Recent Releases
| 05/22/13 - Lowe’s Reports First Quarter Sales and Earnings Results MOORESVILLE, N.C.--(BUSINESS WIRE)--May. 22, 2013--
Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home
improvement retailer, today reported net earnings of $540 million for
the quarter ended May 3, 2013, a 2.5 percent increase over the same
period a year ago. Diluted earnings per share increased 14.0 percent to
$0.49 from $0.43 in the first quarter of 2012.
Sales for the quarter decreased 0.5 percent to $13.1 billion from $13.2
|
| 05/15/13 - Lowe's Companies, Inc. Invites You to Join Its First Quarter 2013 Earnings Conference Call Webcast MOORESVILLE, N.C.--(BUSINESS WIRE)--May. 15, 2013--
In conjunction with the Lowe's Companies, Inc. (NYSE: LOW) first quarter
2013 earnings press release, you are invited to listen to its conference
call to be broadcast live over the internet on Wednesday, May 22, 2013
at 9:00 a.m. Eastern Time with: Robert A. Niblock, chairman, president
and chief executive officer; Rick D. Damron, chief operating officer;
and Robert F. Hull, Jr., chief financial officer |
| 03/22/13 - Lowe’s Companies, Inc. Declares Cash Dividend MOORESVILLE, N.C.--(BUSINESS WIRE)--Mar. 22, 2013--
The Board of Directors for Lowe's Companies, Inc. (NYSE: LOW) has
declared a quarterly cash dividend of sixteen cents ($0.16) per share,
payable May 8, 2013, to shareholders of record as of April 24, 2013.
With fiscal year 2012 sales of $50.5 billion, Lowe's Companies, Inc. is
a FORTUNE® 100 company that serves approximately 15 million customers a
week at more than 1,750 home improvement stores |
| 03/06/13 - Lowe’s to Webcast Presentation from the UBS Global Consumer Conference MOORESVILLE, N.C.--(BUSINESS WIRE)--Mar. 6, 2013--
Lowe’s Companies, Inc. (NYSE: LOW) announces that Robert A. Niblock,
chairman, president and chief executive officer, and Robert F. Hull,
Jr., chief financial officer, will present at the UBS Global Consumer
Conference in Boston, MA.
What:
Presentation by Robert Niblock and Bob Hull at the UBS Global
|
News Release
 View printer-friendly version |
| << Back |
| Lowe's Reports Record Second Quarter Earnings |
-- Second Quarter Comparable Store Sales Increased 3.3 Percent -- MOORESVILLE, N.C., Aug. 21 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $935 million for the quarter ended August 4, 2006, an 11.4 percent increase over the same period a year ago. Diluted earnings per share increased 15.4 percent to $0.60 from $0.52 in the second quarter of 2005. For the six months ended August 4, 2006, net earnings grew 24.6 percent to $1.78 billion while diluted earnings per share increased 27.0 percent to $1.13. (Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO) Sales for the quarter increased 12.2 percent to $13.4 billion, up from $11.9 billion in the second quarter of 2005. For the six months ended August 4, 2006, sales increased 15.9 percent to $25.3 billion. Total sales results were impacted by the calendar shift described in the business outlook section of this release. Comparable store sales for the second quarter increased 3.3 percent and increased 4.4 percent in the first half of 2006. "I am proud of the Lowe's team and the solid quarterly sales and earnings results delivered in a challenging economic environment," explained Robert A. Niblock, Lowe's chairman, president and CEO. "Despite a backdrop of higher energy costs and a tumultuous geo-political environment that has weighed on the consumer, the team remained focused on providing great customer service and compelling merchandise offerings. These efforts ensured Lowe's continued to capture market share with notable gains in Flooring, Appliances, Outdoor Power Equipment and Cabinets and Countertops in the quarter, according to third-party estimates. "We remain focused on strategies to grow our business, however near-term pressures on the U.S. consumer have led to a more cautious outlook for the balance of the year," Niblock added. "As we enter the second half of 2006, we remain committed to providing the knowledgeable and attentive service customers have come to expect from Lowe's while prudently managing expenses in the current sales environment. "Expectations for an orderly slowdown in the housing market, moderate income growth and a solid employment picture are stabilizing forces for the consumer," Niblock concluded. "I am confident the longer term drivers of our industry, including the required ongoing maintenance of the 124 million existing homes in the U.S., favorable demographics and solid household formation trends, combined with our customer focused culture, will ensure our continued success." During the quarter, Lowe's opened 24 new stores including one relocation. As of August 4, 2006, Lowe's operated 1,281 stores in 49 states representing 145.4 million square feet of retail selling space, a 12.4 percent increase over last year. A conference call to discuss second quarter 2006 operating results is scheduled for today (Monday, August 21) 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 Second Quarter 2006 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com until November 19, 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.
