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|02/03/16 - Lowe's to Acquire RONA; Creating Canada's Leading Home Improvement Retailer|
-- Transaction valued at C$3.2 billion (US$2.3 billion) -- - Transaction unanimously approved by both companies' Boards of Directors - Agreement is based on compelling strategic rationale for both companies - Lowe's pledges important commitments to RONA's key Canadian stakeholders - Lowe's to locate its Canadian head office in Boucherville, Quebec; Canadian operations to be headed by Sylvain Prud'homme, President of Lowe's Canada - Acquisition accelerates Lowe's growth strategy in Ca
|01/29/16 - Lowe's Companies, Inc. Names Sandra B. Cochran To Board Of Directors|
MOORESVILLE, N.C., Jan. 29, 2016 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today announced Sandra B. Cochran, 57, has been appointed to its board of directors, effective immediately. Today's announcement brings Lowe's board of directors to 13 members, 12 of whom are independent. "Sandy brings a combination of strong leadership and retail experience, as well as tremendous financial acumen to Lowe's, and I am pleased to welcome her to our board of directors," said Robert A. Niblock,
|01/18/16 - Lowe's Plans to Exit Home Improvement Joint Venture in Australia|
MOORESVILLE, N.C., Jan. 18, 2016 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today announced it has provided notification to Woolworths Limited, its joint venture partner in Australia, of its intent to begin the process of exiting its investment in the joint venture, which operates Masters Home Improvement stores and Home Timber and Hardware Group's retail stores and wholesale distribution in Australia. Woolworth's owns two-thirds of the joint venture, and Lowe's owns one-third. Rich
|01/14/16 - Lowe’s Appoints Jennifer L. Weber As Chief Human Resources Officer|
MOORESVILLE, N.C., Jan. 14, 2016 /PRNewswire/ — Lowe’s Companies, Inc. (NYSE: LOW) today announced that Jennifer L. Weber has been named the company’s chief human resources officer, effective March 1. She will report to Chairman, President and CEO Robert A. Niblock. Weber will succeed Maureen K. Ausura, who announced plans to retire after 11 years with the company. Weber, 49, will oversee global human resources practices, policies and operations that will enable Lowe’s to a
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|Lowe's Reports Record First Quarter Earnings|
|Strong February and April Sales Bracketed a Wet, Cold March -- First Quarter Total Sales Increased 14 Percent --|
MOORESVILLE, N.C., May 16, 2005 /PRNewswire-FirstCall via COMTEX/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $590 million for the quarter ended April 29, 2005, a 30.5 percent increase over the same period a year ago. Diluted earnings per share increased 32.1 percent to $0.74 from $0.56 in the first quarter of 2004. These comparisons are influenced by the adoption of EITF 02-16 which had the effect of reducing net earnings in the first quarter of 2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
Sales for the quarter increased 14.2 percent to $9.91 billion, up from $8.68 billion in the first quarter of 2004. Comparable store sales for the first quarter increased 3.8 percent.
"While an unusually cold, wet March in many parts of the country created challenges, our stores delivered another strong quarter," explained Robert A. Niblock, Lowe's chairman, president and CEO. "We achieved high single-digit comparable store sales in February and April, but they were offset by negative low single-digit comps in weather-affected March.
"We continue to make investments in new stores, improve existing stores and build the infrastructure to facilitate our expansion, and we remain optimistic about the outlook for the balance of the year," Niblock added. "Our Installed Sales, Special Order Sales, and Commercial Business Customers continue to drive our comparable store sales momentum, and we're working hard to continuously improve our customer's experience with inspiring products and great customer service."
During the quarter, Lowe's opened 27 new stores, including 2 relocations. As of April 29, 2005, Lowe's operated 1,112 stores in 48 states representing 126.5 million square feet of retail selling space, a 13.1 percent increase over last year.
A conference call to discuss first quarter 2005 operating results is scheduled for today (Monday, May 16) 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 2005 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com until August 14, 2005.
