Introduction This report provides a financial quarterly trend analysis for Costco Wholesale Corporation, Inc. founded in 1983. Costco Wholesale Corporation is the seventh largest retailer company in the world. As of July 2012, it was the fifth largest retailer, and the largest membership warehouse club chain in the United States (“Wikipedia, the free,” 2011). Costco Wholesale Corporation’s stock is publicly traded on the National Association of Securities Dealers Automated Quotation (NASDAQ) under the symbol “COST”, which I will use as reference throughout this report.

Costco is a company with an inspiring story. They have revolutionized the shopping experience at its maximum, breaking the rules of grocery shopping experience. In addition, Costco Wholesales have a novel business concept compare to its major competitors, building millions of loyal customers and expanding across the world every year. The followings are the main reasons why I chose to analyze this company: * Costco’s business strategy is fascinating compared to other wholesale companies in the industry in how their stores are presented to the public.

Costco supermarkets are made of cement floors, merchandises are laid on pallets, groceries are not handled in bags, aisles are not labeled, and lastly, they do not advertise. This business strategy save millions of dollars in operating cost every year. * Costco value their employees. The hourly wage for a Costco employee is one of the highest in the world, the average Costco employee make $20. 00 an hour and about 90% of them are fully covered by insurance (Quintanilla, 2012). * Costco stocks rose 5000% during the past few years and despite the recent recession, the company posted record sales (Quintanilla, 2012). The prices of goods at Costco are around 30% lower than the prices at a regular supermarket. This is a result of their rule that nothing is marked up more than 15% when a typical supermarket has a 25% markup and department stores up to 50% (Quintanilla, 2012). * In addition, Costco’s generic products, Kirkland, carry 15% of Costco merchandises. Sales of Kirkland products sales about 63 million dollars every year (Quintanilla, 2012) The financial statements and trading information was researched for COST and Wal-Mart Stores, Inc (WMT), Costco’s main competition.

