Lowe's 1997 Annual Report Download - page 37

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Earnings Statement
In Thousands, Except Per Share Data
Quarter Ended 1/30/98 10/31/97 8/1/97 5/2/97 1/31/97 10/31/96 7/31/96 4/30/96
Earnings Statement Changes
Changes from Same Quarter Previous Year, to Nearest Tenth Percent
Quarter Ended 1/30/98 10/31/97 8/1/97 5/2/97 1/31/97 10/31/96 7/31/96 4/30/96
Quarterly Review of Performance
Net Sales $2,397,568 $2,530,481 $2,808,086 $2,400,754 $2,041,496 $2,193,239 $2,459,008 $1,906,498
FIFO Gross Margin 651,590 670,755 734,178 626,249 543,241 566,666 634,251 480,991
LIFO (Charge) Credit 12,500 131 (3,085) (2,546) 9,060 (500) (5,459) (4,491)
LIFO Gross Margin 664,090 670,886 731,093 623,703 552,301 566,166 628,792 476,500
Expenses:
S,G & A 422,898 420,037 427,844 412,218 358,556 356,074 361,915 318,978
Store Opening Costs 26,788 22,671 12,289 8,252 18,111 15,995 12,560 12,493
Depreciation 65,053 60,546 58,569 56,712 54,969 50,744 47,767 44,635
Employee Retirement Plans 17,331 15,728 19,459 19,262 21,313 16,254 17,051 13,671
Interest 17,231 15,046 16,005 17,286 13,223 10,540 12,115 13,189
Total Expenses 549,301 534,028 534,166 513,730 466,172 449,607 451,408 402,966
Pre-Tax Earnings 114,789 136,858 196,927 109,973 86,129 116,559 177,384 73,534
Income Tax Provision 42,282 48,759 70,431 39,590 30,503 41,376 63,105 26,472
Net Earnings 72,507 88,099 126,496 70,383 55,626 75,183 114,279 47,062
Basic Earnings
Per Share .41 .50 .73 .41 .32 .43 .70 .29
Diluted Earnings
Per Share $ .41 $ .50 $ .73 $ .41 $ .32 $ .43 $ .67 $ .29
Fiscal 1996
Fiscal 1996
Net Sales 17.4% 15.4% 14.2% 25.9% 20.3% 24.2% 24.3% 16.6%
FIFO Gross Margin 19.9 18.4 15.8 30.2 30.6 31.0 27.3 13.3
LIFO (Charge) Credit 38.0 (126.2) (43.5) (43.3) 255.9 (85.8) 15.6 75.2
LIFO Gross Margin 20.2 18.5 16.3 30.9 31.9 32.0 27.4 12.9
Expenses:
S,G & A 17.9 18.0 18.2 29.2 25.2 25.0 24.5 20.2
Store Opening Costs 47.9 41.7 (2.2) (33.9) 36.4 (2.0) 9.8 45.4
Depreciation 18.3 19.3 22.6 27.1 29.8 30.6 33.4 35.4
Employee Retirement Plans (18.7) (3.2) 14.1 40.9 172.2 40.4 29.3 1.0
Interest 30.3 42.8 32.1 31.1 24.3 15.3 35.7 41.4
Total Expenses 17.8 18.8 18.3 27.5 29.3 24.6 25.4 22.2
Pre-Tax Earnings 33.3 17.4 11.0 49.6 48.1 70.9 32.8 (20.3)
Income Tax Provision 38.6 17.8 11.6 49.6 52.7 70.4 30.1 (20.5)
Net Earnings 30.3 17.2 10.7 49.6 45.7 71.2 34.4 (20.1)
Basic Earnings
Per Share 28.1 16.3 4.3 41.4 33.3 59.3 32.1 (21.6)
Diluted Earnings
Per Share 28.1% 16.3% 9.0% 46.4% 39.1% 59.3% 31.4% (17.1%)
Earnings Statement Percentages
Percent of Sales to Nearest Hundredth; Income Tax Provision is % of Pre-Tax Earnings
Quarter Ended 1/30/98 10/31/97 8/1/97 5/2/97 1/31/97 10/31/96 7/31/96 4/30/96
Fiscal 1996Fiscal 1997
Net Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
FIFO Gross Margin 27.18 26.50 26.15 26.09 26.61 25.83 25.79 25.23
LIFO (Charge) Credit .52 .01 (.11) (.11) .44 (.02) (.22) (.24)
LIFO Gross Margin 27.70 26.51 26.04 25.98 27.05 25.81 25.57 24.99
Expenses:
S,G & A 17.64 16.60 15.24 17.18 17.56 16.24 14.73 16.72
Store Opening Costs 1.12 .90 .44 .34 .89 .73 .51 .66
Depreciation 2.72 2.39 2.09 2.36 2.69 2.30 1.94 2.34
Employee Retirement Plans .72 .62 .69 .80 1.04 .74 .69 .72
Interest .72 .59 .57 .72 .65 .48 .49 .69
Total Expenses 22.92 21.10 19.03 21.40 22.83 20.49 18.36 21.13
Pre-Tax Earnings 4.78 5.41 7.01 4.58 4.22 5.32 7.21 3.86
Income Tax Provision 36.83 35.63 35.77 36.00 35.42 35.50 35.58 36.00
Net Earnings 3.02% 3.48% 4.50% 2.93% 2.73% 3.43% 4.65% 2.47%
Fiscal 1997
Fiscal 1997
(unaudited)
35