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|02/27/19 - Lowe's Reports Fourth Quarter Sales And Earnings Results|
-- Diluted Loss Per Share of ($1.03) -- -- Adjusted Diluted Earnings Per Share (1) of $0.80 -- -- Reiterates Fiscal 2019 Business Outlook -- MOORESVILLE, N.C., Feb. 27, 2019 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today reported a net loss of $824 million and diluted loss per share of ($1.03) for the quarter ended Feb. 1, 2019, which included pre-tax charges of $1.6 billion, compared to net earnings of $554 million and diluted earnings per share of $0.67 in the four
|02/20/19 - Lowe's Companies, Inc. Invites You to Join Its Fourth Quarter 2018 Earnings Conference Call Webcast|
MOORESVILLE, N.C., Feb. 20, 2019 /PRNewswire/ -- In conjunction with the Lowe's Companies, Inc. (NYSE: LOW) fourth quarter 2018 earnings press release, you are invited to listen to its conference call to be broadcast live over the internet on Wednesday, February 27, 2019 at 9:00 a.m. Eastern Time. Supplemental slides will be available fifteen minutes prior to the start of the conference call. What:
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|Lowe's Reports Third Quarter Sales and Earnings Results|
MOORESVILLE, N.C., Nov. 17 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $488 million for the quarter ended October 31, 2008, a 24.1 percent decline from the same period a year ago. Diluted earnings per share declined 23.3 percent to $0.33 from $0.43 in the third quarter of 2007. For the nine months ended October 31, 2008, net earnings declined 15.3 percent to $2.03 billion while diluted earnings per share declined 12.7 percent to $1.38.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
Sales for the quarter increased 1.4 percent to $11.7 billion, up from $11.6 billion in the third quarter of 2007. For the nine months ended October 31, 2008, sales increased 0.9 percent to $38.2 billion. Comparable store sales for the third quarter declined 5.9 percent and declined 6.5 percent in the first nine months of 2008.
"Thanks to our employees' hard work and dedication in this difficult environment, we achieved sales results within our guidance and earnings that exceeded our guidance," commented Robert A. Niblock, Lowe's chairman and CEO. "During the quarter, products related to ongoing home maintenance and outdoor projects continued to perform relatively well. Also, we experienced a hurricane-related sales lift in the Gulf Coast as residents repaired storm damage. However, consumers continued to delay discretionary home improvement and bigger ticket purchases, which resulted in negative comparable store sales in the quarter.
"We expect continued, broad-based external pressures on our industry, as rising unemployment, falling home prices, tight credit and volatile equity markets continue to erode consumer confidence and impact sales," Niblock added. "While falling energy prices and initial signs of stabilization in housing turnover should aid the consumer, we saw a decline in sales trends in the last week of October that continued into November as the overall economic outlook deteriorated. In light of the difficult environment, we remain cautious in the near term and focused on providing great service to customers, increasing market share, controlling expenses, and appropriately managing capital expenditures to drive long-term returns for shareholders."
During the quarter, Lowe's opened 39 new stores. As of October 31, 2008, Lowe's operated 1,616 stores in the United States and Canada representing 183.0 million square feet of retail selling space, a 10.2 percent increase over last year.
A conference call to discuss third quarter 2008 operating results is scheduled for today (Monday, November 17) at 9:00 am EST. Please dial 888-817-4020 (international callers dial 706-679-8762) to participate. A webcast of the call will take place simultaneously and can be accessed by visiting Lowe's website at www.Lowes.com/investor and clicking on Lowe's Third Quarter 2008 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com until February 19, 2009.
