1. Conduct a financial analysis for Costco, using both common-sized statements and ratios over each year provided in Exhibit 1. Then use the data in Exhibits 5 and 6 to do as much of a cross-sectional analysis as possible.

CASE 4 Costco Wholesale in 2018 Mission Business Model and Strategy COSTCO WHOLESALE IN 2018 merabers per day. Annual sales per store averaged about $170 million (53.3 million per week) in 2017, In June 2018 Costco was operating 750 membership over 70 percent higher than the $99.2 million per year warehouses, including 520 in the United States and and $1.9 million per week averages for Sam's Club Puerto Rico, 98 in Canada, 38 in Mexico, 28 in the Costco's chief competitor. In 2014, 165 of Costco's United Kingdom, 26 in Japan. 14 in South Korea 13 warehouses generated sales exceeding $200 million in Taiwan, 9 in Australia 2 in Spain, 1 in France, and annually up from 56 in 2010 and 60 warehouses had 1 in Iceland Costco also sold merchandise to me sales exceeding $250 million, including two that had bers at websites in the United States Canada, the more than $400 million in sales. In 2018. Costco was United Kingdom. Mexico, South Korea, and Taiwan the only national retailer in the history of the United Over 90 million cardholders were entitled to shop at States that could boast of average annual revenue in Costco as of January 2018: in fiscal year 2017. mem. excess of $170 million per location bership fees generated over $2.85 billion in revenues Exhibit l contains a financial and operating for the company. Headed into 2018, on average traf summary for Costco for fiscal year 2000, 2005, and Vic at Costco's warehouse locations averaged 3 million from 2014 through 2017 EXHIBIT 1 Selected Financial and Operating Data for Costco Wholesale Corp. Fiscal Years 2000, 2005, and 2014-2017 ($ in millions, except for per share data) Fiscal years ending on Sunday closest to August 31 Selected Income Statement Data 2000 2016 2017 2015 2014 2005 $126.172 2853 129,025 $116.073 2646 118,719 $113.666 2.533 116,199 $110.212 2,428 112.640 $51.862 1,073 52.935 $31,621 546 32,164 10 1,065 111 882 12.950 102.901 12,068 98.458 10.899 46,347 5.044 28,322 2.755 3:2 78 55 63 53 16 42 7 124,914 4111 115.042 3.672 112,575 3.624 109.420 3.220 51.469 1474 31.126 1,037 Membership fees Total revenue Operming expenses Merchandise bosts Selleg, general and administrative Preopening expenses Provision for mained assets and store closing costs Total operating expenses Operating income Other incomo fexpense Interest expense Interest income and other net Income before income taxes Provision for income taxes Net Income Diluted net income per share Dividends per share not including special dividend of $7.00 in 2017 and $5.00 in 2015) Milions of shares used in per share calculations (134) 62 4,039 1,325 $2.714 5 6.08 $ 1.90 133) 80 3,619 1243 5 2350 $5,33 5179 1124) 104 3,604 1.195 2,377 $5.37 $1.51 11131 90 3,197 1,109 $ 2,058 $4.65 $123 109 1.549 486 (39) 54 1.052 421 $631 $ nas 0.00 $ 1,063 $2.18 0.43 440.9 4427 442.5 492.0 475.7 Continued Lant to say successful membership warehouse business from so inal.decided to like them. We "The 20 PART 2 Coses in Executing Strategy 2014 2015 2005 2000 2017 2016 Balance Sheet Ma $ 525 2.490 $ 4,546 9,234 17317 Cathwch equilwents Merchandise inventores Current assets Currenties Net property and comment $ 3.329 1969 15.210 15575 17.043 33.163 4.061 12.079 54501 11,90 56.779 16.539 15.401 33.012 4.852 10.617 5 5.738 13,456 17.588 14,412 14830 33.024 5,093 12.515 $ 2.063 4015 8.238 6,761 7.750 16,514 711 B.81 18161 36.347 6473 10.778 3.410 3404 4834 8.534 790 4.240 Long termelt Stockholders' equity Cash Flow Data Netcash provided by operating $ 4285 $3.984 $ 3.292 $ 1.773 $ 1,070 $ 6,726 634 417 292 663 715 686 30 21 25 33 26 28 133 15 14 141 Warehouse Operations Warehouses in operation at beginning of year New warehouses opened including relocations) Existing