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L O W E ’ S ฀ ฀2 0 0 5 ฀ ฀A N N U A L ฀ ฀R E P O R T ฀
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฀ 4 5
Earnings฀Statements
(In฀millions,฀except฀per฀share฀data)฀Fiscal฀2005฀ Fiscal฀2004
Quarter฀Ended฀ ฀ 2/3/06*฀ 10/28/05฀ 7/29/05฀ 4/29/05฀ 1/28/05฀ 10/29/04฀ 7/30/04฀ 4/30/04
Net฀sales฀ ฀ ฀ $฀10,808฀฀ ฀$฀฀10,592฀฀ ฀$฀11,929฀฀ ฀$฀฀9,913฀฀ ฀$฀฀8,550฀฀ ฀$฀ ฀฀9,064฀฀ ฀$฀10,169฀฀ ฀$฀฀8,681
Gross฀margin฀ ฀ ฀3,786฀ ฀3,584฀ ฀4,026฀ ฀3,404฀ ฀2,978฀ ฀3,040฀ ฀3,378฀ ฀2,860
Expenses:
฀ SG&A฀ ฀ ฀ ฀2,303฀฀ ฀2,212฀฀ ฀2,363฀฀ ฀2,136฀฀ ฀1,834฀฀ ฀1,906฀฀ ฀1,969฀฀ ฀1,853
฀ Store฀opening฀costs฀ ฀57฀฀ ฀35฀฀ ฀25฀฀ ฀25฀฀ ฀51฀฀ ฀32฀฀ ฀18฀฀ ฀22
฀ Depreciation฀ 261฀ ฀246฀ ฀236฀ ฀237฀ ฀225฀ ฀221฀ ฀210฀ ฀203
฀ Interest฀฀ ฀ ฀36฀฀ ฀36฀฀ ฀39฀฀ ฀47฀฀ ฀43฀฀ ฀40฀฀ ฀45฀฀ ฀48
Total฀expenses฀฀ 2,657฀ 2,529฀ ฀2,663฀ ฀2,445฀ ฀2,153฀ ฀2,199฀ ฀2,242฀ ฀2,126
Pre-tax฀earnings฀ ฀ ฀ ฀1,129฀฀ 1,055฀฀ ฀1,363฀฀ ฀959฀฀ ฀ ฀825฀฀ ฀841฀฀ ฀1,136฀฀ ฀734
Income฀tax฀provision฀฀ ฀ ฀ ฀435฀฀ ฀406฀฀ ฀525฀฀ ฀369฀฀ ฀ ฀317฀฀ ฀325฀฀ ฀436฀฀ ฀282
Earnings฀from฀continuing฀operations฀ ฀ ฀694฀฀ ฀649฀฀ ฀838฀฀ ฀590฀฀ ฀ ฀508฀฀ ฀516฀฀ ฀700฀฀ ฀452
Earnings฀from฀discontinued฀operations,฀net฀of฀tax฀ –฀฀ –฀ –฀฀ –฀ –฀ –฀ –฀ –
Net฀earnings฀฀ ฀ ฀694฀฀ ฀649฀฀ ฀838฀฀ ฀590฀฀ ฀508฀฀ 516฀฀ ฀700฀฀ ฀452
Basic฀earnings฀per฀share฀ 0.89฀฀ ฀0.83฀฀ ฀1.08฀฀ ฀0.76฀฀ ฀0.66฀฀ ฀0.67฀ ฀0.90฀฀ ฀0.58
Diluted฀earnings฀per฀share฀฀ ฀$฀฀ ฀ 0.87฀฀ $฀฀฀ ฀ 0.81฀฀ ฀$฀฀ ฀ 1.05฀฀ ฀$฀฀฀ 0.74฀฀ ฀$฀฀฀ 0.64฀฀ ฀$฀ ฀฀฀ 0.65฀฀ ฀$฀฀ ฀ 0.87฀฀ ฀$฀฀฀ 0.56
Earnings฀Statement฀Changes
(Changes฀from฀same฀quarter฀previous฀year,฀to฀nearest฀tenth฀percent)฀Fiscal฀2005฀ Fiscal฀2004
Quarter฀Ended฀ ฀ 2/3/06*฀ 10/28/05฀ 7/29/05฀ 4/29/05฀ 1/28/05฀ 10/29/04฀ 7/30/04฀ 4/30/04
Net฀sales฀ ฀ ฀ 26.4%฀ 16.9%฀ 17.3%฀ 14.2%฀ 17.9%฀ 16.2%฀ 17.3%฀ 22.0%
Gross฀margin฀ ฀ 27.1฀ 17.9฀ 19.2฀ 19.0฀ 28.9฀ 25.1฀ 29.1฀ 29.4
Expenses:
฀ SG&A฀ ฀ ฀ 25.6฀ 16.1฀ 20.0฀ 15.3฀ 32.6฀ 31.0฀ 38.6฀ 40.5
฀ Store฀opening฀costs฀ 11.8฀ 9.4฀ 38.9฀ 13.6฀ 13.3฀ (13.5)฀ (33.3)฀ 15.8