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The industry average was also analyzed. The key financial ratios for both companies were computed for the four most recent quarters and these ratios were used for com the basis for the financial trend comparison and industry performance comparative analysis. 2. Financial Ratio Calculation and Analysis -Methodology The financial statements and trading information for COST and WMT for the four most recent quarters (April 2011, August 2011, November 2011 and April 2012) were obtained from the following Internet sources: * Market Watch * Costco Wholesale Corporation * Forbes * Nasdaq * CNBC YChart Market Watch was used the most because it provided more details and more variety of information than the other sources. The other sources were used to support the validity of the Market Watch’s data. – Ratio Computations The following table summarizes the results of the ratio computations for COST: COST: KEY FINANCIAL RATIOS Liquidity Ratios| Q1| Q2| Q3| Q4| Annual| |  |  |  |  |  | Current Ratio| 1. 13| 1. 14| 1. 13| 1. 18| 1. 18| Quick Ratio| 0. 61| 0. 59| 0. 55| 0. 61| 0. 61| Net Working Capital Ratio| 0. 1| 0. 06| 0. 06| 0. 08| 0. 08| Current Liabilities to Inventory Ratio| 1. 5| 1. 81| 1. 75| 1. 76| 1. 76|  |  |  |  |  |  | Assets Ratios|  |  |  |  |  | Inventory Turnover Ratio| 3. 15| 4. 24| 3. 03| 3. 26| 3. 26| Fixed Asset Turnover Ratio| 15. 95| 2. 15| 1. 66| 1. 68| 1. 68| Total Assets Ratio| 1. 34| 1. 05| 0. 77| 0. 8| 0. 8| Asset To Equity Ratio| 1. 22| 2. 13| 2. 25| 2. 11| 2. 11| |  |  |  |  |  | Profitability Ratios|  |  |  |  |  | Return on Assets Ratio| 0. 02| 0. 02| 0. 02| 0. 02| 0. 07| Return on Equity Ratio| 0. 03| 0. 04| 0. 03| 0. 03| 0. 12| Profit Margin Ratio| 0. 02| 0. 02| 0. 01| 0. 02| 0. 02| Basic Earning Power Ratio| 0. 04| 0. 03| 0. 02| 0. 2| 0. 09| Earnings per Share Ratio| 0. 37| 0. 54| 0. 36| 0. 44| 1. 72|  |  |  |  |  |  | Debt Ratios|  |  |  |  |  | Total Debt Ratio| 0. 94| 0. 53| 0. 56| 0. 53| 0. 53| Interest Coverage Ratio| 20. 97| 21. 31| 20. 07| 32. 84| 22. 92| Debt/Equity Ratio| 1. 15| 1. 13| 1. 25| 1. 11| 1. 11| Loan to Value Ratio| 0| 0| 0| 0| 0| |  |  |  |  |  | Market Ratios|  |  |  |  |  | Earnings per Share (EPS) Ratio| 0. 37| 0. 54| 0. 36| 0. 44| 1. 72| Price to Earnings Ratio| 73. 78| 50. 17| 74. 6| 65. 46| 16. 75| Price to Cash Flow Ratio| 53. 96| 92. 59| 74. 37| 35. 54| 10. 6| Payout Ratio| -0. 28| -0. 4| 0| -0. 27| -0. 27| COST Balance Sheet from Market Watch: Assets|  |  |  |  | |  |  |  |  | | 30-Apr-11| 31-Aug-11| 30-Nov-11| 30-Apr-12| Cash & Short Term Investments| 6. 22B| 5. 61B| 5. 92B| 5. 98B| Cash Only| 4. 08B| 4. 01B| 4. 32B| 4. 79B| Short-Term Investments| -| -| -| -| Total Accounts Receivable| 948M| 965M| 982M| 1. 02B| Accounts Receivables, Net| -| -| -| -| Accounts Receivables, Gross| -| 3M| -| -| Bad Debt/Doubtful Accounts| -| (3M)| -| -| Other Receivables| 0| 395M| 0| 0| Inventories| 6. 4B| 6. 64B| 7. 62B| 7. 04B| Finished Goods| -| -| -| -| Work in Progress| -| -| -| -|

Raw Materials| -| -| -| -| Progress Payments & Other| -| -| -| -| Other Current Assets| 510M| 490M| 478M| 553M| Miscellaneous Current Assets| 510M| 490M| 478M| 553M| Total Current Assets| 14. 07B| 13. 71B| 14. 99B| 14. 59B| Net Property, Plant & Equipment| 12. 3B| 12. 43B| 12. 38B| 12. 6B| Property, Plant & Equipment – Gross| 18. 15B| 18. 37B| 18. 44B| 19. 04B| Buildings| -| -| -| -| Land & Improvements| -| -| -| -| Computer Software and Equipment| -| -| -| -| Other Property, Plant & Equipment| -| -| -| -| Accumulated Depreciation| 5. 85B| 5. 94B| 6. 06B| 6. 44B|

Total Investments and Advances| 0| 64M| 0| 0| Other Long-Term Investments| -| 64M| 0| 0| Long-Term Note Receivable| -| -| -| -| Intangible Assets| -| 74M| -| -| Net Goodwill| -| 74M| -| -| Net Other Intangibles| -| 0| -| -| Other Assets| 605M| 485M| 630M| 649M| Tangible Other Assets| -| -| -| -| Total Assets| 26. 97B| 26. 81B| 28B| 27. 84B| Liabilities & Shareholders’ Equity|  |  |  |  |  |  |  |  |  | ST Debt ;amp; Current Portion LT Debt| 901M| 900M| 934M| 0| Short Term Debt| 1M| 0| 34M| 0| Current Portion of Long Term Debt| 900M| 900M| 900M| 0| Accounts Payable| 6. 8B| 6. 54B| 7. 58B| 7. 3B|