warehoutes closed including relocation Wehouses it end of year Nefes per warehouse open year-endin millions Average annual growth warehouses open more than a yem Including the impact of changing Gone prices and foreign exchange ratos 741 $ 170 715 162 686 166 663 166 433 120 313 101 $ $ 5 $ 4 7% 6% 7% 115 Members at year-end 10,600 10.800 10.400 5.000 4.200 10.800 Businesses, including add-on members (000) Gold Star members 1000 Total palmombers Household cardholders that both business and Gold Star members were automatically entitled to 38.600 49.400 42.600 36.800 47,600 42.600 34,000 44,600 40.200 31.600 42.000 34.400 16,200 21.200 n. 10.500 14,700 na 90,300 B6,700 81.300 Total cord holders 76.400 "At the beginning of Costco's 2011 fscal yea, the operations of 32 warehouses in Music that were part of 50 percent owned en sure were consisted and reported as part of Coucos operations Note: Some totals may not add due to rounding and to not including some nemo minificance in the company's statement of Income Source Company 10 reports for fiscal years 2000, 2005, 2015, 2016, 2017 -- frodan with and we ful and les of cases Sate There were 20 Wholesale comp-Coco ma ada the Ju pred 26 sending from MF wartouse costum in 6.000 rotto 150.000 square feet chwilow.000were feet IN Fland make region. BI's had how the mean of location.com me parad reshaa Apr 15 - i for dine permane Menu prince copy's www.com Broodber of vices that we doo plele others LCO rice added 6.35 64 CASE Coatico 2018 wins Model und EXHIBITS Selected Financial and Operating Data for Sam's Club, Fiscal Years 2001, 2010-2018 co ht 4 per Com do Fecal Year Ending Away 21 2017 2016 2010 tharing sche , D ar 2018 2001 ser's Club Nutites and Pro info Opting income the bed 357. 15 316 356.820 Bebe $47.006 526 700 propre To 2 1671 1.820 1.515 942 of other 13418 and ervices leased Croce 14,125 13.30 12.073 3849 592 660 655 205 675 mo 1992 $350 5868 $ 200 $ 56.4 Asses in the US and Rice ons of Numerous and Porto Rico loc yearend Average as per year and an Puerto Rican location, including membership Sons of Sales growth and Preto Rico warehouses open more than 12 months including one Noe inducing getoliese Average warehouses in the United States and Puerto Rico refoot wa und son 28 2 -14% 07 Feh 56 ince 134,500 133.00 133.700 133.000 $22.100 dfo . The winched only for weated States and Puerto Rico Por face reporting comment of foreigned seseo indetermine the coration for only one's cuberico.sand Best op Source to reports and reports, year 2018 2016, 2010 and 2001 10 ho ar items at Sam's Club tended to be less upscale and less expensive than those at Costco The merchat dise selection included brand-name merchandise in auriety of categories and a selection of private label Items sold under the Member's Mark Daily Chef and Sam's Club brands. Most club locations had fresh foods departments that included bakery, meat, produce floral products and a Sam's Cafe. A signif} cant number of clubs had a one hour photo process ing department pharmacy that filled prescriptions heating aid and optical departments, tire and battery centers, and self-service gasoline pumps. Sam's Club guaranteed it would beat any price for branded pre scriptions. Members could shop for a wider assort ment of merchandise (about 59.000 items) and services online at www.samsclub.com. Samsclub com had an average of 20.4 million unique visitors per month and provided members the option of pick up at local Sam's Club locations or direct home delivery. The percentage composition of sales (including ccommerce sales) across major merchandise catego ries was co 39 Fiscal year ending January 31 2018 2017 2016 585 59% 59% Grocery and consumables dary, mox bakery, des, produce, dry. Chilled otrogen packaged foods, alcoholic and noncoholic beverages, fontsnack foods, candy the grocery stem heath and beauty aids, paper goods, undry and home care. baby care, pet