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46฀
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฀ L O W E ’ S ฀ ฀2 0 0 5 ฀ ฀A N N U A L ฀ ฀R E P O RT
฀ ฀ ฀ ฀ ฀ 5-year฀ February฀3,฀ January฀28,฀ January฀30,฀ January฀31,฀ February฀1,฀ ฀ February฀2,฀ January฀28,฀ January฀29,฀ January฀30,฀ January฀31,
Fiscal฀Years฀Ended฀On฀ CGR฀%฀ 2006*฀ 2005฀ 2004฀ 2003฀ 2002฀ ฀ ฀2001*฀ ฀2000฀ 1999฀ 1998฀ 1997
Stores฀and฀people฀1
฀ 1฀ Number฀of฀stores฀ 14.6฀ ฀ 1,234฀฀ ฀ 1,087฀฀ ฀ 952฀฀ ฀ 828฀฀ ฀ 718฀฀ 1฀ ฀ 624฀฀ ฀ 550฀฀ ฀ 497฀฀ ฀ 456฀฀ ฀ 410฀฀ 1฀
฀ 2฀ Square฀footage฀(in฀millions)฀ 15.6฀ ฀ 140.1฀ ฀ 123.7฀ ฀ 108.8฀ ฀ 94.7฀ ฀ 80.7฀ 2฀ ฀ 67.8฀ ฀ 57.0฀ ฀ 47.8฀ ฀ 39.9฀ ฀ 33.7฀ 2฀
฀ 3฀ Number฀of฀employees฀ 14.6฀ ฀ 185,314฀ ฀ 161,964฀ ฀ 147,052฀ ฀ 120,692฀ ฀ 107,404฀ 3฀ ฀ 93,669฀ ฀ 85,145฀ ฀ 71,792฀ ฀ 63,261฀ ฀ 57,859฀ 3฀
฀ 4฀ Customer฀transactions฀(in฀millions)฀ 14.0฀ ฀ ฀639฀฀ ฀ 575฀ ฀ 521฀ ฀ 460฀ ฀ 394฀ 4฀ ฀ 342฀ ฀ 299฀ ฀ 268฀ ฀ 230฀ ฀ 195฀ 4฀
฀ 5฀ Average฀purchase฀ ฀ $฀ 67.67฀ $฀ 63.43฀ $฀ 59.21฀ $฀ 56.80฀ $฀ 55.05฀ 5฀ $฀ 53.78฀฀ $฀ 51.73฀ $฀ 48.37฀ $฀ 46.77฀฀ $฀ 46.38฀฀ 5
Comparative฀income฀statements฀(in฀millions)฀1
฀ 6฀ Sales฀ ฀ ฀ 18.7฀ $฀ 43,243฀฀ $฀ 36,464฀฀ $฀ 30,838฀฀ $฀ 26,112฀ $฀ 21,714฀฀ 6฀ $฀ 18,368฀฀ $฀ 15,445฀฀ $฀ 12,946฀฀ $฀ 10,779฀฀ $฀ 9,057฀฀ 6฀
฀ 7฀ Depreciation฀ 19.4฀ ฀ 980฀ ฀฀ 859฀ ฀ ฀739฀ ฀ ฀617฀ ฀ ฀509฀ 7฀ ฀ ฀403฀ ฀ ฀330฀ ฀ ฀283฀ ฀ ฀251฀ ฀ ฀205฀ 7฀
฀ 8฀ Interest฀ ฀ 5.5฀ ฀ ฀158฀฀ ฀฀ 176฀฀ ฀ ฀180฀฀ ฀ ฀182฀ ฀ ฀174฀฀ 8฀ ฀ ฀121฀฀ ฀ ฀85฀฀ ฀ ฀81฀฀ ฀ ฀71฀฀ ฀ ฀55฀฀ 8฀
