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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 First Quarter Earnings
      Strong Performance Balanced Across All Regions, Product Categories

              - First Quarter Total Sales Increased 22 Percent -

        - First Quarter Comparable Store Sales Increased 9.9 Percent -

MOORESVILLE, N.C., May 17 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $455 million for the quarter ended April 30, 2004, an 8.1 percent increase over the same period a year ago. Diluted earnings per share increased 7.5 percent to $0.57 from $0.53 in the first quarter of 2003. Excluding the $126 million net earnings and $0.16 per share impact of EITF 02-16, net earnings would have been $581 million, a 38.0 percent increase over last year's first quarter and diluted earnings per share would have increased 37.7 percent to $0.73.

(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )

Sales for the quarter increased 22.0 percent to $8.68 billion, up from $7.12 billion in the first quarter of 2003. Comparable store sales for the first quarter increased 9.9 percent.

"The right store format, the right products and consistently excellent service have proven quarter after quarter that Lowe's has the right business model to meet our customers' needs," explained Robert L. Tillman, Lowe's chairman and CEO. "Consumer focus on the home remains constant, and Lowe's remains uniquely positioned to satisfy that need and capitalize on the growth of the home improvement market."

"Strength in every product category and across every geographic region drove solid earnings growth in the first quarter," said Lowe's President, Robert A. Niblock. "Continued strong sales in big-ticket categories such as outdoor power equipment and kitchen cabinets are an indication that consumers are not only willing, but are enthusiastic about investing in products and projects that maintain and enhance their greatest asset -- their home."

During the quarter, Lowe's opened 29 new stores, and closed one store. As of April 30, 2004, Lowe's operated 980 stores in 45 states representing 111.9 million square feet of retail selling space, a 15.1 percent increase over last year.

A conference call to discuss first quarter 2004 operating results is scheduled for today (Monday, May 17) 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/investor and clicking on Lowe's First Quarter 2004 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com for seven 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," is being recognized in 2004 and modifies accounting for certain funds received from vendors.

Prior to 2004, funds received 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, delaying recognition of the benefit of these funds until the inventory is sold. There is no impact to the timing of when the funds are received from vendors or the associated cash flows.

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 2004 (comparisons to second quarter 2003)
     * The company expects to open 19 stores reflecting square footage growth
       of approximately 14 percent
     * Total sales are expected to increase approximately 19 percent
     * The company expects to report a comparable store sales increase of 6 to
       7 percent
     * Operating margin (defined as gross margin less SG&A and depreciation)
       is expected to increase 15 to 25 basis points
     * Store opening costs are expected to be approximately $20 million
     * Diluted earnings per share of $0.89 to $0.91 are expected
     * Lowe's second quarter ends on July 30, 2004 with operating results to
       be publicly released on Monday, August 16, 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 18 percent for the
       year
     * The company expects to report a comparable store sales increase of 6 to
       7 percent
     * Including the estimated 60 basis point negative impact of EITF 02-16,
       operating margin (defined as gross margin less SG&A and depreciation)
       is expected to decline 10 to 20 basis points
     * Store opening costs are expected to be approximately $124 million
     * Including the estimated $0.16 impact of EITF 02-16, diluted earnings
       per share of $2.69 to $2.72 are expected for the fiscal year ending
       January 28, 2005.  Excluding the impact of the accounting change,
       diluted earnings per share of $2.85 to $2.88 would be expected.  Our
       presentation of this measure is intended to allow investors to compare
       our fiscal 2004 performance with that in fiscal 2003.