suplies and other consumoble items Continued 016 PART 2 Coses in Craig Caecuting Strateuy Fiscal year ending January 31 2018 2017 2016 20% Fuel and other categones consoline, tobacco, tools and power equipment and tire and battery centes Technology office and entertainment (electronics, wires, coltare, video game movies, books, music, toys, office supplies.office Furniture photo processing and gift % 9 9% Home and apparel thome improvement outdoor living ris, gardening, furniture apparel Jewelry, housewares toys Beatonalms, manesses and small appliances Health and welis pharmacy, hearing and optical services, and over-the-counter drugs) 6% 5% Source: What's Year 2016 10. Heport Membership and Hours of Operation The annual fee for Sam's Club members was $45 for a Club membership card, with a spouse card available at no additional cost. Club members could purchase up to 8 "add-on memberships for an additional $40 each Alternatively, members could purchase a "Plus mem- bership for $100, and up to 16 "add-on" memberships for $40 each. Plus members were eligible for free ship- ping on ecommerce orders and for Cash Rewards, a benefit that provided a cashback of $10 for each $500 in qualifying pre-tax Sam's Club purchases up to an annual maximum cash reward of $500. Cashback rewards could be used for purchases, membership fees, or redeemed for cash About 600.000 members shopped at Sam's Club weekly. Income from mem bership fees was a significant percentage of the oper ating income earned by Sam's Club Regular hours of operations were Monday through Friday from 10:00 am to 8:30 p.m., Saturday from 9:00 am to 8:30 pm, and Sunday from 10:00 a m. to 6:00p.m.: all Plus cardholders had the ability to shop before the regular operating hours Monday through Saturday, starting at 7 a.m. All club mem- bers could use a variety of payment methods, includ- ing Visa credit and debit cards, American Express cards, and a co-branded Sam's Club "Cash-Back Mastercard. The pharmacy and optical departments accepted payments for products and services through members' health benefit plans. the continental United States, and in the case of per Ishable items from nearby Walmart grocery distribu- tion centers the balance was shipped by suppliers direct to Sam's Club locations of these 22 distri bution facilities, 6 were owned or leased and oper ated by Sam's Club, 13 were owned and operated by third parties, and 3 were leased and operated by third parties. Like Costco, Sam's Club distribution centers employed cross-docking techniques whereby incoming shipments were transferred immediately to outgoing trailers destined for Sam's Club loca tions shipments typically spent less than 24 hours at a cross-docking facility and in some instances were there only an hour. A combination of company owned trucks and independent trucking companies were used to transport merchandise from distribu- tion centers to club locations Employment in 2017, Sam's Club employed about 100,000 people across all aspects of its operations in the United States. While the people who worked at Sam's Club warehouses were in all stages of life, a sizable fraction had accepted job offers because they had minimal skill levels and were looking for their first job, or needed only a part-time job, or were want ing to start a second career. More than 60 percent of managers of Sam's Club warehouses had begun their careers at Sam's Club as hourly warehouse employ. ces and had moved up through the ranks to their present positions BJ's Wholesale Club BJ's Wholesale Club introduced the member ware house concept to the northeastern United States Distribution Approximately 68 percent of the non fuel merchandise at Sam's Club was shipped from some 22 distribution facilities dedicated to Sam's Club operations that were strategically located across PART 2 Cases in Craig and Ecuad EXHIBIT 6 Selected Financial and Operating Data, BJ's Wholesale Club