|Q4 2018 Earnings Press Release|
|Q4 2018 Earnings Infographic|
|Q4 2018 Reconciliation of Non-GAAP Measures|
|Q4 2018 Financial Statements|
|Q4 FY2018 Re-Baseline Summary Financials|
|2017 Annual Report||2017 Form 10-K|
|2018 Proxy Statement|
|Canada Acquisition Reference Slides|
|Stores by State|
|10-year Financial Information|
|Sell-side Analyst Coverage|
|03/06/19 - Lowe's to Webcast Presentation from the Bank of America Merrill Lynch 2019 Consumer & Retail Technology Conference|
MOORESVILLE, N.C., March 6, 2019 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) announces that Marvin R. Ellison, president and chief executive officer, and David M. Denton, chief financial officer, will present at the Bank of America Merrill Lynch 2019 Consumer & Retail Technology Conference in New York, NY. What: Presentation by Marvin Ellison and David Denton at the Bank of America Merrill Lynch 2019 Consumer & Retail Technology
|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:
|12/12/18 - Lowe's Outlines Areas of Strategic Focus at 2018 Analyst and Investor Conference|
-- Company Reiterates Guidance for Fiscal 2018 - -- Issues Guidance for Fiscal 2019 -- -- Announces New $10 Billion Share Repurchase Program -- MOORESVILLE, N.C., Dec. 12, 2018 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) is meeting today with analysts and investors in Mooresville, North Carolina to discuss its strategic priorities and near- and long-term financial targets. "We have substantially completed a detailed reassessment of our business
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|Lowe's Reports Record Earnings for First Quarter|
|-- First Quarter Net Earnings Increased 21.7 Percent -- -- First Quarter Total Sales Increased 11.4 Percent --|
WILKESBORO, N.C., May 19, 2003 /PRNewswire-FirstCall via COMTEX/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $421 million for the quarter ended May 2, 2003, a 21.7 percent increase over the same period a year ago. Diluted earnings per share increased 20.5 percent to $0.53 from $0.44 in the first quarter of 2002.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000720/LOWES )
Sales for the quarter increased 11.4 percent to $7.21 billion, up from $6.47 billion in the first quarter of 2002. Comparable store sales for the first quarter increased 0.1 percent.
"A strong housing market and improving consumer confidence continue to support the American conviction to invest in the home despite the effect of adverse weather and uncertain world events," commented Robert L. Tillman, Lowe's chairman and CEO. "In a society where home is increasingly the centerpiece of the American dream, Lowe's makes it easy for our customers to express their unique taste and style by providing compelling stores, knowledgeable service, and great products at guaranteed low prices."
During the quarter, Lowe's opened 21 new stores. As of May 2, 2003, Lowe's operated 875 stores in 45 states representing 97.2 million square feet of retail selling space, a 12.9 percent increase over last year.
A conference call to discuss first quarter 2003 operating results is scheduled for today (Monday, May 19) at 9:00 a.m. EDT. Please dial 888-817- 4020 (international callers dial 706-679-3245) to participate. A webcast of the call will take place simultaneously and can be accessed by visiting Lowe's website at www.lowes.com and clicking on About Lowe's, Investor Information, Shareholder Services, Calendar of Events. A replay of the call will be archived on lowes.com for 7 days.
Comments Regarding Adoption of Emerging Issues Task Force Issue 02-16
Emerging Issues Task Force ("EITF") Issue 02-16, "Accounting by a Customer (including a Reseller) for Certain Consideration Received from a Vendor," was issued by the EITF in November 2002 with transition provisions subsequently issued in January 2003. The January 2003 transition rules stated that this issue would apply to all agreements entered into or significantly modified after December 31, 2002.
As we have previously announced, our current accounting treatment for vendor provided funds is consistent with the provisions of this issue with the exception of cooperative advertising allowances or co-op. We currently account for co-op as direct offsets against advertising expenses. Under EITF 02-16, these types of funds can only be used to offset advertising expenses if the co-op funds are a reimbursement of a specific, identifiable and incremental cost incurred by Lowe's in selling the vendor's product.