Income Tax Payable| 376M| 335M| -| -| Other Current Liabilities| 6. 02B| 6. 03B| 6. 55B| 6. 83B| Dividends Payable| -| -| -| -| Accrued Payroll| -| -| -| -| Miscellaneous Current Liabilities| 4. 42B| 4. 27B| 4. 8B| 5. 06B| Total Current Liabilities| 12. 49B| 12. 05B| 13. 31B| 12. 37B| Long-Term Debt| 1. 25B| 1. 25B| 1. 33B| 1. 37B| Long-Term Debt excl. Capitalized Leases| 1. 25B| 1. 25B| 1. 33B| 1. 37B| Non-Convertible Debt| -| -| -| -| Convertible Debt| -| -| -| -| Capitalized Lease Obligations| 0| 0| -| 0| Provision for Risks ;amp; Charges| 0| 0| 0| 0| Deferred Taxes| 692M| 334M| 916M| 914M|

Deferred Taxes – Credit| 692M| 387M| 916M| 914M| Deferred Taxes – Debit| -| 53M| 0| 0| Other Liabilities| 0| 551M| 0| 0| Other Liabilities (excl. Deferred Income)| 0| 551M| 0| 0| Deferred Income| -| -| -| -| Total Liabilities| 14. 43B| 14. 24B| 15. 56B| 14. 65B| Non-Equity Reserves| 0| 0| 0| 0| Preferred Stock (Carrying Value)| 0| 0| 0| 0| Redeemable Preferred Stock| 0| 0| -| -| Non-Redeemable Preferred Stock| 0| 0| -| -| Common Equity (Total)| 11. 96B| 12B| 11. 91B| 12. 59B| Common Stock Par/Carry Value| 2M| 2M| 2M| 2M| Retained Earnings| 6. 99B| 7. 11B| 7. 18B| 7. 61B| ESOP Debt Guarantee| -| -| -| -|

Cumulative Translation Adjustment/Unrealized For. Exch. Gain| -| 250M| -| -| Unrealized Gain/Loss Marketable Securities| -| 1M| 0| 0| Revaluation Reserves| -| -| -| -| Treasury Stock| 0| 0| 0| 0| Total Shareholders’ Equity| 11. 96B| 12B| 11. 91B| 12. 59B| Accumulated Minority Interest| 578M| 571M| 538M| 598M| Total Equity| 12. 54B| 12. 57B| 12. 45B| 13. 18B| Liabilities & Shareholders’ Equity| 26. 97B| 26. 81B| 28B| 27. 84B| – Financial Trend Analysis Liquidity Ratios: Current Ratio: The current ratio of Q1 to Q3 has been stable and there was a trend for an increase on Q4.

Therefore the ratio has been stable during the last four quarters. Also, COST current ratio is slightly higher than the industry average. This means that COST ability to pay its debt has been stable for the last four quarters. Quick Ratio: The quick ratios for COST are again stable for the last four quarters. Also, the quick ratio of COST is above the industry average ratio. This is a good trend for Costco because higher quick ratio, higher the company’s position. We can conclude that COST ability to pay its upcoming bills its being successful during the past few years. Net Working Capital Ratio:

COST’s net working capital ratio was compared to WMT. As opposed to the negative values of WMT, the ratio of COST is positive. There is a slight dip in Q2 but there is a trend for increase from Q2 to Q4. This translates to the ability of Costco to pay its short-term liabilities, while its biggest competitor, WMT is not able. Current Liabilities to Inventory Ratio: COST’s current liability to inventory ratio is drastically high compare to WMT. The chart shows that COST had a downward trend during the second quarter, recovering at the end of the year due to the increase in current liability and decrease in inventory.

However, the company’s inventory availability to pay its debt is very reliable compared to WMT (“Investopedia,” 2011). Cash Ratio: The trend of cash ratio for COST is relatively downward, especially in Q2 and Q3 due to the drastic change on total cash and cash equivalents. However, when we compared COST with WMT, the cash ratio for COST is very high. This is a good indication for COST because the company can pay its short-term debt quickly. Operating Ratio: COST’s operating ratio is very low compared to the industry average.