Holdings. Fiscal Year Ended January 30 January 28 February 3 2016 2017 2010 Inc, Fiscal Years 2016-2018 $12,2202 242 12.467.5 10,4765 1.7978 55 1868 150.1 12.0 241 $12.0953 2552 12.350.5 10.222.0 1,90B 23 216.0 1434 280 $ 44.2 $12.4960 25 12.754.6 10.513.5 2.017.8 130 2203 1967 128.4 50.3 $ Selected Income Statement Data inition, except per heredet! Net sales Membership fees Tots revenues Cost of sales Seling, general and administrative expenses Preopening expenses Operating income Interest expense net Provision for income taxes Net income Balance Sheet and Cash Flow Data mons Cash and cash equivalents Merchandise inventores Property and equipment.net Networking capital Total asset Total debt Total stockholders detalt Cash flow from operations Free cash flow Capital expenditures Selected Operating Data Cubs Open at end of year Sales growth at existing clubs open more than 12 months Sales growth at existing clubs open more than 12 months, excluding gasoline sales Average sales per club location, including online sales Membership renewal rate 34.9 1.019.1 7588 51.8 2,021 2.7481 (1.029.9) 210.1 72.6 137.5 159,4 46.9 112.3 297.4 182.7 1148 213 (426) (0.5%) 214 (2.6%) 12.3%) 2150 0.8% 10.9%) $ 57.4 $ $ 84% 56.5 85% 58.1 86% Company Form S-1 Registration Statement, May 17.2018 chases made with the credit card, 10 cents off per on at BJ's gas stations when using the card to pay quel purchases, and 1 percent cash back on all -BJ's purchases everywhere else MasterCard was pted. If members upgraded to a BJ's Perks Elite they earned 5 percent cash back on in-club and me purchases made with the card. 10 cents off per mat BJ's gas stations when paying with the card, and 1 percent cash back on all non-BJ's purchases everywhere MasterCard was accepted. Fuel pur- chases made with these credit cards were not eligible for further cash back rewards, moreover, supplement members had to upgrade to primary membership to be eligible for a BJ's Plus or Elite credit card. BJ's accepted MasterCard, Visa, Discover, and American Express cards at all locations, members could also CASE 4 Costco Wholesale in 2018 Mission Business Model and Strategy COSTCO WHOLESALE IN 2018 merabers per day. Annual sales per store averaged about $170 million (53.3 million per week) in 2017, In June 2018 Costco was operating 750 membership over 70 percent higher than the $99.2 million per year warehouses, including 520 in the United States and and $1.9 million per week averages for Sam's Club Puerto Rico, 98 in Canada, 38 in Mexico, 28 in the Costco's chief competitor. In 2014, 165 of Costco's United Kingdom, 26 in Japan. 14 in South Korea 13 warehouses generated sales exceeding $200 million in Taiwan, 9 in Australia 2 in Spain, 1 in France, and annually up from 56 in 2010 and 60 warehouses had 1 in Iceland Costco also sold merchandise to me sales exceeding $250 million, including two that had bers at websites in the United States Canada, the more than $400 million in sales. In 2018. Costco was United Kingdom. Mexico, South Korea, and Taiwan the only national retailer in the history of the United Over 90 million cardholders were entitled to shop at States that could boast of average annual revenue in Costco as of January 2018: in fiscal year 2017. mem. excess of $170 million per location bership fees generated over $2.85 billion in revenues Exhibit l contains a financial and operating for the company. Headed into 2018, on average traf summary for Costco for fiscal year 2000, 2005, and Vic at Costco's warehouse locations averaged 3 million from 2014 through 2017 EXHIBIT 1 Selected Financial and Operating Data for Costco Wholesale Corp. Fiscal Years 2000, 2005, and 2014-2017 ($ in millions, except for per share data) Fiscal years ending on Sunday closest to August 31 Selected Income Statement Data 2000 2016 2017 2015 2014 2005 $126.172 2853 129,025 $116.073 2646 118,719 $113.666 2.533 116,199 $110.212 2,428 112.640 $51.862 