฀ 9฀ Pre-tax฀earnings฀ 29.5฀ ฀ ฀4,506฀฀ ฀฀ 3,536฀฀ ฀ ฀2,944฀฀ ฀ ฀2,372฀ ฀ ฀1,535฀฀ 9฀ ฀ ฀1,238฀฀ ฀ ฀1,021฀฀ ฀ ฀751฀฀ ฀ ฀569฀฀ ฀ ฀462฀฀ 9฀
฀10฀ Income฀tax฀provision฀ NM฀ ฀ ฀1,735฀฀ ฀฀ 1,360฀฀ ฀ ฀1,115฀฀ ฀ ฀893฀ ฀ ฀566฀฀ 10฀ ฀ ฀454฀฀ ฀ ฀373฀฀ ฀ ฀273฀฀ ฀ ฀205฀฀ ฀ ฀162฀฀ 10฀
฀11฀
Earnings฀from฀continuing฀operations฀ 28.7฀ ฀ ฀2,771฀฀ ฀฀ 2,176฀฀ ฀ ฀1,829฀฀ ฀ ฀1,479฀ ฀ ฀969฀฀ 11฀ ฀ ฀784฀฀ ฀ ฀648฀฀ ฀ ฀478฀฀ ฀ ฀364฀฀ ฀ ฀300฀
฀ 11฀
฀12฀ Earnings฀from฀discontinued฀operations,฀net฀of฀tax฀ NM฀ ฀ –฀ ฀ –฀ ฀ 15฀฀ ฀ ฀12฀ ฀ ฀13฀฀ 12฀ ฀ ฀14฀฀ ฀ ฀15฀฀ ฀ ฀13฀฀ ฀ ฀11฀฀ ฀ ฀10฀฀ 12฀
฀13฀ Net฀earnings฀ 28.3฀ ฀ ฀2,771฀฀ ฀฀ 2,176฀฀ ฀ ฀1,844฀฀ ฀ ฀1,491฀ ฀ ฀982฀฀ 13฀ ฀ ฀798฀฀ ฀ ฀663฀฀ ฀ ฀491฀฀ ฀ ฀375฀฀ ฀ ฀310฀฀ 13฀
฀14฀ Cash฀dividends฀ 26.4฀ ฀ ฀171฀ ฀฀ 116฀฀ ฀ ฀87฀฀ ฀ ฀66฀ ฀ ฀60฀฀ 14฀ ฀ ฀53฀฀ ฀ ฀48฀฀ ฀ ฀41฀฀ ฀ ฀38฀฀ ฀ ฀35฀฀ 14฀
฀15฀ Earnings฀retained฀ 28.4฀ $฀ 2,600฀ $฀ 2,060฀฀ $฀ 1,757฀฀ $฀ 1,425฀ $฀ 922฀฀ 15฀ $฀ 745฀฀ $฀ 615฀฀ $฀ 450฀฀ $฀ 337฀฀ $฀ 275฀฀ 15฀
Dollars฀per฀share฀(weighted฀average฀shares,฀assuming฀dilution)฀1
฀16฀ Sales฀ ฀ ฀ 17.7฀ $ ฀ 53.85฀ $ ฀ 45.13฀ $฀ 37.79฀ $฀ 32.24฀ $ ฀ 26.97฀ 16฀ $ ฀ 23.89฀ $฀ 20.11฀ $฀ 17.22฀ $฀ 14.55฀ $฀ 12.41฀ 16฀
฀17฀ Earnings฀ ฀ 27.2฀ ฀ 3.46฀ ฀ 2.71฀฀ ฀ 2.28฀฀ ฀ 1.86฀฀ ฀ 1.23฀฀ 17฀ ฀ 1.04฀฀ ฀ 0.86฀฀ ฀ 0.65฀฀ ฀ 0.51฀฀ ฀ 0.42฀฀ 17฀
฀18฀ Cash฀dividends฀ 26.5฀ ฀ 0.22฀ ฀ 0.15฀ ฀ 0.11฀฀ ฀ 0.08฀฀ ฀ 0.07฀฀ 18฀ ฀ 0.07฀฀ ฀ 0.06฀฀ ฀ 0.05฀฀ ฀ 0.05฀฀ ฀ 0.05฀฀ 18฀
