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|03/22/19 - Lowe's Companies, Inc. Declares Cash Dividend|
MOORESVILLE, N.C., March 22, 2019 /PRNewswire/ -- The Board of Directors for Lowe's Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of forty-eight cents ($0.48) per share, payable May 8, 2019, to shareholders of record as of April 24, 2019. Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving more than 18 million customers a week in the United States, Canada and Mexico. With fiscal year 2018 sales of $71.3 bil
|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:
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|Lowe's Reports Record Earnings for Fourth Quarter and Fiscal Year|
-- Fourth Quarter Net Earnings Increased 28 Percent -- -- Fourth Quarter Total Sales Increased 20 Percent -- -- Fiscal 2003 Net Earnings Increased 28 Percent to $1.88 Billion --
MOORESVILLE, N.C., Feb. 23 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $407 million for the quarter ended January 30, 2004, a 27.6 percent increase over the same period a year ago. Diluted earnings per share increased 27.5 percent to $0.51 from $0.40 in the fourth quarter of 2002. For the year ended January 30, 2004, net earnings grew 27.6 percent to $1.88 billion while diluted earnings per share increased 26.5 percent to $2.34.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
Sales for the quarter increased 20.1 percent to $7.25 billion, up from $6.04 billion in the fourth quarter of 2002. Comparable store sales for the fourth quarter increased 7.3 percent. For the year ended January 30, 2004, sales increased 18.1 percent to $30.8 billion. Comparable store sales increased 6.7 percent for fiscal 2003. All sales figures are from continuing operations and exclude sales from the Contractor Yard locations.
On January 30, 2004, Lowe's completed the previously announced sale of 26 commodity-focused locations operating under the Contractor Yard name. The Contractor Yard locations are reported as discontinued operations in the Consolidated Statements of Current and Retained Earnings.
"This year's outstanding results are further evidence that Lowe's strategic course is a proven success," said Robert L. Tillman, Lowe's chairman and CEO. "Our employees' diligent efforts led to what was among the best two- year performances in all of retail. We're confident we have our finger on the pulse of consumer and business trends and will continue to build on our successful operating model to maintain our premier position in retailing well into the future."
"Despite the weather-driven challenges we faced in the first quarter of 2003, our management team and dedicated employees kept their eye on the ball and delivered an outstanding year on top of a phenomenal performance in 2002," explained Lowe's President Robert A. Niblock. "We continue to see strong results from our metro-market expansion, and our up-the-continuum merchandising strategy and branding initiatives continue to provide our customers the best products and services to meet their home improvement needs. The key ingredient in this formula remains our outstanding customer service, which we continue to deliver in an inspirational store environment."
During the quarter, Lowe's opened 47 new stores, including one relocation. As of January 30, 2004, Lowe's operated 952 stores in 45 states representing 108.8 million square feet of retail selling space, a 14.8 percent increase over last year.
A conference call to discuss fourth quarter and fiscal year 2003 operating results is scheduled for today (Monday, February 23) at 9:00 a.m. EST. 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/investor and clicking on Lowe's Fourth Quarter and Fiscal Year 2003 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com for 7 days.
Emerging Issues Task Force Issue 02-16
The impact of Emerging Issues Task Force ("EITF") Issue 02-16, "Accounting by a Customer (including a Reseller) for Certain Consideration Received from a Vendor", will be recognized in 2004 and modifies accounting for certain funds received from vendors.
Prior to 2004, funds from vendors for co-op advertising and in-store services were allowed to be treated as a direct offset to the associated expense. EITF 02-16 requires retailers to treat certain of these funds as a reduction of cost of goods, recognizing the benefit when the inventory is sold. There is no impact to the timing of when the funds are received from vendors or the associated cash flows, but there is an impact to the timing of income recognition.
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.
