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Lo we’s Co mpanies, Inc.
39
Lo we’s Co mpanies, Inc.
Quarterly Review o f Perfo rmance ( Unaudited)
Earnings Statements
( In Tho usands, Exce pt Per Share Data) Fiscal 2001 Fiscal 2000
Quarter Ended 2/ 1/ 02 11/ 2/ 01 8/ 3/ 01 5/ 4/ 01 2/ 2/ 01 10/ 27/ 00 7/ 28/ 00 4/ 28/ 00
Net Sales $5,253,483 $5,454,534 $6,126,726 $5,276,365 $4,543,052 $4,504,141 $5,264,252 $4,467,114
Gro ss Margin 1,565, 715 1,590, 889 1, 717,708 1,493,529 1,291,253 1,299,372 1,452,027 1,248, 116
Expenses:
S,G & A 1,000, 868 973,036 999,706 939,745 874,873 809, 427 857,052 806,708
Sto re Opening Co sts 32,842 42,766 28,470 35,792 41,027 37,161 27,852 25,785
Depreciation 139,125 134,054 124,571 119,078 111,954 104,681 98,495 93,488
Interest 46,178 43,419 42,614 41,326 40,567 28,021 26,224 26, 013
Total Expenses 1,219,013 1,193,275 1,195,361 1,135,941 1,068,421 979,290 1,009,623 951,994
Pre-Tax Earnings 346,702 397,614 522,347 357,588 222,832 320,082 442,404 296,122
Income Tax Pro visio n 128,300 147,117 193,264 132,308 82,002 117, 789 162,805 108,973
Net Earnings $ 218,402 $ 250,497 $ 329,083 $ 225,280 $ 140,830 $ 202,293 $ 279,599 $ 187,149
Basic Earnings Per Share $ 0.28 $ 0.32 $ 0.43 $ 0.29 $ 0.18 $ 0.26 $ 0.37 $ 0.24
Diluted Earnings Per Share $ 0.28 $ 0.32 $ 0.42 $ 0.29 $ 0.18 $ 0.26 $ 0.36 $ 0.24
Earnings Statement Changes
Changes fro m same quarter previo us year, to nearest tenth percent
Fiscal 2001 Fiscal 2000
Quarter Ended 2/ 1/ 02 11/ 2/ 01 8/ 3/ 01 5/ 4/ 01 2/ 2/ 01 10/ 27/ 00 7/ 28/ 00 4/ 28/ 00
Net Sales 15.6% 21.1% 16.4% 18.1% 19.9% 15.2% 18.7% 18.4%
Gro ss Marg in 21. 3 22. 4 18.3 19.7 17.7 19.3 22. 3 23.9
Expenses:
S,G & A 14.4 20.2 16.6 16.5 23.1 16.9 21. 6 21.4
Sto re Opening Co sts ( 20.0) 15.1 2.2 38.8 5.1 44.5 80.1 41.6
De pre ciatio n 24 .3 28 .1 2 6. 5 27 .4 22 .7 2 1. 1 2 0.5 20 .0
Interest 13.8 55.0 62.5 58.9 97.6 48.1 18.7 11.6
Total Expenses 14.1 21.9 18.4 19.3 24.0 18.9 22.5 17.8
Pre-Tax Earnings 55.6 24.2 18.1 20.8 ( 5. 2) 20.3 21.8 48.9
Income Tax Pro visio n 56.5 24.9 18.7 21.4 ( 4.7) 21.0 22.4 47.3
Net Earnings 55.1 23.8 17.7 20.4 ( 5.4) 19.9 21.5 49.8
Basic Earnings Per Share 55.6 23.1 16.2 20.8 ( 5.1) 20.5 21.7 48.5
Diluted Earnings Per Share 55.6% 23.1% 16.7% 20.8% ( 5.1) % 20.5% 21.7% 48.5%
Earnings Statement Percentages
Perce nt o f sale s to neare st hundredth; inco me tax is % o f pre- tax earnings
Fiscal 2001 Fiscal 2000
Quarter Ended 2/ 1/ 02 11/ 2/ 01 8/ 3/ 01 5/ 4/ 01 2/ 2/ 01 10/ 27/ 00 7/ 28/ 00 4/ 28/ 00
Net Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Gro ss Marg in 29.80 29.17 28. 04 28.31 28.42 28. 85 27.58 27.94
Expenses:
S,G & A 19.05 17.84 16.32 17.81 19.26 17.97 16. 28 18.06
Sto re Opening Co sts 0. 63 0.78 0. 46 0. 68 0.90 0.83 0.53 0.58
De pre ciatio n 2.64 2. 46 2 .0 3 2 .26 2 .4 7 2 .32 1 .87 2 .09
Interest 0.88 0.80 0.70 0.78 0.89 0.62 0.50 0.58
Total Expenses 23.20 21.88 19.51 21.53 23.52 21.74 19.18 21.31
Pre-Tax Earnings 6.60 7. 29 8.53 6.78 4.90 7.11 8.40 6.63
Income Tax Pro visio n 37.00 37.00 37. 00 37.00 36.80 36. 80 36.80 36.80
Net Earnings 4.16% 4.59% 5.37% 4.27% 3.10% 4.49% 5.31% 4.19%