Third Quarter 2006 (comparisons to third quarter 2005)
- The company expects to open 48 new stores reflecting square footage
growth of approximately 13 percent
- Total sales are expected to increase approximately 11 percent
- The company expects to report a comparable store sales increase of 0 to
2 percent
- Operating margin (defined as gross margin less SG&A and depreciation) is
expected to be essentially unchanged as a percent to sales
- Store opening costs are expected to be approximately $39 million
- Diluted earnings per share of $0.45 to $0.48 are expected
- Lowe's third quarter ends on November 3, 2006 with operating results to
be publicly released on Monday, November 20, 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 11 percent for the
year (52 weeks versus 53 weeks in 2005)
- The company expects to report a comparable store sales increase of 2 to
3 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 $140 million
- Diluted earnings per share of $2.00 to $2.07 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 and other energy costs, slower growth in personal income 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 1,275 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 Lowes.com.
Lowe's Companies, Inc.
Consolidated Statements of Current and Retained Earnings (Unaudited)
In Millions, Except Per Share Data
Three Months Ended
August 4, 2006 July 29, 2005
Current Earnings Amount Percent Amount Percent
Net sales $13,389 100.00 $11,929 100.00
Cost of sales 8,911 66.56 7,902 66.24
Gross margin 4,478 33.44 4,027 33.76
Expenses:
Selling, general and administrative 2,617 19.54 2,363 19.81
Store opening costs 28 0.21 25 0.21
Depreciation 283 2.11 236 1.97
Interest 30 0.23 39 0.33
Total expenses 2,958 22.09 2,663 22.32
Pre-tax earnings 1,520 11.35 1,364 11.44
Income tax provision 585 4.37 525 4.41
Net earnings $935 6.98 $839 7.03
Weighted average shares outstanding -
Basic 1,541 1,548
Basic earnings per share $0.61 $0.54
Weighted average shares outstanding -
Diluted 1,571 1,605
Diluted earnings per share $0.60 $0.52
Cash dividends per share $0.05 $0.03
Retained Earnings
Balance at beginning of period $12,985 $10,152
Net earnings 935 839
Cash dividends (77) (47)
Balance at end of period $13,843 $10,944
Six Months Ended
August 4, 2006 July 29, 2005
Current Earnings Amount Percent Amount Percent
Net sales $25,310 100.00 $21,842 100.00
Cost of sales 16,664 65.84 14,417 66.01
Gross margin 8,646 34.16 7,425 33.99
Expenses:
Selling, general and administrative 5,083 20.09 4,499 20.60
Store opening costs 53 0.20 50 0.23
Depreciation 557 2.20 473 2.16
Interest 65 0.26 86 0.39
Total expenses 5,758 22.75 5,108 23.38
Pre-tax earnings 2,888 11.41 2,317 10.61
Income tax provision 1,112 4.39 892 4.08
Net earnings $1,776 7.02 $1,425 6.53
Weighted average shares outstanding -
Basic 1,549 1,548
Basic earnings per share $1.15 $0.92
Weighted average shares outstanding -
Diluted 1,580 1,608
Diluted earnings per share $1.13 $0.89
Cash dividends per share $0.08 $0.05
Retained Earnings
Balance at beginning of period $12,191 $9,597
Net earnings 1,776 1,425
Cash dividends (124) (78)
Balance at end of period $13,843 $10,944
Lowe's Companies, Inc.