฀19฀ Earnings฀retained฀ 27.3฀ ฀ 3.24฀฀ ฀ 2.55฀฀ ฀ 2.15฀฀ ฀ 1.76฀฀ ฀ 1.15฀฀ 19฀ ฀ 0.97฀฀ ฀ 0.80฀฀ ฀ 0.60฀฀ ฀ 0.45฀฀ ฀ 0.38฀฀ 19฀
฀20฀ Shareholders’฀equity฀ 20.3฀ $฀ 17.86฀ $฀ 14.28฀ $฀ 12.52฀ $฀ 10.16฀ $฀ 8.18฀ 20฀ $฀ 7.08฀ $฀ 6.07฀ $฀ 4.78฀ $฀ 4.00฀ $฀ 3.50฀ 20฀
Financial฀ratios
฀21฀ Asset฀turnover฀2฀ ฀ ฀ 2.05฀ ฀ 1.95฀ ฀ 1.95฀฀ ฀ 1.93฀฀ ฀ 1.92฀฀ 21฀ ฀ 2.05฀฀ ฀ 2.19฀฀ ฀ 2.22฀฀ ฀ 2.16฀฀ ฀ 2.29฀฀ 21฀
฀22฀ Return฀on฀sales฀3฀ ฀ ฀ 6.41%฀ ฀ 5.97%฀ ฀ 5.98%฀ ฀ 5.71%฀ ฀ 4.52%฀ 22฀ ฀ 4.34%฀ ฀ 4.29%฀ ฀ 3.79%฀ ฀ 3.48%฀ ฀ 3.42%฀ 22฀
฀23฀ Return฀on฀assets฀4฀ ฀ ฀ 13.11%฀ ฀ 11.64%฀ ฀ 11.67%฀ ฀ 11.01%฀ ฀ 8.70%฀ 23฀ ฀ 8.91%฀ ฀ 9.41%฀ ฀ 8.42%฀ ฀ 7.52%฀ ฀ 7.83%฀ 23฀
฀24฀ Return฀on฀shareholders’฀equity฀5฀ ฀ ฀ 24.02%฀ ฀ 21.30%฀ ฀ 22.40%฀ ฀ 22.65%฀ ฀ 18.03%฀ 24฀ ฀ 17.13%฀ ฀ 18.45%฀ ฀ 16.58%฀ ฀ 14.66%฀ ฀ 16.74%฀ 24฀
Comparative฀balance฀sheets฀(millions)฀6
฀25฀ Total฀current฀assets฀ 13.5฀ $฀ 7,831฀ $฀ 6,903฀ $฀ 6,466฀ $฀ 5,362฀ $฀ 4,818฀ 25฀ $฀ 4,158฀ $฀ 3,688฀ $฀ 2,865฀ $฀ 2,427฀ $฀ 2,135฀ 25฀
฀26฀ Cash฀and฀short-term฀investments฀ 13.3฀ ฀ ฀876฀฀ ฀ ฀813฀฀ ฀ 1,624฀ ฀ 1,126฀ ฀ 853฀ 26฀ ฀ 469฀ ฀ 569฀ ฀ 249฀ ฀ 275฀ ฀ 123฀ 26฀
฀27฀ Accounts฀receivable฀–฀net฀ (35.3)฀ ฀ ฀18฀฀ ฀ ฀9฀฀ ฀ 146฀ ฀ 169฀ ฀ 163฀ 27฀ ฀ 159฀ ฀ 148฀ ฀ 144฀ ฀ 118฀ ฀ 118฀ 27฀
฀28฀ Merchandise฀inventory฀–฀net฀ 15.3฀ ฀ ฀6,706฀ ฀ ฀5,911฀ ฀ 4,528฀ ฀ 3,921฀ ฀ 3,611฀ 28฀ ฀ 3,285฀ ฀ 2,812฀ ฀ 2,385฀ ฀ 1,985฀ ฀ 1,855฀ 28฀
฀29฀ Other฀current฀assets฀ (8.7)฀ ฀ ฀104฀฀ ฀ ฀75฀฀ ฀ 106฀ ฀ 96฀ ฀ 81฀ 29฀ ฀ 164฀ ฀ 105฀ ฀ 45฀ ฀ 39฀ ฀ 47฀ 29฀