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 2005 (comparisons to second quarter 2004) - The company expects to open 27 stores reflecting square footage growth of approximately 14 percent - Total sales are expected to increase 15 to 16 percent - The company expects to report a comparable store sales increase of 4 to 6 percent - Operating margin (defined as gross margin less SG&A and depreciation) is expected to be approximately flat as a percent to sales - Store opening costs are expected to be approximately $22 million - Diluted earnings per share of $1.00 to $1.02 are expected - Lowe's second quarter ends on July 29, 2005 with operating results to be publicly released on Monday, August 15, 2005 Fiscal Year 2005 - a 53-week Year (comparisons to fiscal year 2004 - a 52-week year) - 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 - The company expects to report a comparable store sales increase of approximately 5 percent - Operating margin (defined as gross margin less SG&A and depreciation) is expected to increase approximately 20 basis points - Store opening costs are expected to be approximately $132 million - Diluted earnings per share of $3.25 to $3.34 are expected for the fiscal year ending February 3, 2006
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 2004 sales of $36.5 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 11 million customers a week at more than 1,100 home improvement stores in 48 states. Based in Mooresville, N.C., the 59-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 April 29, 2005 As Restated Current Earnings Amount Percent Amount Percent Net sales $9,913 100.00 $8,681 100.00 Cost of sales 6,498 65.55 5,811 66.94 Gross margin 3,415 34.45 2,870 33.06 Expenses: Selling, general and administrative 2,136 21.55 1,853 21.35 Store opening costs 25 0.25 22 0.25 Depreciation 248 2.50 213 2.45 Interest 47 0.47 48 0.55 Total expenses 2,456 24.77 2,136 24.60 Pre-tax earnings 959 9.68 734 8.46 Income tax provision 369 3.73 282 3.25 Net earnings $590 5.95 $452 5.21 Weighted average shares outstanding - Basic 774 786 Basic earnings per share $0.76 $0.58 Weighted average shares outstanding - Diluted 805 818 Diluted earnings per share $0.74 $0.56 Cash dividends per share $0.04 $0.03 Retained Earnings Balance at beginning of period $9,634 $7,574 Net earnings 590 452 Cash dividends (31) (24) Balance at end of period $10,193 $8,002 Lowe's Companies, Inc. Consolidated Balance Sheets In Millions, Except Par Value Data (Unaudited) (Unaudited) April 30, 2004 April 29, As Restated January 28, 2005 2005 Assets Current assets: Cash and cash equivalents $911 $1,091 $642 Short-term investments 315 901 171 Accounts receivable - net 18 185 9 Merchandise inventory 6,808 5,723 5,982 Deferred income taxes 109 90 95 Other assets 89 78 75 Total current assets 8,250 8,068 6,974 Property, less accumulated depreciation 14,310 12,177 13,911 Long-term investments 161 163 146 Other assets 192 222 178 Total assets $22,913 $20,630 $21,209 Liabilities and shareholders' equity Current liabilities: Current maturities of long-term debt $631 $78 $630 Accounts payable 3,464 3,492 2,687 Accrued salaries and wages 211 166 386 Other current liabilities 2,623 2,114 2,016 Total current liabilities 6,929 5,850 5,719 Long-term debt, excluding current maturities 3,058 3,668 3,060 Deferred income taxes 702 622 736 Other long-term liabilities 208 82 159 Total liabilities 10,897 10,222 9,674 Shareholders' equity: Preferred stock - $5 par value, none issued - - - Common stock - $.50 par value; Shares issued and outstanding April 29, 2005 773 April 30, 2004 783 January 28, 2005 774 387 392 387 Capital in excess of par 1,437 2,014 1,514 Retained earnings 10,193 8,002 9,634 Accumulated other comprehensive loss (1) - - Total shareholders' equity 12,016 10,408 11,535 Total liabilities and shareholders' equity $22,913 $20,630 $21,209 Lowe's Companies, Inc. Consolidated Statements of Cash Flows (Unaudited) In Millions Three Months Ended April 30, 2004 April 29, 2005 As Restated Cash Flows From Operating Activities: Net earnings $590 $452 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 253 218 Deferred income taxes (48) - Loss on disposition/writedown of fixed and other assets 9 15 Stock-based compensation expense 16 16 Tax effect of stock options exercised 7 7 Changes in operating assets and liabilities: Accounts receivable - net (9) (39) Merchandise inventory (826) (1,139) Other operating assets (14) 28 Accounts payable 777 1,280 Other operating liabilities 442 371 Net cash provided by operating activities 1,197 1,209 Cash flows from investing activities: Increase in short-term investments (104) (156) Purchases of long-term investments (56) (35) Proceeds from sale/maturity of long- term investments - 6 Increase in other long-term assets (21) (5) Fixed assets acquired (624) (568) Proceeds from the sale of fixed and other long-term assets 16 23 Net cash used in investing activities (789) (735) Cash flows from financing activities: Repayment of long-term debt (8) (8) Proceeds from stock options exercised 35 24 Cash dividend payments (31) (24) Repurchase of common stock (135) (288) Net cash used in financing activities (139) (296) Net increase in cash and cash equivalents 269 178 Cash and cash equivalents, beginning of period 642 913 Cash and cash equivalents, end of period $911 $1,091
SOURCE Lowe's Companies, Inc.
Shareholders-Analysts, Paul Taaffe, +1-704-758-2033, or Media, Chris Ahearn, +1-704-758-2304, both of Lowe's Companies, Inc.