Consolidated Balance Sheets (Unaudited)
In Millions, Except Par Value Data
Aug. 4, July 29, Feb. 3,
2006 2005 2006
Assets
Current assets:
Cash and cash equivalents $316 $987 $423
Short-term investments 456 432 453
Merchandise inventory - net 7,176 6,165 6,635
Deferred income taxes 165 121 155
Other assets 215 113 122
Total current assets 8,328 7,818 7,788
Property, less accumulated depreciation 17,321 14,782 16,354
Long-term investments 200 190 294
Other assets 188 198 203
Total assets $26,037 $22,988 $24,639
Liabilities and shareholders' equity
Current liabilities:
Current maturities of long-term debt $32 $632 $32
Accounts payable 3,629 2,987 2,832
Accrued salaries and wages 316 329 424
Self-insurance liabilities 653 546 571
Deferred revenue 826 694 709
Other current liabilities 1,206 1,002 1,264
Total current liabilities 6,662 6,190 5,832
Long-term debt, excluding
current maturities 3,410 2,810 3,499
Deferred income taxes 711 691 735
Other long-term liabilities 334 252 277
Total liabilities 11,117 9,943 10,343
Shareholders' equity:
Preferred stock - $5 par value,
none issued - - -
Common stock - $.50 par value;
Shares issued and outstanding
August 4, 2006 1,538
July 29, 2005 1,560
February 3, 2006 1,568 769 780 784
Capital in excess of par value 307 1,320 1,320
Retained earnings 13,843 10,944 12,191
Accumulated other comprehensive income 1 1 1
Total shareholders' equity 14,920 13,045 14,296
Total liabilities and
shareholders' equity $26,037 $22,988 $24,639
Lowe's Companies, Inc.
Consolidated Statements of Cash Flows (Unaudited)
In Millions
Six Months Ended
August 4, 2006 July 29, 2005
Cash flows from operating activities:
Net earnings $1,776 $1,425
Adjustments to reconcile net earnings
to net cash provided by
operating activities:
Depreciation and amortization 591 508
Deferred income taxes (34) (46)
Loss on disposition/writedown of
fixed and other assets 5 17
Share-based payment expense 35 38
Changes in operating assets and liabilities:
Merchandise inventory - net (541) (316)
Other operating assets (93) (29)
Accounts payable 797 292
Other operating liabilities 68 340
Net cash provided by operating activities 2,604 2,229
Cash flows from investing activities:
Purchases of short-term investments (228) (234)
Proceeds from sale/maturity of
short-term investments 399 163
Purchases of long-term investments (225) (132)
Proceeds from sale/maturity of
long-term investments 141 8
Decrease (increase) in other long-
term assets 13 (35)
Fixed assets acquired (1,556) (1,365)
Proceeds from the sale of fixed and
other long-term assets 23 37
Net cash used in investing activities (1,433) (1,558)
Cash flows from financing activities:
Repayment of long-term debt (16) (16)
Proceeds from employee stock purchase plan 36 32
Proceeds from stock options exercised 48 147
Cash dividend payments (124) (78)
Repurchase of common stock (1,226) (299)
Excess tax benefits of share-based payments 4 -
Net cash used in financing activities (1,278) (214)
Net (decrease) increase in cash and
cash equivalents (107) 457
Cash and cash equivalents, beginning
of period 423 530
Cash and cash equivalents, end of
period $316 $987
SOURCE Lowe's Companies, Inc.
-0- 08/21/2006
/CONTACT: Shareholders'-Analysts' Inquiries, Robbin Moore,
+1-704-758-3579, 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
FB-JK
-- CLM009 --
3066 08/21/2006 07:00 EDT http://www.prnewswire.com
|