This is a great sign for the company; the lower the ratio, the greater the company’s ability to generate profit; revenue decreased in the last two quarters compared to the first two, making the company more efficient. Asset Ratios: Inventory Turnover Ratio: Fixed Assets Turnover Ratio: Total Assets Ratio: COST’s inventory turnover ratio and fixed assets turnover ratio show a similar pattern. However, if we look at the total assets we can see that there is a downward pattern, especially in the last two quarters due to the “slow shopping season,” compared to dates closer to the holidays (Q2).

The inventory turnover ratio shows that COST has very strong sales and the ratios are higher than WMT. This indicates that the company has been selling its inventory more efficiently that its competitor. In addition, the fixed assets turnover ratios show that COST has been more effective in using its investments in fixed assets to generate revenue (“Investopedia,” 2011), compared to WMT. Asset to Equity Ratio: This chart shows that the asset to equity ratio has been slightly increasing due to the growth in total asset during the last quarters.

COST’s asset to equity ratio is higher than its competitor’s, indicating that its uses of debt to finance are being efficient compare to WMT. Profitability Ratios: Return on Assets Ratio: The return on assets ratio hold constant over the last four quarters. However, when I compared it with the industry average, it’s extremely low. This indicates that COST is more profitable than the industry average. Return on Equity Ratio: Return on equity for COST follows the same pattern as return on assets ratio. The ratio has been steady from Q1 to Q4 and compared to the industry average is low.

This indicates that company generates small amount of money with the shareholder’s investments (“Investopedia,” 2012). Profit Margin Ratio: COST’s profit margin ratio has been very steady during the last four quarter. However, it is very low compared to the industry average. This is not bad for companies like COST because COST have a big volume of sales, so at then, it will pay off with big profit. In addition, if COST wants to increase its profit margin there prices will go up and they will lose the volume, having a high chance to not become profitable. In conclusion, a company can be profitable or successful and have a low profit margin.

Basic Earning Power: COST’s basic earning power ratio is lower that its competitor, WMT. This indicates that WMT uses its assets more efficiently than COST in order to generate earnings. COST’S ratio was slowly declining during the last four quarters, while WMT has been fluctuating even though its numbers are higher than COST. Earnings per Share Ratio: Earnings per share ratio for COST are extremely low compared to the industry average ratio. This is bad because low EPS means fewer earnings for shareholders. However, EPS does not take into account price of stock or the owner’s investments (“Investopedia,” 2012).

As we see in the chart, COST line has been fluctuating during the past few quarters -one year being more profitable than the other. Debt Ratios: Total Debt Ratio: The total debt ratio for COST was slightly low during the last four quarters due to decrease in total liabilities. WMT held constant from Q1 to Q4. In conclusion, both companies have more assets than debt, meaning low level of risk for investors. Interest Coverage Ratio: Interest coverage ratio for cost was steady for the first three quarter except for the upward trend in Q4 due to the high EBIT and low interest expense.

However, when we compared it with WMT, the values for COST are drastically low. This means that COST will have more debts than WMT (“Investopedia,” 2012). Debt to Equity Ratio: The debt to equity ratio for COST grossly unchanged and is lower than WMT. This means that WMT is aggressively financing its growth with debt (“Investopedia,” n. d), while COST is being more careful. Market Ratio: Earnings per Share Ratio: COST’s earning per share ratio was very inconsistent during the last four quarters. It had an upward trend in the second quarters; followed by a downward trend in Q3, then up again in the fourth quarter.

All this is due to the fluctuation in net income. Both companies will bring profitable outcomes after investing on their stocks. Price to Earning Ratio: COST’s price per earning ratio have been fluctuating as well as EPS during the last four quarters, reaching its peak at the first and third quarter due to the change in earnings per share during the last four quarters. COST P/E compared to the industry average, it is way above it and the reason why this happens is because COST is a very popular stock in the market, so people are willing to pay high for their stocks.