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 50 company that serves approximately 10 million customers a week at more than 975 home improvement stores in 45 states. In 2004, FORTUNE named Lowe's America's Most Admired Specialty Retailer for a second consecutive year. 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
                                           April 30, 2004      May 2, 2003
    Current Earnings                       Amount  Percent   Amount  Percent

    Net sales                              $8,681   100.00   $7,118   100.00

    Cost of sales                           5,811    66.94    4,899    68.83

    Gross margin                            2,870    33.06    2,219    31.17

    Expenses:

    Selling, general and administrative     1,853    21.35    1,299    18.25

    Store opening costs                        22     0.25       19     0.27

    Depreciation                              208     2.40      179     2.51

    Interest                                   48     0.55       48     0.67

    Total expenses                          2,131    24.55    1,545    21.70

    Pre-tax earnings                          739     8.51      674     9.47

    Income tax provision                      284     3.27      255     3.58

    Earnings from continuing operations       455     5.24      419     5.89

    Earnings from discontinued
     operations, net of tax                     -     0.00        2     0.02

    Net earnings                              455     5.24      421     5.91


    Weighted average shares outstanding -
     Basic                                    786               783

    Basic earnings per share:
    Continuing operations                   $0.58             $0.54
    Discontinued operations                     -                 -
    Basic earnings per share                $0.58             $0.54

    Weighted average shares outstanding -
     Diluted                                  808               802

    Diluted earnings per share:
    Continuing operations                   $0.57             $0.53
    Discontinued operations                     -                 -
    Diluted earnings per share              $0.57             $0.53

    Retained Earnings
    Balance at beginning of period         $7,677            $5,887
    Net earnings                              455               421
    Cash dividends                            (24)              (20)
    Balance at end of period               $8,108            $6,288


    Lowe's Companies, Inc.
    Consolidated Statements of Earnings, Actual and Pro Forma (Unaudited)
    In Millions, Except Per Share Data

                                                 Three Months Ended

                                                    Pro    Pro Forma
                                          Actual    Forma  Adjusted*  Actual
                                         April 30, Adjust- April 30,  May 2,
    Current Earnings                       2004     ments*    2004     2003

    Net sales                              $8,681      $-   $8,681   $7,118
    Cost of sales                           5,811     103    5,914    4,899
    Gross margin                            2,870    (103)   2,767    2,219
    Expenses:
    Selling, general and administrative     1,853    (308)   1,545    1,299
    Store opening costs                        22       -       22       19
    Depreciation                              208       -      208      179
    Interest                                   48       -       48       48
    Total expenses                          2,131    (308)   1,823    1,545
    Pre-tax earnings                          739     205      944      674
    Income tax provision                      284      79      363      255
    Earnings from continuing operations       455     126      581      419
    Earnings from discontinued
     operations, net of tax                     -       -        -        2
    Net earnings                             $455    $126     $581     $421


    Shares outstanding - Basic                786     786      786      783
    Basic earnings per share:
    Continuing operations                   $0.58   $0.16    $0.74    $0.54
    Discontinued operations                     -       -        -        -
    Basic earnings per share                $0.58   $0.16    $0.74    $0.54

    Shares outstanding - Diluted              808     808      808      802
    Diluted earnings per share:
    Continuing operations                   $0.57   $0.16    $0.73    $0.53
    Discontinued operations                     -       -        -        -
    Diluted earnings per share              $0.57   $0.16    $0.73    $0.53

     *: Reflects the impact of EITF 02-16 on the Consolidated Statement of
        Earnings for the three months ended April 30, 2004.


    Lowe's Companies, Inc.
    Consolidated Balance Sheets
    In Millions, Except Par Value Data

                                              (Unaudited)(Unaudited)
                                                 April 30,  May 2, January 30,
                                                     2004    2003      2004
    Assets

         Current assets:
         Cash and cash equivalents                 $1,848   $1,600   $1,446
         Short-term investments                       143       77      178
         Accounts receivable - net                    180      189      131
         Merchandise inventory                      5,713    4,864    4,584
         Deferred income taxes                         87       72       59
         Other assets                                 114      142      166

         Total current assets                       8,085    6,944    6,564

         Property, less accumulated depreciation   12,308   10,545   11,945
         Long-term investments                        163      132      169
         Other assets                                 222      170      241
         Total assets                             $20,778  $17,791  $18,919

    Liabilities and Shareholders' Equity

         Current liabilities:
         Short-term borrowings                         $-      $50       $-
         Current maturities of long-term debt          78       30       77
         Accounts payable                           3,484    2,960    2,243
         Employee retirement plans                     14       27       74
         Accrued salaries and wages                   166      169      335
         Other current liabilities                  2,129    1,570    1,516

