Recent Releases

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:
See more financial releases

News Release

Printer Friendly Version View printer-friendly version
<< Back
Lowe's Reports Record Third Quarter Earnings
             - Third Quarter Total Sales Increased 16.2 Percent -

        - Third Quarter Comparable Store Sales Increased 5.2 Percent -

MOORESVILLE, N.C., Nov. 15 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $522 million for the quarter ended October 29, 2004, a 15.5 percent increase over the same period a year ago. Diluted earnings per share increased 17.9 percent to $0.66 from $0.56 in the third quarter of 2003. For the nine months ended October 29, 2004, net earnings grew 14.4 percent to $1.68 billion while diluted earnings per share increased 14.7 percent to $2.11.

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

Sales for the quarter increased 16.2 percent to $9.1 billion, up from $7.8 billion in the third quarter of 2003. Comparable store sales for the third quarter increased 5.2 percent. For the nine months ended October 29, 2004, sales increased 18.3 percent to $27.9 billion. Comparable store sales increased 6.6 percent for the first nine months of 2004.

"The results our employees delivered in the third quarter are a clear indication that our stores are meeting customer needs with great products and industry leading customer service every day," explained Robert L. Tillman, Lowe's chairman and CEO. "Continued signs of a robust housing market, improving employment and strong demographic trends provide a foundation for our optimism for the future."

"Third quarter sales performance continued our trend of consistently strong results. A 5.2 percent increase in comparable store sales on top of the 12.2 percent increase in last year's third quarter represents the best two-year performance for Lowe's in nearly a decade," said Lowe's President Robert A. Niblock. "These consistent results are based on a singular, company-wide focus on serving our customers' ever-changing needs. 'Improving Home Improvement' is more than a mantra, it's what we live in every store every day, as we strive to improve the shopping experience with better products, more inspirational displays and great customer service."

During the quarter, Lowe's opened 35 new stores including one relocation. As of October 29, 2004, Lowe's operated 1,031 stores in 45 states representing 117.5 million square feet of retail selling space, a 13.4 percent increase over last year.

A conference call to discuss third quarter 2004 operating results is scheduled for today (Monday, November 15) 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 Third Quarter 2004 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com.

Lowe's Business Outlook

This outlook is based on current expectations and includes "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Although the company currently believes that comments reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.

    Fourth Quarter 2004 (comparisons to fourth quarter 2003)
     - The company expects to open 56 stores reflecting square footage growth
       of approximately 14 percent
     - Total sales are expected to increase 16 to 17 percent
     - The company expects to report a comparable store sales increase of 4 to
       5 percent
     - Operating margin (defined as gross margin less SG&A and depreciation)
       is expected to decline approximately 10 basis points
     - Store opening costs are expected to be approximately $52 million
     - Diluted earnings per share of $0.58 to $0.60 are expected
     - Lowe's fourth quarter ends on January 28, 2005 with operating results
       to be publicly released on Wednesday, February 23, 2005

    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 25 to 35 basis points
     - Store opening costs are expected to be approximately $123 million
     - Including the estimated $0.16 impact of EITF 02-16, diluted earnings
       per share of $2.69 to $2.71 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 $2.87 would be expected.  Our
       presentation of this measure is intended to allow investors to compare
       our projected fiscal 2004 performance with that in fiscal 2003.

This news release includes "forward-looking statements" within the meaning the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements of the Company's expectations for sales growth, earnings and performance, capital expenditures, store openings, 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, fluctuations in and the overall condition of the U.S. economy, environment affecting new store development, the Company's ability to attract, train, and retain highly-qualified personnel, stability of costs and availability of sourcing channels, the Company's ability to manage its growth and respond to competition, impact of regulatory and legal matters, and the Company's ability to absorb lost sales resulting from unanticipated weather conditions. Additional information regarding these and other risks and uncertainties are provided in our periodic filings with the Securities and Exchange Commission. 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 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 1,025 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
                                          October 29, 2004  October 31, 2003
    Current Earnings                      Amount   Percent  Amount   Percent

    Net sales                              $9,064   100.00   $7,802   100.00

    Cost of sales                           6,013    66.34    5,361    68.71

    Gross margin                            3,051    33.66    2,441    31.29

    Expenses:

    Selling, general and administrative     1,902    20.99    1,450    18.59

    Store opening costs                        32     0.35       37     0.47

    Depreciation                              226     2.49      192     2.46

    Interest                                   40     0.44       42     0.54

    Total expenses                          2,200    24.27    1,721    22.06

    Pre-tax earnings                          851     9.39      720     9.23

    Income tax provision                      329     3.63      272     3.49

    Earnings from continuing operations       522     5.76      448     5.74

    Earnings from discontinued
     operations, net of tax                     -     0.00        4     0.05

    Net earnings                             $522     5.76     $452     5.79


    Weighted average shares outstanding -
     Basic                                    772               786

    Basic Earnings Per Share
    Continuing operations                   $0.68             $0.57
    Discontinued operations                   -                0.01
    Basic earnings per share                $0.68             $0.58