In addition, the company indicates good earnings estimates and forecasts- investors are expecting higher earnings growth in the future. Price to Cash Flow Ratio: COST’s price to cash flow ratio means that the company did not have trouble paying its debt during the last four quarter. When I compared the graph with the industry average, it is far above it. COST is a company with high volume of sales and for these reason normally the graphs are far away from the industry average. Payout Ratio: COST’s payout ratio is negative compare to WMT. This means that COST is more ocused on retaining its earnings rather than paying out dividends (“Investopedia,” n. d). COST’s payout ratio was very inconsistent especially in the first two quarters due to the fluctuation in dividends paid. 3. Industry Performance Comparative Financial analysis I compared COST with both the industry average and its competitor, WMT because all of the published financial ratios for the Broadline Retailer industry were not available. Therefore, I decided to compare COST to its largest publicly traded competitor, Wal-Mart Stores, Inc. (WMT). The other biggest rival was BJ’s Wholesale; however, BJ’s is not a publicly traded company anymore.

Below, I summarized the comparison performance of the two companies: Liquidity Ratios| Desired Value|  | Q1| Q2| Q3| Q4| Annual| Superior Performer| Similarity of trend pattern| Current Ratio| HIGH| COST WMT| 1. 13 0. 87| 1. 14 0. 88| 1. 13 0. 83| 1. 18 0. 82| 1. 18 0. 82| COST| Distinct| Quick Ratio| HIGH| COST WMT| 0. 61 0. 21| 0. 59 0. 23| 0. 55 0. 23| 0. 61 0. 23| 0. 61 0. 3| COST| Distinct| Net Working Capital Ratio| HIGH| COST WMT| 0. 10 (0. 05)| 0. 06 (0. 04)| 0. 06 (0. 06)| 0. 08 (0. 06)| 0. 08 (0. 06)| COST| Distinct| Current Liabilities to inventory Ratio| LOW| COST WMT| 1. 95 1. 53| 1. 81 1. 53| 1. 75 1. 67| 1. 76 1. 68| 1. 76 1. 68| COST| Similar (Except Q1 and Q2)| Cash Ratio| HIGH| COST WMT| 0. 0 0. 00| 0. 47 0. 00| 0. 44 0. 12| 0. 48 0. 12| 0. 48 0. 12| COST| Distinct| Operating Ratio| LOW| COST WMT| 0. 23 0. 57| 0. 24 0. 57| 0. 02 0. 62| 0. 11 0. 63| 0. 15 0. 62| COST| Distinct| Asset Ratios|  |  |  |  |  |  |  |  |  | Inventory Turnover Ratio| HIGH| COST WMT| 3. 16 2. 72| 4. 24 3. 18| 3. 3 2. 89| 3. 26 2. 95| 13. 56 11. 90| COST| Similar| Fixed Assets Turnover Ratio| HIGH| COST WMT| 15. 98 0. 80| 2. 15 0. 88| 1. 66 0. 80| 1. 68 0. 81| 7 3. 28| COST| Distinct| Total Assets Ratio| HIGH| COST WMT| 1. 34 0. 56| 1. 05 0. 63| 0. 77 0. 7| 0. 8 0. 58| 3. 33 2. 34| COST| Similar (except Q1 and Q2)| Asset to Equity Ratio| HIGH| COST WMT| 1. 22 2. 72| 2. 13 2. 54| 2. 25 2. 65| 2. 11 2. 60| 2. 11 2. 60| WMT| Similar| Profitability Ratios|  |  |  |  |  |  |  |  |  | Return on Assets Ratio| LOW| COST WMT| 0. 02 0. 03| 0. 02 0. 04| 0. 02 0. 03| 0. 2 0. 03| 0. 07 0. 13| COST| Similar| Return on Equity Ratio| HIGH| COST WMT| 0. 03 0. 05| 0. 04 0. 07| 0. 03 0. 05| 0. 03 0. 05| 0. 12 0. 22| WMT| Similar| Profit Margin Ratio| HIGH| COST WMT| 0. 02 0. 03| 0. 02 0. 04| 0. 01 0. 03| 0. 02 0. 04| 0. 02 0. 4| WMT| Similar| Basic Earnings Power Ratio| HIGH| COST WMT| 0. 04 0. 34| 0. 03 0. 41| 0. 02 0. 36| 0. 02 0. 36| 0. 09 1. 46| WMT| Distinct| Earnings per Share Ratio| HIGH| COST WMT| 0. 37 0. 47| 0. 54 0. 73| 0. 36 0. 53| 0. 44 0. 57| 1. 72 2. 31| WMT| Distinct | Debt Ratios|  |  |  |  |  |  |  |  |  |