First Quarter 2004 (comparisons to first quarter 2003) * The company expects to open 29 stores reflecting square footage growth of approximately 15 percent * Total sales are expected to increase 18 to 19 percent * The company expects to report comparable store sales of 6 to 7 percent * Including the estimated 200 basis point negative impact of adopting EITF 02-16, operating margin (defined as gross margin less SG&A and depreciation) is expected to decline 130 to 140 basis points * Store opening costs are expected to be approximately $25 million * Including the estimated $0.13 negative impact of adopting EITF 02-16, diluted earnings per share of $0.52 to $0.54 are expected. Excluding the impact of adopting the accounting change, diluted earnings per share of $0.65 to $0.67 would be expected. * Lowe's first quarter ends on April 30, 2004 with operating results to be publicly released on Monday, May 17, 2004 Fiscal Year 2004 (comparisons to fiscal year 2003) * The company expects to open 140 stores in 2004 reflecting total square footage growth of approximately 14 percent * Total sales are expected to increase approximately 17 percent for the year * The company expects to report a comparable store sales increase of 5 to 6 percent * Including the estimated 50 basis point negative impact of adopting EITF 02-16, operating margin (defined as gross margin less SG&A and depreciation) is expected to decline 20 to 30 basis points * Store opening costs are expected to be approximately $137 million * Including the estimated $0.13 negative impact of adopting EITF 02-16, diluted earnings per share of $2.63 to $2.66 are expected for the fiscal year ending January 28, 2005. Excluding the impact of adopting the accounting change, diluted earnings per share of $2.76 to $2.79 would be expected. Fiscal Year 2005 (comparisons to fiscal year 2004) * The company expects to open 150 stores in 2005 reflecting total square footage growth of 13 to 14 percent * Total sales are expected to increase approximately 17 percent for the year * Operating margin (defined as gross margin less SG&A and depreciation) is expected to increase 40 to 60 basis points * Diluted earnings per share of $3.29 to $3.34 are expected for the fiscal year ending January 27, 2006
Additional supporting documents detailing continuing operations and the effect of implementing EITF 02-16 can be found on www.Lowes.com/investor.
This news release includes statements, estimates or projections that constitute "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, changes in domestic 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. We provide additional information regarding these and other risks and uncertainties in our filings with the Securities and Exchange Commission. The forward-looking statements contained in this news release speak only as of this date and we do not assume any obligation to update them.
With fiscal year 2003 sales of $30.8 billion, Lowe's Companies, Inc. is a FORTUNE 100 company that serves approximately 10 million customers a week at more than 950 home improvement stores in 45 states. In 2003, FORTUNE named Lowe's America's Most Admired Specialty Retailer. Based in Mooresville, N.C., the 58-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 January 30, 2004 January 31, 2003 Current Earnings Amount Percent Amount Percent Net sales $7,252 100.00 $6,037 100.00 Cost of sales 4,931 68.00 4,119 68.23 Gross margin 2,321 32.00 1,918 31.77 Expenses: Selling, general and administrative 1,378 19.00 1,151 19.07 Store opening costs 45 0.62 40 0.66 Depreciation 203 2.80 168 2.78 Interest 45 0.62 45 0.75 Total expenses 1,671 23.04 1,404 23.26 Pre-tax earnings 650 8.96 514 8.51 Income tax provision 249 3.43 197 3.26 Earnings from continuing operations 401 5.53 317 5.25 Earnings from discontinued operations, net of tax 6 0.08 2 0.03 Net earnings $407 5.61 $319 5.28 Shares outstanding - Basic 787 782 Basic earnings per share Continuing operations 0.51 0.41 Discontinued operations 0.01 - Basic earnings per share $0.52 $0.41 Shares outstanding - Diluted 809 801 Diluted earnings per share Continuing operations 0.50 0.40 Discontinued operations 0.01 - Diluted earnings per share $0.51 $0.40 Retained Earnings Balance at beginning of period $7,293 $5,587 Net earnings 407 319 Cash dividends (23) (19) Balance at end of period $7,677 $5,887 Lowe's Companies, Inc. Consolidated Statements of Current and Retained Earnings (Unaudited) In Millions, Except Per Share Data Year Ended January 30, 2004 January 31, 2003 Current Earnings Amount Percent Amount Percent Net sales $30,838 100.00 $26,112 100.00 Cost of sales 21,231 68.85 18,164 69.56 Gross margin 9,607 31.15 7,948 30.44 Expenses: Selling, general