Lowe's Business Outlook Fourth Quarter 2008 (comparisons to fourth quarter 2007) -- The company expects to open 33 to 38 new stores reflecting square footage growth of 7 to 8 percent -- Total sales are expected to range from a decline of 3 percent to an increase of 2 percent -- The company expects comparable store sales to decline 5 to 10 percent -- Earnings before interest and taxes as a percentage of sales (operating margin) is expected to decline approximately 330 basis points driven by payroll, fixed cost and depreciation deleverage -- Store opening costs are expected to be approximately $31 million -- Diluted earnings per share of $0.08 to $0.16 are expected -- Lowe's fourth quarter ends on January 30, 2009 with operating results to be publicly released on Friday, February 20, 2009 Fiscal Year 2008 (comparisons to fiscal year 2007) -- The company expects to open 115 to 120 stores in 2008 reflecting total square footage growth of 7 to 8 percent -- Total sales are expected to range from flat to an increase of 1 percent -- The company expects comparable store sales to decline 6 to 7 percent -- Earnings before interest and taxes as a percentage of sales (operating margin) is expected to decline approximately 190 basis points -- Store opening costs are expected to be approximately $100 million -- Diluted earnings per share of $1.46 to $1.54 are expected for the fiscal year ending January 30, 2009
Disclosure Regarding Forward-Looking Statements
This news release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements of the company's expectations for sales growth, comparable store sales, earnings and performance, capital expenditures, store openings, the housing market, the home improvement industry, demand for services, and any statement of an assumption underlying any of the foregoing, constitute "forward-looking statements" under the Act. Although the company believes that the expectations, opinions, projections, and comments reflected in its forward-looking statements are reasonable, it can give no assurance that such statements will prove to be correct. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results expressed or implied by our forward-looking statements including, but not limited to, changes in general economic conditions, such as rising unemployment, interest rate and currency fluctuations, higher fuel and other energy costs, slower growth in personal income, changes in consumer spending, the availability of consumer credit and mortgage financing, changes in the rate of housing turnover, inflation or deflation of commodity prices and other factors which can negatively affect our customers, as well as our ability to: (i) respond to adverse trends in the housing industry and the level of repairs, remodeling, and additions to existing homes, as well as general reduction in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes designed to enhance our efficiency and competitiveness; (iii) attract, train, and retain highly- qualified associates; (iv) locate, secure, and successfully develop new sites for store development particularly in major metropolitan markets; (v) respond to fluctuations in the prices and availability of services, supplies, and products; (vi) respond to the growth and impact of competition; (vii) address legal and regulatory developments; and (viii) respond to unanticipated weather conditions that could adversely affect sales. For more information about these and other risks and uncertainties that we are exposed to, you should read the "Risk Factors" included in our Annual Report on Form 10-K to the United States Securities and Exchange Commission and the description of material changes, if any, in those "Risk Factors" included in our Quarterly Reports on Form 10-Q.
The forward-looking statements contained in this news release speak only as of the date of this release and the company does not assume any obligation to update any such statements.
With fiscal year 2007 sales of $48.3 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 14 million customers a week at more than 1,600 home improvement stores in the United States and Canada. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.
Lowe's Companies, Inc. Consolidated Statements of Current and Retained Earnings (Unaudited) In Millions, Except Per Share Data Three Months Ended October 31, 2008 November 2, 2007 Current Earnings Amount Percent Amount Percent Net sales $11,728 100.00 $11,565 100.00 Cost of sales 7,743 66.02 7,601 65.73 Gross margin 3,985 33.98 3,964 34.27 Expenses: Selling, general and administrative 2,726 23.23 2,503 21.63 Store opening costs 31 0.27 41 0.36 Depreciation 385 3.29 340 2.94 Interest - net 65 0.56 50 0.43 Total expenses 3,207 27.35 2,934 25.36 Pre-tax earnings 778 6.63 1,030 8.91 Income tax provision 290 2.47 387 3.35 Net earnings $488 4.16 $643 5.56 Weighted average shares outstanding - basic 1,459 1,470 Basic earnings per share $0.33 $0.44 Weighted average shares outstanding - diluted 1,464 1,497 Diluted earnings per share $0.33 $0.43 Cash dividends per share $0.085 $0.080 Retained Earnings Balance at beginning of period $16,648 $15,210 Cumulative effect adjustment (1) - - Net earnings 488 643 Cash dividends (124) (118) Share repurchases - (454) Balance at end of period $17,012 $15,281 Nine Months Ended October 31, 2008 November 2, 2007 Current Earnings Amount Percent Amount Percent Net sales $38,246 100.00 $37,904 100.00 Cost of sales 25,113 65.66 24,798 65.42 Gross margin 13,133 34.34 13,106 34.58 Expenses: Selling, general and administrative 8,464 22.13 8,026 21.17 Store opening costs 70 0.18 79 0.21 Depreciation 1,142 2.99 995 2.63 Interest - net 210 0.55 148 0.39 Total expenses 9,886 25.85 9,248 24.40 Pre-tax earnings 3,247 8.49 3,858 10.18 Income tax provision 1,214 3.17 1,457 3.85 Net earnings $2,033 5.32 $2,401 6.33 Weighted average shares outstanding - basic 1,456 1,490 Basic earnings per share $1.40 $1.61 Weighted average shares outstanding - diluted 1,473 1,519 Diluted earnings per share $1.38 $1.58 Cash dividends per share $0.250 $0.210 Retained Earnings Balance at beginning of period $15,345 $14,860 Cumulative effect adjustment (1) - (8) Net earnings 2,033 2,401 Cash dividends (366) (312) Share repurchases - (1,660) Balance at end of period $17,012 $15,281 (1) The Company adopted FIN 48, "Accounting for Uncertainty in Income Taxes," effective February 3, 2007. Lowe's Companies, Inc. Consolidated Balance Sheets In Millions, Except Par Value Data (Unaudited) (Unaudited) October 31, November 2, February 1, 2008 2007 2008 Assets Current assets: Cash and cash equivalents $322 $336 $281 Short-term investments (includes $33 million of trading securities at October 31, 2008) 445 231 249 Merchandise inventory - net 8,327 7,775 7,611 Deferred income taxes - net 230 241 247 Other current assets 197 193 298 Total current assets 9,521 8,776 8,686 Property, less accumulated depreciation 22,602 20,755 21,361 Long-term investments 466 333 509 Other assets 440 325 313 Total assets $33,029 $30,189 $30,869 Liabilities and shareholders' equity Current liabilities: Short-term borrowings $249 $16 $1,064 Current maturities of long-term debt 34 35 40 Accounts payable 4,831 3,895 3,713 Accrued compensation and employee benefits 516 512 467 Self-insurance liabilities 723 653 671 Deferred revenue 748 793 717 Other current liabilities 1,330 1,288 1,079 Total current liabilities 8,431 7,192 7,751 Long-term debt, excluding current maturities 5,044 5,580 5,576 Deferred income taxes - net 751 615 670 Other liabilities 846 748 774 Total liabilities 15,072 14,135 14,771 Shareholders' equity: Preferred stock - $5 par value, none issued - - - Common stock - $.50 par value; Shares issued and outstanding October 31, 2008 1,467 November 2, 2007 1,470 February 1, 2008 1,458 734 735 729 Capital in excess of par value 215 20 16 Retained earnings 17,012 15,281 15,345 Accumulated other comprehensive (loss) income (4) 18 8 Total shareholders' equity 17,957 16,054 16,098 Total liabilities and shareholders' equity $33,029 $30,189 $30,869 Lowe's Companies, Inc. Consolidated Statements of Cash Flows (Unaudited) In Millions Nine Months Ended October 31, 2008 November 2, 2007 Cash flows from operating activities: Net earnings $2,033 $2,401 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 1,232 1,069 Deferred income taxes 99 (42) Loss on property and other assets 48 33 Loss on redemption of long-term debt 8 - Share-based payment expense 79 69 Changes in operating assets and liabilities: Merchandise inventory - net (725) (630) Other operating assets 77 43 Accounts payable 1,124 368 Other operating liabilities 383 474 Net cash provided by operating activities 4,358 3,785 Cash flows from investing activities: Purchases of short-term investments (179) (592) Proceeds from sale/maturity of short-term investments 265 853 Purchases of long-term investments (1,097) (1,286) Proceeds from sale/maturity of long-term investments 837 1,057 Increase in other long-term assets (53) (20) Property acquired (2,539) (2,912) Proceeds from sale of property and other long-term assets 26 51 Net cash used in investing activities (2,740) (2,849) Cash flows from financing activities: Net decrease in short-term borrowings (786) (9) Proceeds from issuance of long-term debt 13 1,294 Repayment of long-term debt (564) (89) Proceeds from issuance of common stock under employee stock purchase plan 39 40 Proceeds from issuance of common stock from stock options exercised 94 58 Cash dividend payments (366) (312) Repurchase of common stock (8) (1,950) Excess tax benefits of share-based payments 1 4 Net cash used in financing activities (1,577) (964) Net increase (decrease) in cash and cash equivalents 41 (28) Cash and cash equivalents, beginning of period 281 364 Cash and cash equivalents, end of period $322 $336
SOURCE Lowe's Companies, Inc. -0- 11/17/2008 /CONTACT: Shareholders & Analysts, Robbin Moore-Randolph, +1-704-758-3579, or Media, Chris Ahearn, +1-704-758-2304/ /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO AP Archive: http://photoarchive.ap.org PRN Photo Desk, email@example.com / /Web site: http://www.Lowes.com http://www.Lowes.com/investor / (LOW) CO: Lowe's Companies, Inc. ST: North Carolina IN: REA CST SU: ERN CCA ERP TP-CT -- CLM019C -- 9267 11/17/2008 07:00 EST http://www.prnewswire.com