    Weighted average shares outstanding -
     Diluted                                  792               808

    Diluted Earnings Per Share
    Continuing operations                   $0.66             $0.55
    Discontinued operations                   -                0.01
    Diluted earnings per share              $0.66             $0.56

    Cash dividends per share                $0.04             $0.03

    Retained Earnings
    Balance at beginning of period         $8,782            $6,865
    Net earnings                              522               452
    Cash dividends                            (31)              (24)
    Balance at end of period               $9,273            $7,293


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

                                                 Nine Months Ended
                                         October 29, 2004 October 31, 2003
    Current Earnings                      Amount  Percent  Amount  Percent

    Net sales                             $27,914  100.00  $23,586  100.00

    Cost of sales                          18,605   66.65   16,299   69.10

    Gross margin                            9,309   33.35    7,287   30.90

    Expenses:

    Selling, general and administrative     5,723   20.49    4,165   17.66

    Store opening costs                        71    0.26       83    0.35

    Depreciation                              650    2.33      555    2.35

    Interest                                  133    0.48      135    0.57

    Total expenses                          6,577   23.56    4,938   20.93

    Pre-tax earnings                        2,732    9.79    2,349    9.97

    Income tax provision                    1,051    3.77      888    3.77

    Earnings from continuing operations     1,681    6.02    1,461    6.20

    Earnings from discontinued
     operations, net of tax                     -    0.00        8    0.03

    Net earnings                           $1,681    6.02   $1,469    6.23

    Weighted average shares outstanding -
     Basic                                    778              784

    Basic Earnings Per Share
    Continuing operations                   $2.16            $1.86
    Discontinued operations                   -               0.01
    Basic earnings per share                $2.16            $1.87

    Weighted average shares outstanding -
     Diluted                                  799              805

    Diluted Earnings Per Share
    Continuing operations                   $2.11            $1.83
    Discontinued operations                   -               0.01
    Diluted earnings per share              $2.11            $1.84

    Cash dividends per share                $0.11            $0.08

    Retained Earnings
    Balance at beginning of period         $7,677           $5,887
    Net earnings                            1,681            1,469
    Cash dividends                            (85)             (63)
    Balance at end of period               $9,273           $7,293


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

                                            Three Months Ended
                                                       Pro Forma
                                 Actual    Pro Forma   Adjusted*     Actual
                              October 29, Adjustments* October 29, October 31,
    Current Earnings              2004                    2004        2003

    Net sales                    $9,064       $-          $9,064      $7,802
    Cost of sales                 6,013      278           6,291       5,361
    Gross margin                  3,051     (278)          2,773       2,441
    Expenses:
    Selling, general and
     administrative               1,902     (271)          1,631       1,450
    Store opening costs              32        -              32          37
    Depreciation                    226        -             226         192
    Interest                         40        -              40          42
    Total expenses                2,200     (271)          1,929       1,721
    Pre-tax earnings                851       (7)            844         720
    Income tax provision            329       (3)            326         272
    Earnings from continuing
     operations                     522       (4)            518         448
    Earnings from discontinued
     operations, net of tax           -        -               -           4
    Net earnings                   $522      $(4)           $518        $452


    Weighted average shares
     outstanding - Basic            772      772             772         786
    Basic earnings per share:
    Continuing operations         $0.68   $(0.01)          $0.67       $0.57
    Discontinued operations         -        -               -          0.01
    Basic earnings per share      $0.68   $(0.01)          $0.67       $0.58

    Weighted average shares
     outstanding - Diluted          792      792             792         808
    Diluted earnings per share:
    Continuing operations         $0.66   $(0.01)          $0.65       $0.55
    Discontinued operations         -        -               -          0.01
    Diluted earnings per share    $0.66   $(0.01)          $0.65       $0.56

    *: Reflects the impact of EITF 02-16 on the Consolidated Statement of
    Earnings for the three months ended October 29, 2004.


                                             Nine Months Ended
                                                       Pro Forma
                                 Actual    Pro Forma   Adjusted*     Actual
                              October 29, Adjustments* October 29, October 31,
    Current Earnings              2004                    2004        2003

    Net sales                   $27,914       $-         $27,914     $23,586
    Cost of sales                18,605      695          19,300      16,299
    Gross margin                  9,309     (695)          8,614       7,287
    Expenses:
    Selling, general and
     administrative               5,723     (901)          4,822       4,165
    Store opening costs              71        -              71          83
    Depreciation                    650        -             650         555
    Interest                        133        -             133         135
    Total expenses                6,577     (901)          5,676       4,938
    Pre-tax earnings              2,732      206           2,938       2,349
    Income tax provision          1,051       79           1,130         888
    Earnings from continuing
     operations                   1,681      127           1,808       1,461
    Earnings from discontinued
     operations, net of tax           -        -               -           8
    Net earnings                 $1,681     $127          $1,808      $1,469

    Weighted average shares
     outstanding - Basic            778      778             778         784
    Basic earnings per share:
    Continuing operations         $2.16    $0.16           $2.32       $1.86
    Discontinued operations         -        -               -          0.01
    Basic earnings per share      $2.16    $0.16           $2.32       $1.87

    Weighted average shares
     outstanding - Diluted          799      799             799         805
    Diluted earnings per share:
    Continuing operations         $2.11    $0.16           $2.27       $1.83
    Discontinued operations         -        -               -          0.01
    Diluted earnings per share    $2.11    $0.16           $2.27       $1.84

    *: Reflects the impact of EITF 02-16 on the Consolidated Statement of
    Earnings for the nine months ended October 29, 2004.