and administrative 5,543 17.97 4,676 17.91 Store opening costs 128 0.42 129 0.49 Depreciation 758 2.46 622 2.38 Interest 180 0.58 182 0.70 Total expenses 6,609 21.43 5,609 21.48 Pre-tax earnings 2,998 9.72 2,339 8.96 Income tax provision 1,136 3.68 880 3.38 Earnings from continuing operations 1,862 6.04 1,459 5.58 Earnings from discontinued operations, net of tax 15 0.05 12 0.05 Net earnings $1,877 6.09 $1,471 5.63 Shares outstanding - Basic 785 779 Basic earnings per share Continuing operations 2.37 1.87 Discontinued operations 0.02 0.02 Basic earnings per share $2.39 $1.89 Shares outstanding - Diluted 806 800 Diluted earnings per share Continuing operations 2.32 1.83 Discontinued operations 0.02 0.02 Diluted earnings per share $2.34 $1.85 Retained Earnings Balance at beginning of period $5,887 $4,482 Net earnings 1,877 1,471 Cash dividends (87) (66) Balance at end of period $7,677 $5,887 Lowe's Companies, Inc. Consolidated Balance Sheets (Unaudited) In Millions, Except Par Value Data January 30, January 31, 2004 2003 Assets Current assets: Cash and cash equivalents $1,446 $853 Short-term investments 178 273 Accounts receivable - net 131 172 Merchandise inventory 4,584 3,968 Deferred income taxes 59 58 Other assets 289 244 Total current assets 6,687 5,568 Property, less accumulated depreciation 11,945 10,352 Long-term investments 169 29 Other assets 241 160 Total assets $19,042 $16,109 Liabilities and Shareholders' Equity Current liabilities: Short-term borrowings $ - $50 Current maturities of long-term debt 77 29 Accounts payable 2,366 1,943 Employee retirement plans 74 88 Accrued salaries and wages 335 306 Other current liabilities 1,516 1,162 Total current liabilities 4,368 3,578 Long-term debt, excluding current maturities 3,678 3,736 Deferred income taxes 657 478 Other long-term liabilities 30 15 Total liabilities 8,733 7,807 Shareholders' equity: Preferred stock - $5 par value, none issued - - Common stock - $.50 par value; Shares Issued and Outstanding January 30, 2004 787 January 31, 2003 782 394 391 Capital in excess of par 2,237 2,023 Retained earnings 7,677 5,887 Accumulated other comprehensive income 1 1 Total shareholders' equity 10,309 8,302 Total liabilities and shareholders' equity $19,042 $16,109 Lowe's Companies, Inc. Consolidated Statements of Cash Flows (Unaudited) In Millions Years Ended Jan. 30, Jan. 31, Feb. 1, 2004 2003 2002 Cash Flows From Operating Activities: Net Earnings $1,877 $1,471 $1,023 Earnings from discontinued operations, net of tax (15) (12) (13) Earnings from continuing operations 1,862 1,459 1,010 Adjustments to Reconcile Earnings from Continuing Operations to Net Cash Provided By Operating Activities: Depreciation and Amortization 781 641 530 Deferred Income Taxes 178 208 42 Loss on Disposition/Writedown of Fixed and Other Assets 31 18 39 Stock-based compensation expense 41 - - Tax Effect of Stock Options Exercised 31 29 35 Changes in Operating Assets and Liabilities: - - Accounts Receivable - Net 2 (9) (5) Merchandise Inventory (648) (357) (326) Other Operating Assets (45) (41) (37) Accounts Payable 423 228 1 Employee Retirement Plans (14) 40 114 Other Operating Liabilities 399 461 193 Net Cash Provided by Operating Activities from Continuing Operations 3,041 2,677 1,596 Cash Flows from Investing Activities: Decrease (Increase) in Investment Assets: Short-Term Investments 139 (203) (30) Purchases of Long-Term Investments (381) (24) (1) Proceeds from Sale/Maturity of Long-Term Investments 193 - 3 Increase in Other Long-Term Assets (95) (33) (14) Fixed Assets Acquired (2,444) (2,359) (2,196) Proceeds from the Sale of Fixed and Other Long-Term Assets 45 44 42 Net Cash Used in Investing Activities from Continuing Operations (2,543) (2,575) (2,196) Cash Flows from Financing Activities: Net Decrease in Short-Term Borrowings (50) (50) (150) Long-Term Debt Borrowings - - 1,087 Repayment of Long-Term Debt (29) (63) (63) Proceeds from Employee Stock Purchase Plan 51 50 38 Proceeds from Stock Options Exercised 97 65 77 Cash Dividend Payments (86) (66) (60) Net Cash (Used in) Provided by Financing Activities from Continuing Operations (17) (64) 929 Net Cash Provided by Discontinued Operations 112 16 14 Net Increase in Cash and Cash Equivalents 593 54 343 Cash and Cash Equivalents, Beginning of Period 853 799 456 Cash and Cash Equivalents, End of Period $1,446 $853 $799
SOURCE Lowe's Companies, Inc. -0- 02/23/2004 /CONTACT: Shareholders-Analysts, Paul Taaffe, +1-704-758-2033, or Media, Chris Ahearn +1-704-758-2304, both of Lowe's Companies, Inc./ /Photo: 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 SU: ERN ERP CCA MAV WB-JJ -- CLM019 -- 3004 02/23/2004 07:00 EST http://www.prnewswire.com