Lowe's 2014 Annual Report Download - page 28

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OPERATIONS
The following tables set forth the percentage relationship to net sales of each line item of the consolidated statements of
earnings, as well as the percentage change in dollar amounts from the prior year. This table should be read in conjunction with
the following discussion and analysis and the consolidated financial statements, including the related notes to the consolidated
financial statements.
Basis Point Increase /
(Decrease) in Percentage of
Net Sales from Prior Year
Percentage Increase /
(Decrease) in Dollar
Amounts from Prior Year
2014 2013 2014 vs. 2013 2014 vs. 2013
Net sales 100.00% 100.00% N/A 5.3 %
Gross margin 34.79 34.59 20
5.9
Expenses:
Selling, general and administrative 23.62 24.08 (46 ) 3.2
Depreciation 2.64 2.74 (10 ) 1.6
Interest - net 0.92 0.89 3
8.3
Total expenses 27.18 27.71 (53 )
3.2
Pre-tax earnings 7.61 6.88 73
16.4
Income tax provision 2.81 2.60 21
13.8
Net earnings 4.80% 4.28% 52
18.0 %
EBIT margin 1 8.53% 7.77% 76
15.5 %
Basis Point Increase /
(Decrease) in Percentage of
Net Sales from Prior Year
Percentage Increase /
(Decrease) in Dollar
Amounts from Prior Year
2013 2012 2013 vs. 2012 2013 vs. 2012
Net sales 100.00% 100.00% N/A 5.7 %
Gross margin 34.59 34.30 29
6.6
Expenses:
Selling, general and administrative 24.08 24.24 (16 ) 5.1
Depreciation 2.74 3.01 (27 ) (4.0 )
Interest - net 0.89 0.84 5
12.7
Total expenses 27.71 28.09 (38 )
4.3
Pre-tax earnings 6.88 6.21 67
17.1
Income tax provision 2.60 2.33 27
17.7
Net earnings 4.28% 3.88% 40
16.7 %
EBIT margin 1 7.77% 7.05% 72
16.6 %
18
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