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LOWE’S 2010 ANNUAL REPORT 49
Earnings Statements
(In฀millions,฀except฀per฀share฀data)฀ Fiscal 2010 Fiscal 2009
Quarter Ended Fourth Third Second First Fourth Third Second First
Net sales $10,480 $11,587 $14,361 $12,388 $10,168 $11,375 $13,844 $11,832
Gross margin 3,726 4,061 5,006 4,358 3,554 3,890 4,823 4,196
Expenses:
฀฀ SG&A฀ ฀2,792฀฀ ฀2,931฀฀ ฀3,189฀฀ ฀3,093฀฀ ฀2,775฀฀ ฀2,882฀฀ ฀3,123฀฀ ฀2,957
Depreciation 392 399 398 397 401 403 408 401
Interest – net 86 80 84 82 56 77 76 78
Total expenses 3,270 3,410 3,671 3,572 3,232 3,362 3,607 3,436
Pre-tax earnings 456 651 1,335 786 322 528 1,216 760
Income฀tax฀provision฀ ฀171฀฀ ฀247฀฀ ฀503฀฀ ฀297฀฀ ฀117฀฀ ฀184฀฀ ฀457฀฀ ฀284
Net earnings $ 285 $ 404 $ 832 $ 489 $ 205 $ 344 $ 759 $ 476
Basic earnings per common share $ 0.21 $ 0.29 $ 0.58 $ 0.34 $ 0.14 $ 0.23 $ 0.51 $ 0.32
Diluted earnings per common share $ 0.21 $ 0.29 $ 0.58 $ 0.34 $ 0.14 $ 0.23 $ 0.51 $ 0.32
Earnings Statement Changes
(Changes from same quarter previous year, to nearest tenth percent)
Fiscal 2010 Fiscal 2009
Quarter Ended Fourth Third Second First Fourth Third Second First
Net sales 3.1% 1.9% 3.7% 4.7% 1.8% (3.0)% (4.6)% (1.5)%
Gross margin 4.8 4.4 3.8 3.9 5.5 (2.4) (3.2) 0.7
Expenses:
฀฀ SG&A฀ 0.6฀ 1.7฀ 2.1฀฀ 4.6฀฀ 5.0฀ ฀4.6฀ 2.9฀ 7.8
Depreciation (2.3) (1.1) (2.4) (1.0) 1.2 4.6 7.0 6.8
Interest – net 53.3 3.9 10.9 5.1 (19.7) 17.6 10.6 2.4
Total expenses 1.2 1.4 1.8 4.0 4.0 4.8 3.5 7.6
Pre-tax earnings 41.7 23.4 9.7 3.4 24.2 (32.1) (18.8) (21.9)
Income฀tax฀provision฀ 46.1฀ 34.6฀ 10.0฀ 4.6฀ 20.4฀ ฀(36.4)฀ (18.3)฀ (22.2)
Net earnings 39.1 17.5 9.6 2.7 26.4 (29.6) (19.0) (21.7)
Basic earnings per common share 50.0 26.1 13.7 6.3 27.3 (30.0) (19.8) (22.4)
Diluted earnings per common share 50.0% 26.1% 13.7% 6.3% 27.3% (30.3)% (19.1)% (21.5)%
Earnings Statement Percentages
(Percent of sales to nearest hundredth;
income฀tax฀is฀percent฀of฀pre-tax฀earnings)
Fiscal 2010 Fiscal 2009
Quarter Ended Fourth Third Second First Fourth Third Second First
Net sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Gross margin 35.55 35.05 34.86 35.18 34.95 34.20 34.84 35.46
Expenses:
฀฀ SG&A฀ 26.64฀ ฀25.30฀ ฀22.21฀ ฀24.98฀ ฀27.29฀฀ ฀25.34฀฀ ฀22.55฀ ฀24.99
Depreciation 3.74 3.44 2.77 3.20 3.95 3.54 2.95 3.39
Interest – net 0.82 0.69 0.59 0.66 0.55 0.68 0.55 0.66
Total expenses 31.20 29.43 25.57 28.84 31.79 29.56 26.05 29.04
Pre-tax earnings 4.35 5.62 9.29 6.34 3.16 4.64 8.79 6.42
Income฀tax฀provision฀ 37.37฀ 38.00฀ 37.69฀ 37.76฀ 36.23฀฀ 34.86฀ ฀37.60฀ ฀37.38
Net earnings 2.72% 3.49% 5.79% 3.95% 2.02% 3.02% 5.48% 4.02%
LOWE’S COMPANIES, INC.
QUARTERLY REVIEW OF PERFORMANCE (Unaudited)