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

                                                 (Unaudited)(Unaudited)
                                                    October   October  January
                                                      29,       31,      30,
                                                     2004      2003     2004
    Assets

       Current assets:
         Cash and cash equivalents                     $479   $1,196   $1,446
         Short-term investments                         171      126      178
         Accounts receivable - net                       54      225      146
         Merchandise inventory                        5,853    5,006    4,584
         Deferred income taxes                          100       81       59
         Other assets                                    96       64      106

         Total current assets                         6,753    6,698    6,519

         Property, less accumulated
          depreciation                               13,407   11,425   11,945
         Long-term investments                          153      119      169
         Other assets                                   199      229      241

         Total assets                               $20,512  $18,471  $18,874

    Liabilities and Shareholders' Equity

       Current liabilities:
         Current maturities of long-term
          debt                                          $31      $77      $77
         Accounts payable                             2,596    2,334    2,212
         Accrued salaries and wages                     281      283      335
         Other current liabilities                    2,001    1,625    1,576

         Total current liabilities                    4,909    4,319    4,200

         Long-term debt, excluding current
          maturities                                  3,661    3,681    3,678
         Deferred income taxes                          773      588      657
         Other long-term liabilities                     84       21       30

         Total liabilities                            9,427    8,609    8,565

       Shareholders' equity:
         Preferred stock - $5 par value,
          none issued                                     -        -        -
         Common stock - $.50 par value;
                 Shares Issued and Outstanding
              October 29, 2004           772
              October 31, 2003           786
              January 30, 2004           787            386      393      394
         Capital in excess of par                     1,427    2,176    2,237
         Retained earnings                            9,273    7,293    7,677
         Accumulated other comprehensive
          (loss) income                                  (1)       -        1

         Total shareholders' equity                  11,085    9,862   10,309

         Total liabilities and
          shareholders' equity                      $20,512  $18,471  $18,874


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

                                                      Nine Months Ended
                                                 October 29,       October 31,
                                                    2004              2003
    Cash flows from operating activities:
      Net earnings                                  $1,681            $1,469
      Earnings from discontinued
       operations, net of tax                          -                  (8)
      Earnings from continuing operations            1,681             1,461

      Adjustments to reconcile net
       earnings from continuing
       operations to net cash provided
       by operating activities:
             Depreciation and amortization             663               571
             Deferred income taxes                      75                87
             Loss on disposition/writedown of
              fixed and other assets                    26                23
             Stock-based compensation
              expense                                   61                28
             Tax effect of stock options
              exercised                                 14                21
             Changes in operating assets
              and liabilities:
               Accounts receivable - net                92               (37)
               Merchandise inventory                (1,269)           (1,033)
               Other operating assets                   10                32
               Accounts payable                        384               543
               Other operating liabilities             376               336
      Net cash provided by operating
       activities from continuing operations         2,113             2,032

    Cash flows from investing activities:
      Decrease (Increase) in investment assets:
        Short-term investments                         114               144
        Purchases of long-term investments            (108)             (282)
        Proceeds from sale/maturity
         of long-term investments                       15               189
        Increase in other long-term assets             (32)              (87)
        Fixed assets acquired                       (2,116)           (1,664)
        Proceeds from the sale of fixed
         and other long-term assets                    101                50
        Net cash used in investing activities
         from continuing operations                 (2,026)           (1,650)

    Cash flows from financing activities:
      Net decrease in short-term borrowings              -               (50)
      Repayment of long-term debt                      (70)              (21)
      Proceeds from employee stock purchase plan        30                25
      Proceeds from stock options exercised             71                86
      Cash dividend payments                           (85)              (63)
      Repurchase of common stock                    (1,000)                -
      Net cash used in financing activities
       from continuing operations                   (1,054)              (23)

    Net cash used in discontinued
     operations                                          -               (16)

    Net (decrease) increase in cash and
     cash equivalents                                 (967)              343
    Cash and cash equivalents, beginning
     of period                                       1,446               853
    Cash and cash equivalents, end of
     period                                           $479            $1,196
SOURCE  Lowe's Companies, Inc.
    -0-                             11/15/2004
    /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, 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
SU:  ERN ERP CCA

MH-WB 
-- CLM028A --
2688 11/15/2004 07:01 EST http://www.prnewswire.com