Total Debt Ratio| LOW| COST WMT| 0. 94 0. 63| 0. 53 0. 61| 0. 56 0. 62| 0. 53 0. 62| 0. 53 0. 62| COST| Similar| Interest Coverage Ratio| HIGH| COST WMT| 20. 93 111. 29| 21. 31 140. 79| 20. 07 122. 37| 32. 84 126. 87| 22. 92 125. 06| WMT| Distinct| Debt/Equity Ratio| HIGH| COST WMT| 1. 5 1. 72| 1. 13 1. 54| 1. 25 1. 65| 1. 11 1. 60| 1. 11 1. 60| WMT| Similar| Loan to Value Ratio| LOW| COST WMT| 0 0| 0 0| 0 0| 0 0| 0 0| SAME| Same| Market Ratios|  |  |  |  |  |  |  |  |  | Earnings per Share (EPS) Ratio| HIGH| COST WMT| 0. 37 0. 7| 0. 54 0. 73| 0. 36 0. 53| 0. 44 0. 57| 1. 72 2. 31| WMT| Distinct| Price to Earnings Ratio| HIGH| COST WMT| 73. 78 100. 00| 50. 17 100. 00| 74. 6 99. 99| 65. 46 100. 00| 16. 75 24. 68| WMT| Distinct| Price to Cash Flow Ratio| HIGH| COST WMT| 53. 96 62. 08| 92. 59 71. 59| 74. 7 63. 92| 35. 54 65. 36| 14. 57 16. 32| WMT| Similar| Payout Ratio| HIGH| COST WMT| (0. 28) 0| (0. 44) 0. 00| 0 0| (0. 27) 0. 00| (0. 27) 0. 00| WMT| Distinct| Beta|  |  |  |  |  |  |  |  |  | Beta| LOW| COST WMT| 0. 69 0. 32|  |  |  |  | WMT| Similar| The above table indicates that both companies are very similar in how efficient and solvent they are.

However WMT had better performance during the last four quarters than COST by one ratio (10 out 11). I provided explanations for COST inferior performance (distinct pattern) shown in the table above: * Basic Earning Power Ratio: WMT ratio is significantly higher than COST indicating that WMT generates more profit from conducting its operations (“Investopedia,” 2012) than COST. WMT EBITs and total assets are bigger than COST, meaning that WMT’s stocks may be a good investment too. * Earnings per Share Ratio: EPS ratio is higher in WMT because its net income and average number of common share are very high compared to COST.

