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Lowe’s Companies, Inc.
CONSOLIDATED STATEMENTS OF EARNINGS
(In millions, except per share and percentage data) February 1, % February 2, % February 3, %
Fiscal years ended on 2008 Sales 2007 Sales 2006 Sales
Net sales (Note 1) $48,283 100.00% $46,927 100.00% $43,243 100.00%
Cost of sales (Notes 1 and 14) 31,556 65.36 30,729 65.48 28,453 65.80
Gross margin 16,727 34.64 16,198 34.52 14,790 34.20
Expenses:
Selling, general and administrative (Notes 1, 8, 9 and 12) 10,515 21.78 9,738 20.75 9,014 20.84
Store opening costs (Note 1) 141 0.29 146 0.31 142 0.33
Depreciation (Notes 1 and 3) 1,366 2.83 1,162 2.48 980 2.27
Interest – net (Note 15) 194 0.40 154 0.33 158 0.37
Total expenses 12,216 25.30 11,200 23.87 10,294 23.81
Pre-tax earnings 4,511 9.34 4,998 10.65 4,496 10.39
Income tax provision (Notes 1 and 10) 1,702 3.52 1,893 4.03 1,731 4.00
Net earnings $ 2,809 5.82% $ 3,105 6.62% $ 2,765 6.39%
Basic earnings per share (Note 11) $ 1.90 $ 2.02 $ 1.78
Diluted earnings per share (Note 11) $ 1.86 $ 1.99 $ 1.73
Cash dividends per share $ 0.29 $ 0.18 $ 0.11
See accompanying notes to the consolidated financial statements.
28 |LOWE’S 2007 ANNUAL REPORT