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 First Quarter Earnings
        - First Quarter Comparable Store Sales Increased 5.7 Percent -

 - First Quarter Diluted Earnings Per Share Increased 45.2 Percent to $1.06 -

MOORESVILLE, N.C., May 22 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second-largest home improvement retailer, today reported net earnings of $841 million for the quarter ended May 5, 2006, a 43.5 percent increase over the same period a year ago. Diluted earnings per share increased 45.2 percent to $1.06 from $0.73 in the first quarter of 2005.

(Logo: )

Sales for the quarter increased 20.3% percent to $11.92 billion, up from $9.91 billion in the first quarter of 2005. Total sales results were positively impacted by the calendar shift more fully described in the business outlook section of this release. Comparable store sales for the first quarter increased 5.7 percent.

"With great execution and excellent customer service, we leveraged our ongoing investments in productivity and drove solid sales and strong earnings growth in the quarter," explained Robert A. Niblock, Lowe's chairman, president and CEO. "Industry-leading market share gains in appliances and outdoor power equipment are evidence of our compelling product offering and our success in meeting customers' needs."

"Recent data suggest continued favorable trends in employment levels and income growth which will offset some of the monetary pressures consumers are facing such as rising fuel prices and interest rates," Niblock added. "As trends in the housing market normalize from the rapid growth experienced over the past few years, we believe we have the programs in place to continue to capture share and deliver solid earnings growth."

During the first quarter of 2006, management reviewed the Company's method of accounting for early payment discounts on merchandise purchases and determined effective for 2006 it should recognize these discounts initially as a reduction of inventory cost and then as a reduction to cost of sales when the related inventory is sold. The Company previously recognized early payment discounts as a financing component of merchandise purchases by reducing cost of sales when the related product was purchased. Prior year financial statements have been restated to reflect this change. This resulted in a reduction in net earnings of $6 million and $9 million for fiscal years 2005 and 2004, respectively, including a reduction in net earnings for the first quarter of 2005 of $4 million, and a reduction in beginning retained earnings in fiscal 2004 of $28 million. The impact of this restatement on diluted earnings per share did not exceed $0.01 for any interim or annual period.

During the quarter, Lowe's opened 24 new stores. As of May 5, 2006, Lowe's operated 1,258 stores in 49 states representing 142.8 million square feet of retail selling space, a 12.9 percent increase over last year.

A conference call to discuss first quarter 2006 operating results is scheduled for today (Monday, May 22) 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 and clicking on the icon for the Lowe's First Quarter 2006 Earnings Conference Call Webcast. A replay of the call will be archived on until August 20, 2006.

Lowe's Business Outlook

Fiscal 2006 annual and fourth quarter comparisons will be negatively impacted by a 52 versus 53 week and 13 versus 14 week comparison, respectively. In addition, our 2006 quarterly comparisons will be impacted by a shift in comparable weeks to 2005. This week shift positively impacts the first quarter and is offset by negative impacts in the second and fourth quarters. The week shift does not impact comparable store sales results. Our 2006 guidance contemplates these factors.

    Second Quarter 2006 (comparisons to second quarter 2005)

    * The company expects to open 24 new stores reflecting square footage
      growth of approximately 12 percent

    * Total sales are expected to increase approximately 12 percent (impacted
      by the week shift described above)

    * The company expects to report a comparable store sales increase of 3 to
      5 percent

    * Operating margin (defined as gross margin less SG&A and depreciation) is
      expected to increase 10 to 20 basis points

    * Store opening costs are expected to be approximately $27 million

    * Diluted earnings per share of $1.21 to $1.24 are expected

    * Lowe's second quarter ends on August 4, 2006 with operating results to
      be publicly released on Monday, August 21, 2006

Fiscal Year 2006 - a 52-week Year (comparisons to fiscal year 2005 - a 53-week year)

    * The company expects to open 155 stores in 2006 reflecting total square
      footage growth of approximately 12 percent

    * Total sales are expected to increase approximately 13 percent for the
      year (52 weeks versus 53 weeks in 2005)

    * 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 increase approximately 40 basis points

    * Store opening costs are expected to be approximately $135 million

    * Diluted earnings per share of $4.14 to $4.22 are expected for the fiscal
      year ending February 2, 2007

    Disclosure Regarding Forward-Looking Statements

This news release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements of the company's expectations for sales growth, comparable store sales, 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, changes in general economic conditions, such as interest rate and currency fluctuations, fuel costs, and other factors which can negatively affect our customers as well as our ability to: (i) respond to decreases in the number of new housing starts and the level of repairs, remodeling, and additions to existing homes, as well as general reduction in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes designed to enhance our efficiency and competitiveness; (iii) attract, train, and retain highly- qualified associates; (iv) locate, secure, and develop new sites for store development; (v) respond to fluctuations in the prices and availability of services, supplies, and products; (vi) respond to the growth and impact of competition; (vii) address legal and regulatory matters; and (viii) respond to unanticipated weather conditions. For more information about these and other risks and uncertainties that we are exposed to, you should read the "Risk Factors" included in our Annual Report on Form 10-K to the United States Securities and Exchange Commission and the descriptions of any material changes in those "Risk Factors" included in our subsequent Quarterly Reports on Form 10-Q.

