Lowe's 2004 Annual Report Download - page 47

Lowe’s 2004 Annual Report Page 45
Lowe’s Companies, Inc.
Quarterly Review of Performance (Unaudited)
Earnings Statements
(In Millions, Except Per Share Data)
Fiscal 2004 Fiscal 2003
Quarter Ended 10/29/04 7/30/04 4/30/04 1/30/04 10/31/03 8/1/03 5/2/03
1/28/05 As Restated As Restated As Restated As Restated As Restated As Restated As Restated
Net Sales $ 8,550 $ 9,064 $ 10,169 $ 8,681 $ 7,252 $ 7,802 $ 8,666 $ 7,118
Gross Margin 2,989 3,051 3,389 2,870 2,321 2,441 2,626 2,219
Expenses:
S G & A 1,834 1,906 1,969 1,853 1,383 1,455 1,421 1,319
Store Opening Costs 51 32 18 22 45 37 27 19
Depreciation 236 232 221 213 208 196 189 184
Interest 43 40 45 48 45 42 45 48
Total Expenses 2,164 2,210 2,253 2,136 1,681 1,730 1,682 1,570
Pre-Tax Earnings 825 841 1,136 734 640 711 944 649
Income Tax Provision 317 325 436 282 245 269 356 245
Earnings From
Continuing Operations 508 516 700 452 395 442 588 404
Earnings From Discontinued
Operations, Net of Tax – – – – 6 4 3 2
Net Earnings $ 508 $ 516 $ 700 $ 452 $ 401 $ 446 $ 591 $ 406
Basic Earnings Per Share $ 0.66 $ 0.67 $ 0.90 $ 0.57 $ 0.51 $ 0.57 $ 0.75 $ 0.52
Diluted Earnings Per Share $ 0.64 $ 0.64 $ 0.87 $ 0.56 $ 0.49 $ 0.56 $ 0.73 $ 0.50
Earnings Statement Changes – Changes from same quarter previous year, to nearest tenth percent
Fiscal 2004 Fiscal 2003
Quarter Ended 1/28/05 10/29/04 7/30/04 4/30/04 1/30/04 10/31/03 8/1/03 5/2/03
Net Sales 17.9% 16.2% 17.3% 22.0% 20.1% 23.5% 17.3% 11.7%
Gross Margin 28.8 25.0 29.1 29.3 21.0 25.5 20.3 16.6
Expenses:
S G & A 32.6 31.0 38.6 40.5 21.5 24.8 17.8 18.3
Store Opening Costs 13.3 (13.5) (33.3) 15.8 12.5 32.1 12.5 (48.6)
Depreciation 13.5 18.4 16.9 15.8 20.2 21.0 20.4 24.3
Interest (4.4) (4.8) 0.0 0.0 0.0 (4.5) (2.2) 2.1
Total Expenses 28.7 27.7 33.9 36.1 20.4 23.6 17.4 16.6
Pre-Tax Earnings 28.9 18.3 20.3 13.1 22.6 30.5 26.0 16.7
Income Tax Provision 29.4 20.8 22.5 15.1 22.5 31.9 27.1 17.2
Earnings From
Continuing Operations 28.6 16.7 19.0 11.9 22.7 29.6 25.4 16.4
Earnings From Discontinued
Operations, Net of Tax (100.0) (100.0) (100.0) (100.0) 200.0 33.3 0.0 (50.0)
Net Earnings 26.7 15.7 18.4 11.3 23.8 29.7 25.2 15.7
Basic Earnings Per Share 29.4 15.8 20.0 11.5 24.4 32.6 23.0 13.0
Diluted Earnings Per Share 30.6% 14.3% 19.2% 12.0% 22.5% 30.2% 23.7% 13.6%
Earnings Statement Percentages – Percent of sales to nearest hundredth; income tax is % of pre-tax earnings
Fiscal 2004 Fiscal 2003
Quarter Ended 1/28/05 10/29/04 7/30/04 4/30/04 1/30/04 10/31/03 8/1/03 5/2/03
Net Sales 100.0% 100.0% 100.0% 100.0% 100.00% 100.00% 100.00% 100.00%
Gross Margin 34.96 33.66 33.33 33.06 32.00 31.29 30.30 31.17
Expenses:
S G & A 21.45 21.03 19.36 21.35 19.07 18.65 16.40 18.53
Store Opening Costs 0.60 0.35 0.18 0.25 0.62 0.47 0.31 0.27
Depreciation 2.76 2.56 2.17 2.45 2.87 2.51 2.18 2.58
Interest 0.50 0.44 0.44 0.55 0.62 0.54 0.52 0.67
Total Expenses 25.31 24.38 22.15 24.60 23.18 22.17 19.41 22.05
Pre-Tax Earnings 9.65 9.28 11.18 8.46 8.82 9.12 10.89 9.12
Income Tax Provision 38.42 38.64 38.38 38.42 38.28 37.83 37.71 37.75
Earnings From
Continuing Operations 5.94 5.69 6.88 5.21 5.45 5.67 6.79 5.68
Earnings From Discontinued
Operations, Net of Tax 0.00 0.00 0.00 0.00 0.08 0.05 0.03 0.02
Net Earnings 5.94% 5.69% 6.88% 5.21% 5.53% 5.72% 6.82% 5.70%
Note: Amounts herein have been adjusted to present the 2003 disposal of the Contractor Yards as a discontinued operation for all periods. The amounts have also been adjusted to reflect
the restatement discussed in Note 2 to the consolidated financial statements and the implementation of EITF 04-8 discussed in Notes 1 and 11 to the consolidated financial statements.