Lowe's 2006 Annual Report Download - page 32

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Lowe’s Companies, Inc.
Consolidated Statements of Earnings
(In millions, except per share and percentage data)
February 2, % February 3, % January 28, %
Fiscal years ended on
2007 Sales 2006 Sales 2005 Sales
Net sales (Note 1) $ 46,927 100.00% $ 43,243 100.00% $ 36,464 100.00%
Cost of sales (Notes 1 and 15) 30,729 65.48 28,453 65.80 24,224 66.44
Gross margin 16,198 34.52 14,790 34.20 12,240 33.56
Expenses:
Selling, general and administrative (Notes 1, 4 and 9) 9,738 20.75 9,014 20.84 7,562 20.74
Store opening costs (Note 1) 146 0.31 142 0.33 123 0.34
Depreciation (Notes 1 and 3) 1,162 2.48 980 2.27 859 2.35
Interest – net (Note 16) 154 0.33 158 0.37 176 0.48
Total expenses 11,200 23.87 10,294 23.81 8,720 23.91
Pre-tax earnings 4,998 10.65 4,496 10.39 3,520 9.65
Income tax provision (Note 11) 1,893 4.03 1,731
4.00 1,353 3.71
Net earnings $ 3,105 6.62% $ 2,765 6.39% $ 2,167 5.94%
Basic earnings per share (Note 12) $ 2.02 $ 1.78 $ 1.39
Diluted earnings per share (Note 12) $ 1.99 $ 1.73 $ 1.35
Cash dividends per share
$ 0.18
$ 0.11 $ 0.08
See accompanying notes to the consolidated nancial statements.
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Lowe’s 2006 Annual Report