฀ Depreciation฀ 16.0฀ 11.3฀ 12.4฀ 16.7฀ 13.6฀ 18.8฀ 16.7฀ 16.0
฀ Interest฀฀ ฀ (16.3)฀ (10.0)฀ (13.3)฀ (2.1)฀ (4.4)฀ (4.8)฀ –฀ –
Total฀expenses฀฀ 23.4฀ 15.0฀ 18.8฀ 15.0฀ 28.8฀ 27.8฀ 34.0฀ 36.2
Pre-tax฀earnings฀฀ 36.8฀ 25.4฀ 20.0฀ 30.7฀ 28.9฀ 18.3฀ 20.3฀ 13.1
Income฀tax฀provision฀฀ 37.2฀ 24.9฀ 20.4฀ 30.9฀ 29.4฀ 20.8฀ 22.5฀ 15.1
Earnings฀from฀continuing฀operations฀ 36.6฀ 25.8฀ 19.7฀ 30.5฀ 28.6฀ 16.7฀ 19.0฀ 11.9
Earnings฀from฀discontinued฀operations,฀net฀of฀tax฀ –฀ –฀ –฀ –฀ (100.0)฀ (100.0)฀ (100.0)฀ (100.0)
Net฀earnings฀฀ ฀ 36.6฀ 25.8฀ 19.7฀ 30.5฀ 26.7฀ 15.7฀ 18.4฀ 11.3
Basic฀earnings฀per฀share฀ 34.8฀ 23.9฀ 20.0฀ 33.3฀ 29.4฀ 17.5฀ 20.0฀ 9.6
Diluted฀earnings฀per฀share฀฀ 35.9%฀ 26.6%฀ 20.7%฀ 30.4%฀ 30.6%฀ 14.3%฀ 19.2%฀ 12.0%
Earnings฀Statement฀Percentages
(Percent฀of฀sales฀to฀nearest฀hundredth;฀
income฀tax฀is฀percent฀of฀pre-tax฀earnings)฀Fiscal฀2005฀ Fiscal฀2004
Quarter฀Ended฀ ฀ 2/3/06*฀ 10/28/05฀ 7/29/05฀ 4/29/05฀ 1/28/05฀ 10/29/04฀ 7/30/04฀ 4/30/04
Net฀sales฀ ฀ ฀ 100.00%฀ 100.00%฀ 100.00%฀ 100.00%฀ 100.00%฀ 100.00%฀ 100.00%฀ 100.00%
Gross฀margin฀ ฀ 35.04฀ 33.83฀ 33.75฀ 34.34฀ 34.83฀ 33.54฀ 33.22฀ 32.95
Expenses:
฀ SG&A฀ ฀ ฀ 21.30฀ 20.88฀ 19.81฀ 21.55฀ 21.45฀ 21.03฀ 19.36฀ 21.35
฀ Store฀opening฀costs฀ 0.53฀ 0.33฀ 0.21฀ 0.25฀ 0.60฀ 0.35฀ 0.17฀ 0.25
฀ Depreciation฀ 2.43฀ 2.32฀ 1.98฀ 2.39฀ 2.63฀ 2.44฀ 2.08฀ 2.34
฀ Interest฀฀ ฀ 0.33฀ 0.34฀ 0.33฀ 0.47฀ 0.50฀ 0.44฀ 0.44฀ 0.55
Total฀expenses฀฀ 24.59฀ 23.87฀ 22.33฀ 24.66฀ 25.18฀ 24.26฀ 22.05฀ 24.49
Pre-tax฀earnings฀฀ 10.45฀ 9.96฀ 11.42฀ 9.68฀ 9.65฀ 9.28฀ 11.17฀ 8.46
Income฀tax฀provision฀ 38.53฀ 38.48฀ 38.52฀ 38.48฀ 38.42฀ 38.64฀ 38.38฀ 38.42
Earnings฀from฀continuing฀operations฀ 6.43฀ 6.13฀ 7.02฀ 5.95฀ 5.94฀ 5.70฀ 6.88฀ 5.21
Earnings฀from฀discontinued฀operations,฀net฀of฀tax฀ –฀ –฀ –฀ –฀ –฀ –฀ –฀ –
Net฀earnings฀฀ ฀ 6.43%฀ 6.13%฀ 7.02%฀ 5.95%฀ 5.94%฀ 5.70%฀ 6.88%฀ 5.21%
*฀The฀fourth฀quarter฀of฀fiscal฀2005฀contained฀an฀additional฀week.
Lowe’s฀Companies,฀Inc.
Quarterly฀Review฀of฀Performance฀(Unaudited)