Lowe's 2010 Annual Report Download - page 34

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30 LOWE’S 2010 ANNUAL REPORT
LOWE’S COMPANIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In฀millions,฀except฀per฀share฀and฀percentage฀data) January 28, % January 29, % January 30, %
Fiscal years ended on 2011 Sales 2010 Sales 2009 Sales
Net sales $ 48,815 100.00% $ 47,220 100.00% $ 48,230 100.00%
Cost of sales 31,663 64.86 30,757 65.14 31,729 65.79
Gross margin 17,152 35.14 16,463 34.86 16,501 34.21
Expenses:
Selling, general and administrative 12,006 24.60 11,737 24.85 11,176 23.17
Depreciation 1,586 3.25 1,614 3.42 1,539 3.19
Interest – net 332 0.68 287 0.61 280 0.58
Total expenses 13,924 28.53 13,638 28.88 12,995 26.94
Pre-tax earnings 3,228 6.61 2,825 5.98 3,506 7.27
Income฀tax฀provision฀ ฀ 1,218฀ 2.49฀ ฀ 1,042฀ 2.20฀ ฀ 1,311฀ 2.72
Net earnings $ 2,010 4.12% $ 1,783 3.78% $ 2,195 4.55%
Basic earnings per common share $ 1.42 $ 1.21 $ 1.50
Diluted earnings per common share $ 1.42 $ 1.21 $ 1.49
Cash dividends per share $ 0.420 $ 0.355 $ 0.335
See accompanying notes to consolidated financial statements.