We do not expect this issue to have a material impact on our fiscal 2003 financial statements since substantially all of our cooperative advertising allowance agreements for fiscal 2003 were entered into prior to December 31, 2002.
We have assessed the historic volume of co-op reimbursements that have been received in order to determine which of these reimbursements would meet the specific, identifiable and incremental criteria outlined under this issue and accordingly, qualify as a direct offset to advertising expense. Based on our analysis of the impact on net income, and the administrative costs to identify and track reimbursements between those qualifying for expense offset and those requiring inventory cost reduction, we have elected to treat all co-op funds received from vendors as a reduction in the cost of inventory and recognize them as a reduction to cost of goods sold when the inventory is liquidated. We estimate that the prospective change in the timing of income recognition will reduce fiscal 2004 EPS by approximately $0.12 per share. Had our vendor agreements for fiscal 2003 not been entered into prior to December 31, 2002, we estimate that the reduction of EPS would be approximately $0.11 per share in fiscal 2003.
The adoption of this issue does not change the ultimate cash to be received under these agreements nor the timing of cash flows, only the timing of when it is reflected in net income. In short, this represents a change only in the timing of earnings recognition, not in the amount of earnings ultimately recognized over the terms of the agreements.
Lowe's Business Outlook
This outlook is based on current expectations and includes "forward- looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Although the company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Second Quarter 2003 (comparisons to second quarter 2002) * The company expects to open 25 stores reflecting square footage growth of approximately 13 percent * Total sales are expected to increase approximately 13 percent * The company expects to report comparable store sales of 2 to 4 percent * Operating margin (defined as gross margin less SG&A and depreciation) is expected to increase 20 to 30 basis points * Store opening costs are expected to be approximately $23 million * Diluted earnings per share of $0.68 to $0.70 are expected * Lowe's second quarter ends on August 1, 2003 with operating results to be publicly released on Monday, August 18, 2003 Fiscal Year 2003 (comparisons to fiscal year 2002) * The company expects to open 130 stores in 2003 reflecting total square footage growth of approximately 15 percent * Total sales are expected to increase approximately 14 to 15 percent for the year * The company expects to report a comparable store sales increase of approximately 3 to 4 percent * Operating margin (defined as gross margin less SG&A and depreciation) is expected to increase 20 to 30 basis points * Store opening costs are expected to be approximately $140 million * Diluted earnings per share of $2.16 to $2.20 are expected for the fiscal year ending January 30, 2004
This news release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Although the company believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Possible risks and uncertainties regarding these statements include, but are not limited to, the direction of general economic conditions, the availability of real estate for expansion and its successful development, particularly in major metropolitan markets, the availability of sufficient labor to facilitate growth, fluctuations in prices and availability of product, unanticipated impact of competition, legal or regulatory developments, and weather conditions that affect sales.
