Lowe's 2003 Annual Report Download - page 28
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26 LOWE’S COMPANIES, INC.
(In Millions, Except Per Share Data) January 30, % January 31, % February 1, %
Years Ended on 2004 Sales 2003 Sales 2002 Sales
Net Sales $ 30,838 100.00% $ 26,112 100.00 % $ 21,714 100.00%
Cost of Sales 21,231 68.85 18,164 69.56 15,427 71.05
Gross Margin 9,607 31.15 7,948 30.44 6,287 28.95
Expenses:
Selling, General and Administrative (Note 5) 5,543 17.97 4,676 17.91 3,857 17.76
Store Opening Costs 128 0.42 129 0.49 140 0.64
Depreciation 758 2.46 622 2.38 513 2.36
Interest (Note 15) 180 0.58 182 0.70 174 0.81
Total Expenses 6,609 21.43 5,609 21.48 4,684 21.57
Pre-Tax Earnings 2,998 9.72 2,339 8.96 1,603 7.38
Income Tax Provision (Note 13) 1,136 3.68 880 3.38 593 2.73
Earnings from Continuing Operations 1,862 6.04 1,459 5.58 1,010 4.65
Earnings from Discontinued
Operations, Net of Tax (Note 2) 15 0.05 12 0.05 13 0.06
Net Earnings $ 1,877 6.09% $ 1,471 5.63 % $ 1,023 4.71%
Basic Earnings Per Share (Note 9)
Continuing Operations $ 2.37 $ 1.87 $ 1.31
Discontinued Operations 0.02 0.02 0.02
Basic Earnings per Share $ 2.39 $ 1.89 $ 1.33
Diluted Earnings Per Share (Note 9)
Continuing Operations $ 2.32 $ 1.83 $ 1.28
Discontinued Operations 0.02 0.02 0.02
Diluted Earnings per Share $ 2.34 $ 1.85 $ 1.30
Cash Dividends Per Share $ 0.11 $ 0.09 $ 0.08
Lowe’s Companies, Inc.
Consolidated Statements of Earnings
See accompanying notes to the consolidated financial statements.