1,073 52.935 $31,621 546 32,164 10 1,065 111 882 12.950 102.901 12,068 98.458 10.899 46,347 5.044 28,322 2.755 3:2 78 55 63 53 16 42 7 124,914 4111 115.042 3.672 112,575 3.624 109.420 3.220 51.469 1474 31.126 1,037 Membership fees Total revenue Operming expenses Merchandise bosts Selleg, general and administrative Preopening expenses Provision for mained assets and store closing costs Total operating expenses Operating income Other incomo fexpense Interest expense Interest income and other net Income before income taxes Provision for income taxes Net Income Diluted net income per share Dividends per share not including special dividend of $7.00 in 2017 and $5.00 in 2015) Milions of shares used in per share calculations (134) 62 4,039 1,325 $2.714 5 6.08 $ 1.90 133) 80 3,619 1243 5 2350 $5,33 5179 1124) 104 3,604 1.195 2,377 $5.37 $1.51 11131 90 3,197 1,109 $ 2,058 $4.65 $123 109 1.549 486 (39) 54 1.052 421 $631 $ nas 0.00 $ 1,063 $2.18 0.43 440.9 4427 442.5 492.0 475.7 Continued Lant to say successful membership warehouse business from so inal.decided to like them. We "The 20 PART 2 Coses in Executing Strategy 2014 2015 2005 2000 2017 2016 Balance Sheet Ma $ 525 2.490 $ 4,546 9,234 17317 Cathwch equilwents Merchandise inventores Current assets Currenties Net property and comment $ 3.329 1969 15.210 15575 17.043 33.163 4.061 12.079 54501 11,90 56.779 16.539 15.401 33.012 4.852 10.617 5 5.738 13,456 17.588 14,412 14830 33.024 5,093 12.515 $ 2.063 4015 8.238 6,761 7.750 16,514 711 B.81 18161 36.347 6473 10.778 3.410 3404 4834 8.534 790 4.240 Long termelt Stockholders' equity Cash Flow Data Netcash provided by operating $ 4285 $3.984 $ 3.292 $ 1.773 $ 1,070 $ 6,726 634 417 292 663 715 686 30 21 25 33 26 28 133 15 14 141 Warehouse Operations Warehouses in operation at beginning of year New warehouses opened including relocations) Existing warehoutes closed including relocation Wehouses it end of year Nefes per warehouse open year-endin millions Average annual growth warehouses open more than a yem Including the impact of changing Gone prices and foreign exchange ratos 741 $ 170 715 162 686 166 663 166 433 120 313 101 $ $ 5 $ 4 7% 6% 7% 115 Members at year-end 10,600 10.800 10.400 5.000 4.200 10.800 Businesses, including add-on members (000) Gold Star members 1000 Total palmombers Household cardholders that both business and Gold Star members were automatically entitled to 38.600 49.400 42.600 36.800 47,600 42.600 34,000 44,600 40.200 31.600 42.000 34.400 16,200 21.200 n. 10.500 14,700 na 90,300 B6,700 81.300 Total cord holders 76.400 "At the beginning of Costco's 2011 fscal yea, the operations of 32 warehouses in Music that were part of 50 percent owned en sure were consisted and reported as part of Coucos operations Note: Some totals may not add due to rounding and to not including some nemo minificance in the company's statement of Income Source Company 10 reports for fiscal years 2000, 2005, 2015, 2016, 2017 -- frodan with and we ful and les of cases Sate There were 20 Wholesale comp-Coco ma ada the Ju pred 26 sending from MF wartouse costum in 6.000 rotto 150.000 square feet chwilow.000were feet IN Fland make region. BI's had how the mean of location.com me parad reshaa Apr 15 - i for dine permane Menu prince copy's www.com Broodber of vices that we doo plele others LCO rice added 6.35 64 CASE Coatico 2018 wins Model und EXHIBITS Selected Financial and Operating Data for Sam's Club, Fiscal Years 2001, 2010-2018 co ht 4 per Com do Fecal Year Ending Away 21 2017 2016 2010 tharing sche , D ar 2018 2001 ser's Club Nutites and Pro info Opting income the bed 357. 15 316 356.820 Bebe $47.006 526 700 propre To 2 1671 1.820 1.515 942 of other 13418 and ervices leased Croce 14,125 13.30 12.073 3849 592 660 655 205 675 mo 1992 $350 5868 $ 200 $ 56.4 Asses in the US and Rice ons of Numerous and Porto Rico loc yearend Average as per year and an Puerto Rican location, including membership Sons of Sales growth and Preto Rico warehouses open more than 12 months including one Noe inducing getoliese Average warehouses in the United States and Puerto Rico refoot wa und son 28 2 -14% 07 Feh 56 ince 134,500 133.00 133.700 133.000 $22.100 dfo . The winched only for weated States and Puerto Rico Por face reporting comment of foreigned seseo indetermine the coration for only one's cuberico.sand Best op Source to reports and reports, year 2018 2016, 2010 and 2001 10 ho ar items at Sam's Club tended to be less upscale and less expensive than those at Costco The merchat dise selection included brand-name merchandise in auriety of categories and a selection of private label Items sold under the Member's Mark Daily Chef and Sam's Club brands. Most club locations had fresh foods departments that included bakery, meat, produce floral products and a Sam's Cafe. A signif} cant number of clubs had a one hour photo process ing department pharmacy that filled prescriptions heating aid and optical departments, tire and battery centers, and self-service gasoline pumps. Sam's Club guaranteed it would beat any price for branded pre scriptions. Members could shop for a wider assort ment of merchandise (about 59.000 items) and services online at www.samsclub.com. Samsclub com had an average of 20.4 million unique visitors per month and provided members the option of pick up at local Sam's Club locations or direct home delivery. The percentage composition of sales (including ccommerce sales) across major merchandise catego ries was co 39 Fiscal year ending January 31 2018 2017 2016 585 59% 59% Grocery and consumables dary, mox bakery, des, produce, dry. Chilled otrogen packaged foods, alcoholic and noncoholic beverages, fontsnack foods, candy the grocery stem heath and beauty aids, paper goods, undry and home care. baby care, pet suplies and other consumoble items Continued 016 PART 2 Coses in Craig Caecuting Strateuy Fiscal year ending January 31 2018 2017 2016 20% Fuel and other categones consoline, tobacco, tools and power equipment and tire and battery centes Technology office and entertainment (electronics, wires, coltare, video game movies, books, music, toys, office supplies.office Furniture photo processing and gift % 9 9% Home and apparel thome improvement outdoor living ris, gardening, furniture apparel Jewelry, housewares toys Beatonalms, manesses and small appliances Health and welis pharmacy, hearing and optical services, and over-the-counter drugs) 6% 5% Source: What's Year 2016 10. Heport Membership and Hours of Operation The annual fee for Sam's Club members was $45 for a Club membership card, with a spouse card available at no additional cost. Club members could purchase up to 8 "add-on memberships for an additional $40 each Alternatively, members could purchase a "Plus mem- bership for $100, and up to 16 "add-on" memberships for $40 each. Plus members were eligible for free ship- ping on ecommerce orders and for Cash Rewards, a benefit that provided a cashback of $10 for each $500 in qualifying pre-tax Sam's Club purchases up to an annual maximum cash reward of $500. Cashback rewards could be used for purchases, membership fees, or redeemed for cash About 600.000 members shopped at Sam's Club weekly. Income from mem bership fees was a significant percentage of the oper ating income earned by Sam's Club Regular hours of operations were Monday through Friday from 10:00 am to 8:30 p.m., Saturday from 9:00 am to 8:30 pm, and Sunday from 10:00 a m. to 6:00p.m.: all Plus cardholders had the ability to shop before the regular operating hours Monday through Saturday, starting at 7 a.m. All club mem- bers could use a variety of payment methods, includ- ing Visa credit and debit cards, American Express cards, and a co-branded Sam's Club "Cash-Back Mastercard. The pharmacy and optical departments accepted payments for products and services through members' health