฀30฀ Fixed฀assets฀–฀net฀ 18.6฀ ฀ ฀16,354฀ ฀ ฀13,911฀฀ ฀ 11,819฀ ฀ 10,245฀ ฀ 8,565฀ 30฀ ฀ 6,964฀ ฀ 5,122฀ ฀ 4,046฀ ฀ 3,294฀ ฀ 2,756฀ 30฀
฀31฀ Other฀assets฀ 9.1฀ ฀ ฀203฀฀ ฀ ฀178฀฀ ฀ 241฀ ฀ 160฀ ฀ 141฀ 31฀ ฀ 131฀ ฀ 111฀ ฀ 108฀ ฀ 79฀ ฀ 57฀ 31฀
฀32฀ Total฀assets฀ 16.9฀ ฀ ฀24,682฀ ฀ ฀21,138฀ ฀ 18,695฀ ฀ 15,796฀ ฀ 13,546฀ 32฀ ฀ 11,287฀ ฀ 8,952฀ ฀ 7,047฀ ฀ 5,835฀ ฀ 4,984฀ 32฀
฀33฀ Total฀current฀liabilities฀ 14.9฀ ฀ ฀5,832฀ ฀ ฀5,648฀ ฀ 4,144฀ ฀ 3,360฀ ฀ 2,940฀ 33฀ ฀ 2,911฀ ฀ 2,380฀ ฀ 1,924฀ ฀ 1,554฀ ฀ 1,443฀ 33฀
฀34฀ Accounts฀payable฀ 10.6฀ ฀ ฀2,832฀ ฀ ฀2,695฀฀ ฀ 2,212฀ ฀ 1,791฀ ฀ 1,589฀ 34฀ ฀ 1,708฀ ฀ 1,561฀ ฀ 1,221฀ ฀ 1,036฀ ฀ 978฀ 34฀
฀35฀ Other฀current฀liabilities฀ 27.8฀ ฀ ฀2,544฀ ฀ 1,937฀ ฀ 1,520฀ ฀ 1,204฀ ฀ 971฀ 35฀ ฀ 745฀ ฀ 401฀ ฀ 270฀ ฀ 241฀ ฀ 213฀ 35฀
฀36฀ Long-term฀debt฀(excluding฀current฀maturities)฀ 5.3฀ ฀ ฀3,499฀฀ ฀ ฀3,060฀฀ ฀ 3,678฀ ฀ 3,736฀ ฀ 3,734฀ 36฀ ฀ 2,698฀ ฀ 1,727฀ ฀ 1,364฀ ฀ 1,191฀ ฀ 876฀ 36฀
฀37฀ Total฀liabilities฀ 12.1฀ ฀ ฀10,343฀ ฀ ฀9,603฀ ฀ 8,479฀ ฀ 7,564฀ ฀ 6,962฀ 37฀ ฀ 5,841฀ ฀ 4,293฀ ฀ 3,453฀ ฀ 2,874฀ ฀ 2,426฀ 37฀
฀38฀
Shareholders’฀equity฀ 21.4฀ $฀ 14,339฀฀ $฀ 11,535฀฀ $฀ 10,216฀฀ $฀ 8,232฀฀ $฀ 6,584฀฀ 38฀ $฀ 5,446฀฀ $฀ 4,658฀฀ $฀ 3,594฀฀ $฀ 2,961฀฀ $฀ 2,558฀
฀ 38฀
฀39฀ Equity/long-term฀debt฀(excluding฀current฀maturities)฀ ฀ ฀ 4.10฀฀ ฀ 3.77฀฀ ฀ 2.78฀฀ ฀ 2.20฀฀ ฀ 1.76฀฀ 39฀ ฀ 2.02฀฀ ฀ 2.70฀฀ ฀ 2.63฀฀ ฀ 2.49฀฀ ฀ 2.92฀฀ 39฀
