Lowe's 2004 Annual Report Download - page 29

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Lowe’s 2004 Annual Report Page 27
January 30, January 31,
2004 2003
(In Millions, Except Per Share and Percentage Data) January 28, % As Restated % As Restated %
Years Ended on 2005 Sales (Note 2) Sales (Note 2) Sales
Net Sales $ 36,464 100.00% $ 30,838 100.00 % $ 26,112 100.00 %
Cost of Sales 24,165 66.27 21,231 68.85 18,164 69.56
Gross Margin 12,299 33.73 9,607 31.15 7,948 30.44
Expenses:
Selling, General and Administrative (Note 7) 7,562 20.74 5,578 18.09 4,625 17.71
Store Opening Costs (Note 1) 123 0.34 128 0.42 129 0.49
Depreciation 902 2.47 777 2.52 640 2.46
Interest (Note 17) 176 0.48 180 0.58 182 0.70
Total Expenses 8,763 24.03 6,663 21.61 5,576 21.36
Pre-Tax Earnings 3,536 9.70 2,944 9.54 2,372 9.08
Income Tax Provision (Note 15) 1,360 3.73 1,115 3.61 893 3.42
Earnings from Continuing Operations 2,176 5.97 1,829 5.93 1,479 5.66
Earnings from Discontinued
Operations, Net of Tax (Note 3) – 0.00 15 0.05 12 0.05
Net Earnings $ 2,176 5.97% $ 1,844 5.98 % $ 1,491 5.71 %
Basic Earnings Per Share (Note 11)
Continuing Operations $ 2.80 $ 2.33 $ 1.89
Discontinued Operations – 0.02 0.02
Basic Earnings Per Share $ 2.80 $ 2.35 $ 1.91
Diluted Earnings Per Share (Note 11)
Continuing Operations $ 2.71 $ 2.26 $ 1.84
Discontinued Operations – 0.02 0.02
Diluted Earnings Per Share $ 2.71 $ 2.28 $ 1.86
Cash Dividends Per Share $ 0.15 $ 0.11 $ 0.09
Lowe’s Companies, Inc.
Consolidated Statements of Earnings
See accompanying notes to the consolidated financial statements.