Lowe's 2000 Annual Report Download - page 19

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Financial Information
We have audited the accompanying consolidated balance sheets of Lowe’s Companies, Inc. and subsidiaries (the “Company”) as of
February 2, 2001 and January 28, 2000, and the related consolidated statements of earnings, shareholders’ equity, and cash flows for
each of the three fiscal years in the period ended February 2, 2001. These financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these financial statements based on our audits. The consolidated financial
statements give retroactive effect to the 1999 merger of the Company and Eagle Hardware and Garden, Inc., which was accounted for
as a pooling of interests as described in Note 2to the consolidated financial statements. We did not audit the statement of earnings,
shareholders’ equity, and cash flows of Eagle Hardware and Garden, Inc. for the year ended January 29, 1999, which statement of earn-
ings reflects total revenues of $1,085.7million. Those statements were audited by other auditors whose report has been furnished to us,
and our opinion, insofar as it relates to the amounts included for Eagle Hardware and Garden, Inc. for the fiscal year ended January 29,
1999, is based solely on the report of such other auditors.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and the report of the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the report of the other auditors, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Lowe’s Companies, Inc. and subsidiaries at February 2, 2001 and January 28,
2000, and the results of their operations and their cash flows for each of the three fiscal years in the period ended February 2, 2001 in
conformity with accounting principles generally accepted in the United States of America.
Charlotte, North Carolina
February 20, 2001
Independent Auditors’ Report
To the Board of Directors and Stockholders of Lowe’s Companies, Inc.
Independent Auditors’ Report / 17
Management’s Responsibility for Financial Reporting / 18
Management’s Discussion and Analysis / 19
Consolidated Statements of Earnings / 22
Consolidated Balance Sheets / 23
Consolidated Statements of Shareholders’ Equity / 24
Consolidated Statements of Cash Flows / 25
Notes to Consolidated Financial Statements / 26
Quarterly Review of Performance / 34
Stock Performance / 35
Stock Splits and Stock Dividends / 36
Selected Financial Data / 37
10 Year Financial History / 38
Lowe’s Companies, Inc.
17