฀40฀ Year-end฀leverage฀factor:฀assets/equity฀ ฀ ฀ 1.72฀ ฀ 1.83฀ ฀ 1.83฀ ฀ 1.92฀฀ ฀ 2.06฀฀ 40฀ ฀ 2.07฀฀ ฀ 1.92฀฀ ฀ 1.96฀฀ ฀ 1.97฀฀ ฀ 1.95฀฀ 40฀
Shareholders,฀shares฀and฀book฀value
฀41฀ Shareholders฀of฀record,฀year-end฀ ฀ ฀ 27,427฀ ฀ 27,071฀ ฀ 26,553฀ ฀ 25,405฀ ฀ 19,277฀ 41฀ ฀ 16,895฀ ฀ 15,446฀ ฀ 14,508฀ ฀ 12,386฀ ฀ 12,530฀ 41฀
฀42฀ Shares฀outstanding,฀year-end฀(in฀millions)฀ ฀ ฀ ฀784฀฀ ฀ 774฀ ฀ 787฀ ฀ 782฀ ฀ 776฀ 42฀ ฀ 766฀ ฀ 765฀ ฀ 749฀ ฀ 738฀ ฀ 731฀ 42฀
฀43฀ Weighted฀average฀shares,฀assuming฀dilution฀(in฀millions)฀ ฀ ฀ ฀803฀฀ ฀ ฀808฀฀ ฀ ฀816฀฀ ฀ ฀810฀฀ ฀ ฀805฀฀ 43฀ ฀ ฀769฀฀ ฀ ฀768฀฀ ฀ ฀752฀฀ ฀ ฀741฀฀ ฀ ฀730฀฀ 43฀
฀44฀ Book฀value฀per฀share฀ ฀ $฀ 18.29฀ $฀ 14.90฀ $฀ 12.98฀ $฀ 10.53฀ $฀ 8.49฀ 44฀ $฀ 7.11฀ $฀ 6.09฀ $฀ 4.80฀ $฀ 4.01฀ $฀ 3.50฀ 44฀
Stock฀price฀during฀calendar฀year฀7฀(adjusted฀for฀stock฀splits)
฀45฀ High฀ ฀ ฀ ฀ $฀ 69.70฀ $฀ 60.54฀ $฀ 60.42฀ $฀ 49.99฀ $฀ 48.88฀ 45฀ $฀ 33.63฀ $฀ 33.22฀ $฀ 29.37฀ $฀ 12.89฀ $฀ 10.88฀ 45฀
฀46฀ Low฀ ฀ ฀ ฀ $฀ 50.72฀ $฀ 45.90฀ $฀ 33.37฀ $฀ 32.50฀ $฀ 24.79฀ 46฀ $฀ 17.13฀ $฀ 21.50฀ $฀ 11.93฀ $฀ 8.09฀ $฀ 7.16฀ 46฀
฀47฀ Closing฀price฀December฀31฀ ฀ $฀ 66.66฀ $฀ 57.59฀ $฀ 55.39฀ $฀ 37.50฀ $฀ 46.41฀ 47฀ $฀ 22.25฀ $฀ 29.88฀ $฀ 25.59฀ $฀ 11.93฀ $฀ 8.91฀ 47฀
Price/earnings฀ratio
฀48฀ High฀฀ ฀ ฀ ฀ ฀ 20฀ ฀ 22฀ ฀ 27฀ ฀ 27฀ ฀ 40฀ 48฀ ฀ 32฀ ฀ 39฀ ฀ 45฀ ฀ 25฀ ฀ 26฀ 48฀
฀49฀ Low฀ ฀ ฀ ฀ ฀ 15฀ ฀ 17฀ ฀ 15฀ ฀ 17฀ ฀ 20฀ 49฀ ฀ 16฀ ฀ 25฀ ฀ 18฀ ฀ 16฀ ฀ 17฀ 49฀
Lowe’s฀Companies,฀Inc.
Financial฀History฀(Unaudited)
10-YEAR ฀FI NAN CIAL ฀IN FOR MAT ION