Lowe's 2002 Annual Report Download - page 27

Download and view the complete annual report

Please find page 27 of the 2002 Lowe's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 48

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48

(In Millions, Except Per Share Data) January 31, % February 1, % February 2, %
Years Ended on 2003 Sales 2002 Sales 2001 Sales
Net Sales $ 26,491 100.0% $ 22,111 100.0 % $ 18,779 100.0%
Cost of Sales 18,465 69.7 15,743 71.2 13,488 71.8
Gross Margin 8,026 30.3 6,368 28.8 5,291 28.2
Expenses:
Selling, General and Administrative
(Note 4) 4,730 17.8 3,913 17.7 3,348 17.8
Store Opening Costs 129 0.5 140 0.6 132 0.7
Depreciation 626 2.4 517 2.4 409 2.2
Interest (Note 14) 182 0.7 174 0.8 121 0.7
Total Expenses 5,667 21.4 4,744 21.5 4,010 21.4
Pre-Tax Earnings 2,359 8.9 1,624 7.3 1,281 6.8
Income Tax Provision (Note 12) 888 3.3 601 2.7 471 2.5
Net Earnings $ 1,471 5.6% $ 1,023 4.6 % $ 810 4.3%
Basic Earnings Per Share (Note 8) $1.89 $ 1.33 $ 1.06
Diluted Earnings Per Share (Note 8) $1.85 $ 1.30 $ 1.05
Cash Dividends Per Share $ 0.09 $ 0.08 $ 0.07
See accompanying notes to the consolidated financial statements.
LOWE’S CO MPANIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS