Lowe's 2009 Annual Report Download - page 32

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30
Lowe’s Companies, Inc.
CONSOLIDATED STATEMENTS OF EARNINGS
(In millions, except per share and percentage data) January 29, % January 30, % February 1, %
Fiscal years ended on 2010 Sales 2009 Sales 2008 Sales
Net sales $ 47,220 100.00% $ 48,230 100.00% $ 48,283 100.00%
Cost of sales 30,757 65.14 31,729 65.79 31,556 65.36
Gross margin 16,463 34.86 16,501 34.21 16,727 34.64
Expenses:
Selling, general and administrative 11,688 24.75 11,074 22.96 10,515 21.78
Store opening costs 49 0.10 102 0.21 141 0.29
Depreciation 1,614 3.42 1,539 3.19 1,366 2.83
Interest – net 287 0.61 280 0.58 194 0.40
Total expenses 13,638 28.88 12,995 26.94 12,216 25.30
Pre-tax earnings 2,825 5.98 3,506 7.27 4,511 9.34
Income tax provision 1,042 2.20 1,311 2.72 1,702 3.52
Net earnings $ 1,783 3.78% $ 2,195 4.55% $ 2,809 5.82%
Basic earnings per common share $ 1.21 $ 1.50 $ 1.89
Diluted earnings per common share $ 1.21 $ 1.49 $ 1.86
Cash dividends per share $ 0.355 $ 0.335 $ 0.290
See accompanying notes to consolidated financial statements.