Lowe's 1999 Annual Report Download - page 21

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19
Consolidated Statements of Earnings
In Thousands, Except Per Share Data
Years Ended on January 28, % January 29, % January 30, %
2000 Sales 1999 Sales 1998 Sales
Net Sales $15,905,595 100.0% $13,330,540 100.0% $11,108,378 100.0%
Cost of Sales 11,525,013 72.5 9,756,645 73.2 8,155,332 73.4
Gross Margin 4,380,582 27.5 3,573,895 26.8 2,953,046 26.6
Expenses:
Selling, General and Administrative 2,772,428 17.4 2,341,410 17.5 1,954,440 17.6
Store Opening Costs 98,448 0.6 75,571 0.6 72,666 0.7
Depreciation 337,359 2.1 288,607 2.2 255,694 2.3
Interest (Note 14) 84,852 0.5 80,941 0.6 71,615 0.6
Nonrecurring Merger Costs (Note 2) 24,378 0.2 — — — —
Total Expenses 3,317,465 20.8 2,786,529 20.9 2,354,415 21.2
Pre-Tax Earnings 1,063,117 6.7 787,366 5.9 598,631 5.4
Income Tax Provision (Note 12) 390,322 2.5 286,992 2.1 215,601 1.9
Net Earnings $ 672,795 4.2% $ 500,374 3.8% $ 383,030 3.5%
Basic Earnings Per Share (Note 8) $ 1.76 $ 1.35 $ 1.04
Diluted Earnings Per Share (Note 8) $ 1.75 $ 1.34 $ 1.04
Cash Dividends Per Share $ 0.13 $ 0.12 $ 0.11
See accompanying notes to consolidated financial statements.
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Lowe’s Earnings Growth
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'99 '99