         Total current liabilities                  5,871    4,806    4,245

         Long-term debt, excluding
          current maturities                        3,668    3,733    3,678
         Deferred income taxes                        687      499      657
         Other long-term liabilities                   46       18       30

         Total liabilities                         10,272    9,056    8,610

         Shareholders' equity:
         Preferred stock - $5 par value, none issued    -        -        -
         Common stock - $.50 par value;
             Shares issued and outstanding
           April 30, 2004          784
           May 2, 2003             783
           January 30, 2004        787                392      392      394
         Capital in excess of par                   2,006    2,055    2,237
         Retained earnings                          8,108    6,288    7,677
         Accumulated other comprehensive income         -        -        1

         Total shareholders' equity                10,506    8,735   10,309

         Total liabilities and shareholders'
          equity                                  $20,778  $17,791  $18,919


    Lowe's Companies, Inc.
    Consolidated Statements of Cash Flows (Unaudited)
    In Millions

                                                        Three Months Ended
                                                  April 30,            May 2,
                                                      2004              2003
    Cash Flows From Operating Activities:
      Net Earnings                                    $455              $421
      Earnings from discontinued operations,
       net of tax                                        -                (2)
      Earnings from continuing operations              455               419

    Adjustments to Reconcile Net Earnings
     from Continuing
    Operations to Net Cash Provided By Operating
     Activities:
      Depreciation and Amortization                    213               183
      Deferred Income Taxes                              2                 7
      Loss on Disposition/Writedown of Fixed
       and Other Assets                                 16                 7
      Stock-based compensation expense                  18                 5
      Tax Effect of Stock Options Exercised              7                 4
      Changes in Operating Assets and Liabilities:                         -
        Accounts Receivable - Net                      (49)               (9)
        Merchandise Inventory                       (1,129)             (892)
        Other Operating Assets                          52               (20)
        Accounts Payable                             1,241             1,138
        Employee Retirement Plans                      (60)              (61)
        Other Operating Liabilities                    460               273
    Net Cash Provided by Operating Activities
     from Continuing Operations                      1,226             1,054

    Cash Flows from Investing Activities:
      Decrease (Increase) in Investment Assets:
        Short-Term Investments                          69               206
        Purchases of Long-Term Investments             (35)             (164)
        Proceeds from Sale/Maturity of Long-Term
         Investments                                     6                47
        Increase in Other Long-Term Assets               6               (16)
      Fixed Assets Acquired                           (585)             (391)
      Proceeds from the Sale of Fixed and Other
       Long-Term Assets                                 11                19
      Net Cash Used in Investing Activities from
       Continuing Operations                          (528)             (299)

    Cash Flows from Financing Activities:
      Repayment of Long-Term Debt                       (8)               (7)
      Proceeds from Stock Options Exercised             24                28
      Cash Dividend Payments                           (24)              (20)
      Repurchase of Common Stock                      (288)                -
      Net Cash (Used in) Provided by Financing
       Activities from Continuing Operations          (296)                1

    Net Cash Used in Discontinued Operations             -                (9)

    Net Increase in Cash and Cash Equivalents          402               747
    Cash and Cash Equivalents, Beginning of Period   1,446               853
    Cash and Cash Equivalents, End of Period        $1,848            $1,600
SOURCE  Lowe's Companies, Inc.
    -0-                             05/17/2004
    /CONTACT: Shareholders' - Analysts' Inquiries, Paul Taaffe,
+1-704-758-2033, or Media Inquiries, Chris Ahearn, +1-704-758-2304, both of
Lowe's Companies, Inc./
    /Photo:  NewsCom:  http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO
             AP Archive:  http://photoarchive.ap.org
             PRN Photo Desk, photodesk@prnewswire.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 ERP CCA MAV

KM-DL 
-- CLM032 --
0059 05/17/2004 07:00 EDT http://www.prnewswire.com