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 2005 sales of $43.2 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 12 million customers a week at more than 1,250 home improvement stores in 49 states. Based in Mooresville, N.C., the 60-year old company is the second-largest home improvement retailer in the world. For more information, visit

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

                                                 Three Months Ended
                                            May 5, 2006    April 29, 2005
    Current Earnings                      Amount  Percent  Amount  Percent

    Net sales                             $11,921  100.00   $9,913  100.00

    Cost of sales                           7,752   65.03    6,515   65.72

    Gross margin                            4,169   34.97    3,398   34.28


    Selling, general and administrative     2,467   20.69    2,136   21.55

    Store opening costs                        25    0.21       25    0.25

    Depreciation                              274    2.30      237    2.39

    Interest                                   35    0.30       47    0.47

    Total expenses                          2,801   23.50    2,445   24.66

    Pre-tax earnings                        1,368   11.47      953    9.62

    Income tax provision                      527    4.41      367    3.70

    Net earnings                             $841    7.06     $586    5.92

    Weighted average shares outstanding -
     Basic                                    778              774

    Basic earnings per share                $1.08            $0.76

    Weighted average shares outstanding -
     Diluted                                  795              805

    Diluted earnings per share              $1.06            $0.73

    Cash dividends per share                $0.06            $0.04

    Retained Earnings
    Balance at beginning of period        $12,191           $9,597
    Net earnings                              841              586
    Cash dividends                            (47)             (31)
    Balance at end of period              $12,985          $10,152

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

                                                May 5,  April 29,  February 3,
                                                2006       2005       2006

       Current assets:
         Cash and cash equivalents             $1,140      $787        $423
         Short-term investments                   517       439         453
         Accounts receivable - net                 20        18          18
         Merchandise inventory - net            7,817     6,618       6,635
         Deferred income taxes                    175       136         155
         Other assets                             119        89         104

         Total current assets                   9,788     8,087       7,788

         Property, less accumulated
          depreciation                         16,760    14,310      16,354
         Long-term investments                    277       161         294
         Other assets                             203       192         203

         Total assets                         $27,028   $22,750     $24,639

    Liabilities and shareholders' equity

       Current liabilities:
         Current maturities of long-term debt     $33      $631         $32
         Accounts payable                       4,553     3,471       2,832
         Accrued salaries and wages               313       211         424
         Self-insurance liabilities               613       496         571
         Deferred revenue                         853       689         709
         Other current liabilities              1,615     1,309       1,264

         Total current liabilities              7,980     6,807       5,832

         Long-term debt, excluding
          current maturities                    3,446     3,058       3,499
         Deferred income taxes                    717       702         735
         Other long-term liabilities              304       208         277

         Total liabilities                     12,447    10,775      10,343

       Shareholders' equity:
        Preferred stock - $5 par value,
         none issued                               -         -           -
        Common stock - $.50 par value;
          Shares issued and outstanding
          May 5, 2006                 777
          April 29, 2005              773
          February 3, 2006            784        389       387         392
         Capital in excess of par              1,205     1,437       1,712
         Retained earnings                    12,985    10,152      12,191
         Accumulated other comprehensive
          income (loss)                            2        (1)          1

         Total shareholders' equity           14,581    11,975      14,296

         Total liabilities and
          shareholders' equity               $27,028   $22,750     $24,639

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

                                                     Three Months Ended
                                               May 5, 2006      April 29, 2005
    Cash flows from operating activities:
       Net earnings                                $841              $586
        Adjustments to reconcile net earnings
         to net cash provided by operating
         Depreciation and amortization              290               254
         Deferred income taxes                      (44)              (50)
         Loss on disposition/writedown of
          fixed and other assets                      8                 9
         Share-based payment expense                 11                16
         Tax effect of stock options exercised        6                 7
         Changes in operating assets and
             Merchandise inventory - net         (1,182)             (769)
             Other operating assets                 (17)              (23)
             Accounts payable                     1,721               776
             Other operating liabilities            473               392
    Net cash provided by operating activities     2,107             1,198

    Cash flows from investing activities:
       Purchases of short-term investments         (146)             (155)
       Proceeds from sale/maturity of short-
        term investments                            143                38
       Purchases of long-term investments           (72)              (56)
       Proceeds from sale/maturity of long-
        term investments                             26                 -
       Increase in other long-term assets            (3)              (21)
       Fixed assets acquired                       (732)             (624)
       Proceeds from the sale of fixed and
        other long-term assets                        9                16
       Net cash used in investing activities       (775)             (802)

    Cash flows from financing activities:
       Repayment of long-term debt                   (7)               (8)
       Proceeds from stock options exercised         33                35
       Cash dividend payments                       (47)              (31)
       Repurchase of common stock                  (600)             (135)
       Excess tax benefits of share-based payments    6                 -
       Net cash used in financing activities       (615)             (139)

    Net increase in cash and cash equivalents       717               257
    Cash and cash equivalents, beginning of period  423               530
    Cash and cash equivalents, end of period     $1,140              $787
SOURCE  Lowe's Companies, Inc.
    -0-                             05/22/2006
    /CONTACT:  Investors: Paul Taaffe, +1-704-758-2033, or Media: Chris
Ahearn: +1-704-758-2304 /
    /Photo:  NewsCom:
              AP Archive:
              PRN Photo Desk,
    /Web site: /

CO:  Lowe's Companies, Inc.
ST:  North Carolina

-- NYM128 --
9247 05/22/2006 07:00 EDT