Lowe's 1998 Annual Report Download - page 2

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Financial Highlights
In thousands, except per share data
Change
from 1997 Fiscal 1998 Fiscal 1997
Sales 21% $12,244,882 $10,136,890
Net Earnings 35% $482,422 $357,484
Earnings per Share:
Basic 33% $1.37 $1.03
Diluted 32% $1.36 $1.03
Cash Dividends per Share 9% $ .12 $ .11
Contents
Letter to Shareholders ................................................... 1
Lowe’s Knows................................................................. 4
Board of Directors........................................................ 12
Lowe’s Executive Management .................................... 13
Disclosure Regarding Forward-Looking Statements.... 13
Auditors’ Report ........................................................... 14
Management’s Discussion and Analysis ....................... 15
Financial Statements.................................................... 19
Investor Information .................................................... 35
Financial History ........................................................... 36
About the Cover
The only true measure of success occurs
when customers respond by choosing to
make their purchases at Lowe’s. During
1998, Lowe’s experienced “ success” by
executing over 240 million customer transac-
tions. Pictured here in Lowe’s of Mooresville,
NC are (l to r) Craig Stands, Annette Trull and
Molly Ward.
Company Profile
Lowe’s Companies, Inc. is one of the world’s largest retailers currently serving the
home improvement, home decor, and home construction markets from 484 stores in 27
states. At the beginning of 1999, our employees numbered more than 65,000 and our retail
sales space totaled approximately 43.4 million square feet.
We have spent more than $5 billion dollars in the past six years to build and improve
our stores. We are also working to better meet the unique needs of our customers. As
“ Lowesland” continues to expand, our established distribution network enables the
Company to efficiently deliver market specific products and services.
We also take pride in the communities we serve through extensive programs and
volunteer involvement. Our activities share important home safety and fire prevention
information with neighborhoods across the country as well as contribute to nonprofit
organizations.
Lowe’s has been a publicly held company since October 10, 1961. Our stock is listed on
the New York Stock Exchange, the Pacific Stock Exchange and the London Stock Exchange
with shares trading under the ticker symbol LOW.