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18 / 19 LO WE’S CO MPANIES, INC. ANNUAL REPORT 2002
2002 FINANCIAL REPO RT
18. Independent auditors’ report.
19. Management’s responsibility for financial reporting.
20. Management’s discussion and analysis
of financial condition and results of operations.
25. Consolidated statements of earnings.
26. Consolidated balance sheets.
27. Consolidated statements of shareholders’ equity.
28. Consolidated statements of cash flows.
29. Notes to consolidated financial statements.
39. Quarterly review of performance.
40. Stock performance, stock splits and stock dividends.
41. Selected financial data.
42. 10-year financial history.
INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS AND STOCKHOLDERS OF LOWE’S COMPANIES, INC.
We have audited the accompanying consolidated balance sheets of Lowe’s Companies, Inc. and subsidiaries (the “Company”) as of
January 31, 2003 and February 1, 2002, and the related consolidated statements of earnings, shareholders’ equity, and cash flows
for each of the three fiscal years in the period ended January 31, 2003, appearing on pages 25 through 38. 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.
W e 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 provide a reasonable basis for our opinion.
In our opinion, based on our audits, the consolidated financial statements referred to above present fairly, in all material respects,
the financial position of Lowe’s Companies, Inc. and subsidiaries at January 31, 2003 and February 1, 2002, and the results of their
operations and their cash flows for each of the three fiscal years in the period ended January 31, 2003 in conformity with accounting
principles generally accepted in the United States of America.
Charlotte, North Carolina
February 19, 2003