With fiscal year 2002 sales of $26.5 billion, Lowe's Companies, Inc. is a FORTUNE 100 company that serves approximately nine million customers a week at more than 875 home improvement stores in 45 states. In 2003, FORTUNE named Lowe's America's Most Admired Specialty Retailer. Based in Wilkesboro, N.C., the 57-year old company 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 May 2, 2003 May 3, 2002 Current Earnings Amount Percent Amount Percent Net sales $7,211 100.00 $6,471 100.00 Cost of sales 4,973 68.96 4,548 70.29 Gross margin 2,238 31.04 1,923 29.71 Expenses: Selling, general and administrative 1,314 18.22 1,141 17.64 Store opening costs 19 0.26 37 0.57 Depreciation 180 2.50 145 2.24 Interest 48 0.67 47 0.73 Total expenses 1,561 21.65 1,370 21.18 Pre-tax earnings 677 9.39 553 8.53 Income tax provision 256 3.55 207 3.19 Net earnings $421 5.84 $346 5.34 Shares outstanding - Basic 783 777 Basic earnings per share $0.54 $0.45 Shares outstanding - Diluted 802 798 Diluted earnings per share $0.53 $0.44 Retained Earnings Balance at beginning of period $5,887 $4,482 Net earnings 421 346 Cash dividends (20) (16) Balance at end of period $6,288 $4,812 Lowe's Companies, Inc. Consolidated Balance Sheets In Millions, Except Par Value Data (Unaudited) (Unaudited) May 2, May 3, January 31, 2003 2002 2003 Assets Cash and cash equivalents $1,600 $1,476 $853 Short-term investments 77 48 273 Accounts receivable - net 189 193 172 Merchandise inventory 4,864 4,360 3,968 Deferred income taxes 72 97 58 Other assets 251 267 244 Total current assets 7,053 6,441 5,568 Property, less accumulated depreciation 10,545 8,992 10,352 Long-term investments 132 19 29 Other assets 170 159 160 Total assets $17,900 $15,611 $16,109 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings $50 $100 $50 Current maturities of long-term debt 30 60 29 Accounts payable 3,069 2,740 1,943 Employee retirement plans 27 136 88 Accrued salaries and wages 169 175 306 Other current liabilities 1,570 1,286 1,162 Total current liabilities 4,915 4,497 3,578 Long-term debt, excluding current maturities 3,733 3,736 3,736 Deferred income taxes 499 314 478 Other long-term liabilities 18 7 15 Total liabilities 9,165 8,554 7,807 Shareholders' equity: Preferred stock - $5 par value, none issued -- -- -- Common stock - $.50 par value; Shares Issued and Outstanding May 2, 2003 783 May 3, 2002 777 January 31, 2003 782 392 389 391 Capital in excess of par 2,055 1,856 2,023 Retained earnings 6,288 4,812 5,887 Accumulated other comprehensive income -- -- 1 Total shareholders' equity 8,735 7,057 8,302 Total liabilities and shareholders' equity $17,900 $15,611 $16,109 Lowe's Companies, Inc. Consolidated Statements of Cash Flows (Unaudited) In Millions For the Three Months Ended May 2, May 3, 2003 2002 Cash Flows From Operating Activities: Net Earnings $421 $346 Adjustments to Reconcile Net Earnings to Net Cash Provided By Operating Activities: Depreciation and Amortization 184 150 Deferred Income Taxes 7 4 Loss on Disposition/Writedown of Fixed and Other Assets 7 9 Stock-based compensation expense 5 -- Tax Effect of Stock Options Exercised 4 6 Changes in Operating Assets and Liabilities: Accounts Receivable - Net (17) (27) Merchandise Inventory (896) (749) Other Operating Assets (8) (69) Accounts Payable 1,126 1,026 Employee Retirement Plans (61) 33 Other Operating Liabilities 274 445 Net Cash Provided by Operating Activities 1,046 1,174 Cash Flows from Investing Activities: Decrease (Increase) in Investment Assets: Short-Term Investments 206 10 Purchases of Long-Term Investments (164) (2) Proceeds from Sale/Maturity of Long-Term Investments 47 -- Increase in Other Long-Term Assets (16) (9) Fixed Assets Acquired (392) (501) Proceeds from the Sale of Fixed and Other Long-Term Assets 19 4 Net Cash Used in Investing Activities (300) (498) Cash Flows from Financing Activities: Repayment of Long-Term Debt (7) (7) Proceeds from Stock Options Exercised 28 24 Cash Dividend Payments (20) (16) Net Cash Provided by Financing Activities 1 1 Net Increase in Cash and Cash Equivalents 747 677 Cash and Cash Equivalents, Beginning of Period 853 799 Cash and Cash Equivalents, End of Period $1,600 $1,476
SOURCE Lowe's Companies, Inc.
shareholders, Paul Taaffe, +1-336-658-5239, or media, Chris Ahearn, +1-336-658-7387, both of Lowe's Companies, Inc. /Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20000720/LOWES AP Archive: http://photoarchive.ap.org PRN Photo Desk, 888-776-6555 or 212-782-2840