This indicates that WMT is more profitable than COST. * Interest Coverage Ratio: WMT can pay its interest on outstanding debt more efficient that COST. COST’s ratio was drastically low because of the high EBIT and low interest expense that the company produced during the last four quarters; however, both companies are generating sufficient revenues to satisfy their interest expense (“Investopedia,” 2012). * Price to Earning Ratio: Investors are expecting higher earnings growth for WMT in the future compared to COST (“Investopedia,” 2012). This means that WMT earnings per share were lower than COST. Price to Cash Flow Ratio: WMT future financial health for the last four quarters were greater than COST. We can see that COST ratios were a little volatile especially in the second quarter, while WMT were steadier. In addition, beta indicates that WMT is less risky that COST. * Payout Ratio: Dividends paid were negative in COST while WMT had $0 dividends. For this reason WMT’s ratio is higher. This means that WMT retain its earnings rather than paying out dividends so the more secure the dividends (“Investopedia,” 2012). 4. Concluding Recommendations for Investors and Lenders

Question 1: Would you place a personal deposit of $1 million or more in the publicly traded stock of this company? Even though I’m young and I can resist the volatility of equities over the years until I retire, I am the type of investor that diversifies investments. I would deposit $1 million or more in Costco’s stock only if it represented 2-5% of my total portfolio value. Meaning, that I would not invest more than that percentage of my total equity into one single stock, no matter how successful the company is. Question 2:Would you invest $500,000 in debt (bonds) of this company?

I would absolutely invest that money in bonds of Costco. Based on its current rating (S;amp;P A-), there seems to be a low probability of Costco going into bankruptcy. So as long as the company continues to perform well, I like the idea of this fixed income type of investment because it is more conservative, I know that I will receive a fixed coupon every certain time, and that at the expiration I will receive the nominal investment amount at par. There are other factors to be taken into account such as the market price of the bond, which will definitely determine my yield to maturity.

Question 3: If you were a member of the Board of Directors of a bank and you sat on that Bank’s Credit Committee, would you grant a one million dollar line of credit for Overnight or Term Federal Funds to this company? Yes I would, again, because of the company’s credit rating and how successfully it is operating. As a member of the Board of Directors I would still require a thorough credit analysis of the company before approving it. Bibliography: Wikipedia, the free encyclopedia. (2011, 29 11). Retrieved from http://en. wikipedia. org/wiki/Costco

Quintanilla, C. () (2012). The Costco Craze: Inside the warehouse giant [16 series episode]. Retrieved from http://www. hulu. com/watch/368405 Costco wholesale corp. (2012, April 10). Retrieved from http://www. marketwatch. com/investing/stock/COST/profile Costco Wholesale. (2011, Jan 04). Costco-financial reports. Retrieved from http://phx. corporate-ir. net/phoenix. zhtml? c=83830;amp;p=irol-reportsannual Forbs. (15/3). Retrieved from http://finapps. forbes. com/finapps/jsp/finance/compinfo/CIAtAGlance. jsp? tkr=COST Www. nasdaq. com. (2012, Sept, 28).

Retrieved from http://www. nasdaq. com/symbol/cost YCharts. (2011, November 25). Retrieved from http://ycharts. com/companies/COST CNBC. (2012). Retrieved from http://data. cnbc. com/quotes/COST Investopedia. (2011). Retrieved from http://www. investopedia. com/terms/c/currentratio. asp Investopedia. (2011). Retrieved from http://www. investopedia. com/terms/c/currentratio. asp Investopedia. (2012). Retrieved from http://www. investopedia. com/terms/r/returnonequity. asp#axzz28ZHmfXpq Investopedia. (2012). Price-earnings ratio. Retrieved from http://www. nvestopedia. com/terms/p/price-earningsratio. asp Investopedia. (2012). Retrieved from http://www. investopedia. com/terms/i/interestcoverageratio. asp Investopedia. (n. d) Retrieved from http://www. investopedia. com/terms/d/debtequityratio. asp Investopedia. (n. d) Retrieved from http://www. investopedia. com/terms/p/payoutratio. asp#axzz28ZHmfXpq Investopedia. (2012) Retrieved from http://www. investopedia. com/terms/e/earnings-power. asp#axzz28ZHmfXpq Investopedia. (2012) Retrieved from http://www. investopedia. com/terms/p/payoutratio. asp#axzz28ZHmfXpq

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