
performance of the company as generally ROE above 1
efficient in generating the profits
 2013 2011 2005 2000
102,870 87,048 51,862 31,621
2,286 1,867 1,073 544
105,156 88,915 52,935 32,165

91,948 77,739 46,347 28,322

10,104 8,682 5,044 2,755
51 46 53 42
-- 9 16 7
3,053 2,448 1,474 1,037

-99 -116 -34 -39

97 60 109 54
3,051 2,392 1,549 1,052
990 841 486 421
2,061 1,551 1,063 631

4,644 4,009 2,063 525

7,894 6,638 4,015 2,490
15,840 13,706 8,238 3,470
13,257 12,050 6,761 3,404
13,881 12,432 7,790 4,834
30,283 26,761 16,514 8,634
4,998 2,153 711 790
11,012 12,573 8,881 4,240

12.6% 12.6% 12.4% 11.9%

89.4% 89.3% 89.4% 89.6%
9.6% 9.8% 9.5% 8.6%
2.9% 2.8% 2.8% 3.3%
2.0% 1.8% 2.0% 2.0%
7.1% 6.0% 7.1% 7.9%
6.8% 5.8% 6.4% 7.3%
18.7% 12.3% 12.0% 14.9% 2.5%
 12.9% 10.5% 11.1% 12.5%

1.19 1.14 1.22 1.02

2,583 1,656 1,477 66

60% 53% 45% 49%

31.2 14.6 7.4 15.7
166% 113% 84% 99%
45.4 17.1 8.0 18.6
-30.8 -21.1 -43.4 -26.6

31 31 32 32
11.6 11.7 11.5 11.4

n is increased by 0.3% as campared to 2015 which

the company. whereas in 2015 profit margin was by
that current year growth is down by 0.1%.

constant as campared to 2015. Despite of increase in

nys operation expenses are not under control. Hence
or performance of the company.

decreased by 0.1% as campared to 2015 despite of

iactes that companys expenses are not under control
ay leads to losses in future.

by 2.5% as campered to 2015. which indicates the

sted in proper manner to generate enough profits as
wever current year ROE is 19.7% which shows good
ny as generally ROE above 10% shows company is
nt in generating the profits.