benefit plans. the continental United States, and in the case of per Ishable items from nearby Walmart grocery distribu- tion centers the balance was shipped by suppliers direct to Sam's Club locations of these 22 distri bution facilities, 6 were owned or leased and oper ated by Sam's Club, 13 were owned and operated by third parties, and 3 were leased and operated by third parties. Like Costco, Sam's Club distribution centers employed cross-docking techniques whereby incoming shipments were transferred immediately to outgoing trailers destined for Sam's Club loca tions shipments typically spent less than 24 hours at a cross-docking facility and in some instances were there only an hour. A combination of company owned trucks and independent trucking companies were used to transport merchandise from distribu- tion centers to club locations Employment in 2017, Sam's Club employed about 100,000 people across all aspects of its operations in the United States. While the people who worked at Sam's Club warehouses were in all stages of life, a sizable fraction had accepted job offers because they had minimal skill levels and were looking for their first job, or needed only a part-time job, or were want ing to start a second career. More than 60 percent of managers of Sam's Club warehouses had begun their careers at Sam's Club as hourly warehouse employ. ces and had moved up through the ranks to their present positions BJ's Wholesale Club BJ's Wholesale Club introduced the member ware house concept to the northeastern United States Distribution Approximately 68 percent of the non fuel merchandise at Sam's Club was shipped from some 22 distribution facilities dedicated to Sam's Club operations that were strategically located across PART 2 Cases in Craig and Ecuad EXHIBIT 6 Selected Financial and Operating Data, BJ's Wholesale Club Holdings. Fiscal Year Ended January 30 January 28 February 3 2016 2017 2010 Inc, Fiscal Years 2016-2018 $12,2202 242 12.467.5 10,4765 1.7978 55 1868 150.1 12.0 241 $12.0953 2552 12.350.5 10.222.0 1,90B 23 216.0 1434 280 $ 44.2 $12.4960 25 12.754.6 10.513.5 2.017.8 130 2203 1967 128.4 50.3 $ Selected Income Statement Data inition, except per heredet! Net sales Membership fees Tots revenues Cost of sales Seling, general and administrative expenses Preopening expenses Operating income Interest expense net Provision for income taxes Net income Balance Sheet and Cash Flow Data mons Cash and cash equivalents Merchandise inventores Property and equipment.net Networking capital Total asset Total debt Total stockholders detalt Cash flow from operations Free cash flow Capital expenditures Selected Operating Data Cubs Open at end of year Sales growth at existing clubs open more than 12 months Sales growth at existing clubs open more than 12 months, excluding gasoline sales Average sales per club location, including online sales Membership renewal rate 34.9 1.019.1 7588 51.8 2,021 2.7481 (1.029.9) 210.1 72.6 137.5 159,4 46.9 112.3 297.4 182.7 1148 213 (426) (0.5%) 214 (2.6%) 12.3%) 2150 0.8% 10.9%) $ 57.4 $ $ 84% 56.5 85% 58.1 86% Company Form S-1 Registration Statement, May 17.2018 chases made with the credit card, 10 cents off per on at BJ's gas stations when using the card to pay quel purchases, and 1 percent cash back on all -BJ's purchases everywhere else MasterCard was pted. If members upgraded to a BJ's Perks Elite they earned 5 percent cash back on in-club and me purchases made with the card. 10 cents off per mat BJ's gas stations when paying with the card, and 1 percent cash back on all non-BJ's purchases everywhere MasterCard was accepted. Fuel pur- chases made with these credit cards were not eligible for further cash back rewards, moreover, supplement members had to upgrade to primary membership to be eligible for a BJ's Plus or Elite credit card. BJ's accepted MasterCard, Visa, Discover, and American Express cards at all locations, members could also