Recent Releases

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:
12/12/18 - Lowe's Outlines Areas of Strategic Focus at 2018 Analyst and Investor Conference
-- Company Reiterates Guidance for Fiscal 2018 - -- Issues Guidance for Fiscal 2019 -- -- Announces New $10 Billion Share Repurchase Program -- MOORESVILLE, N.C., Dec. 12, 2018 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) is meeting today with analysts and investors in Mooresville, North Carolina to discuss its strategic priorities and near- and long-term financial targets. "We have substantially completed a detailed reassessment of our business
See more financial releases

News Release

Printer Friendly Version View printer-friendly version
<< Back
Lowe's Reports Record Third Quarter Earnings
     -- Third Quarter Diluted Earnings Per Share Increased 15 Percent --

MOORESVILLE, N.C., Nov. 20 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $716 million for the quarter ended November 3, 2006, a 10.8 percent increase over the same period a year ago. Diluted earnings per share increased 15.0 percent to $0.46 from $0.40 in the third quarter of 2005. For the nine months ended November 3, 2006, net earnings grew 20.3 percent to $2.49 billion while diluted earnings per share increased 23.3 percent to $1.59.

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

Sales for the quarter increased 5.8 percent to $11.2 billion, up from $10.6 billion in the third quarter of 2005. For the nine months ended November 3, 2006, sales increased 12.6 percent to $36.5 billion. Year-to-date total sales results were impacted by the calendar shift described in the business outlook section of this release. Comparable store sales for the third quarter declined 4.0 percent. For the first nine months of 2006, comparable store sales increased 1.7 percent.

"The combined effects of a slowing housing market in parts of the U.S., significant deflation in certain commodity categories, and a difficult comparison to last year's hurricane recovery and rebuilding efforts have created a challenging sales environment for home improvement," commented Robert A. Niblock, Lowe's chairman, president and CEO. "Despite these challenges, we continue to gain market share in key product categories and achieved industry-leading share gains across the total store according to third-party estimates. We continue to see solid performance from our new stores and remain focused on delivering the superior service customers expect from Lowe's.

"We believe many external headwinds will exist through the balance of the year and the first half of fiscal 2007, but as we look to the future, we are confident that solid longer-term drivers of our industry remain," Niblock added. "We will capitalize on this opportunity through ongoing new store expansion and continued investment in existing stores through product resets and re-merchandising projects, while actively managing controllable expenses. We remain focused on delivering the best stores, products and customer service in the industry to ensure Lowe's is the first choice for home improvement."

During the quarter, Lowe's opened 49 new stores. As of November 3, 2006, Lowe's operated 1,330 stores in 49 states representing 150.8 million square feet of retail selling space, a 13.4 percent increase over last year.

A conference call to discuss third quarter 2006 operating results is scheduled for today (Monday, November 20) 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 2006 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com until February 25, 2007.

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.

Fourth Quarter 2006 (comparisons to fourth quarter 2005 - a 14-week quarter)

     - The company expects to open 58 new stores reflecting square footage
       growth of approximately 12 percent
     - Total sales are expected to decline approximately 4 percent (13 weeks
       versus 14 weeks in 2005)
     - The company expects to report a comparable store sales decline of 4 to
       6 percent
     - Operating margin (defined as gross margin less SG&A and depreciation)
       is expected to decline approximately 150 basis points
     - Store opening costs are expected to be approximately $50 million
     - Diluted earnings per share of $0.36 to $0.38 are expected
     - Lowe's fourth quarter ends on February 2, 2007 with operating results
       to be publicly released on Monday, February 26, 2007

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 9 percent (52 weeks
       versus 53 weeks in 2005)
     - The company expects comparable store sales to be approximately flat
     - 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 $146 million
     - Diluted earnings per share of $1.95 to $1.97 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 1,325 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
                                          November 3, 2006 October 28, 2005
    Current Earnings                      Amount  Percent  Amount  Percent

    Net sales                             $11,211  100.00  $10,592  100.00

    Cost of sales                           7,346   65.53    7,012   66.20

    Gross margin                            3,865   34.47    3,580   33.80

    Expenses:

    Selling, general and administrative     2,320   20.70    2,212   20.88

    Store opening costs                        44    0.39       35    0.33

    Depreciation                              297    2.65      246    2.32

    Interest                                   45    0.40       36    0.34

    Total expenses                          2,706   24.14    2,529   23.87

    Pre-tax earnings                        1,159   10.33    1,051    9.93

    Income tax provision                      443    3.94      405    3.83

    Net earnings                             $716    6.39     $646    6.10


    Weighted average shares outstanding
     - basic                                1,522            1,559

    Basic earnings per share                $0.47            $0.41

    Weighted average shares outstanding
     - diluted                              1,551            1,608

    Diluted earnings per share              $0.46            $0.40

    Cash dividends per share                $0.05            $0.03


    Retained Earnings
    Balance at beginning of period        $13,843          $10,944
    Net earnings                              716              646
    Cash dividends                            (76)             (46)
    Share repurchases                        (160)               -
    Balance at end of period              $14,323          $11,544



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

                                                  Nine Months Ended
                                         November 3, 2006 October 28, 2005
    Current Earnings                      Amount  Percent  Amount  Percent

    Net sales                             $36,522  100.00  $32,435  100.00

    Cost of sales                          24,011   65.74   21,430   66.07

    Gross margin                           12,511   34.26   11,005   33.93

    Expenses:

    Selling, general and administrative     7,404   20.27    6,711   20.69

    Store opening costs                        97    0.27       85    0.26

    Depreciation                              854    2.34      718    2.21

    Interest                                  110    0.30      122    0.38

    Total expenses                          8,465   23.18    7,636   23.54

    Pre-tax earnings                        4,046   11.08    3,369   10.39

    Income tax provision                    1,554    4.26    1,297    4.00

    Net earnings                           $2,492    6.82   $2,072    6.39


    Weighted average shares outstanding
     - basic                                1,540            1,552

    Basic earnings per share                $1.62            $1.34

    Weighted average shares outstanding
     - diluted                              1,571            1,608

    Diluted earnings per share              $1.59            $1.29

    Cash dividends per share                $0.13            $0.08


    Retained Earnings
    Balance at beginning of period        $12,191           $9,597
    Net earnings                            2,492            2,072
    Cash dividends                           (200)            (125)
    Share repurchases                        (160)               -
    Balance at end of period              $14,323          $11,544



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

                                                     Nov. 3, Oct. 28,  Feb. 3,
                                                       2006     2005     2006
    Assets

       Current assets:
         Cash and cash equivalents                     $657   $1,445     $423
         Short-term investments                         464      864      453
         Merchandise inventory - net                  7,219    6,429    6,635
         Deferred income taxes - net                    157      104      155
         Other current assets                           140      200      122

         Total current assets                         8,637    9,042    7,788

         Property, less accumulated
          depreciation                               18,188   15,410   16,354
         Long-term investments                          121      296      294
         Other assets                                   219      205      203

         Total assets                               $27,165  $24,953  $24,639

    Liabilities and shareholders' equity

       Current liabilities:
         Current maturities of long-term debt           $89     $632      $32
         Accounts payable                             3,416    3,201    2,832
         Accrued salaries and wages                     373      369      424
         Self-insurance liabilities                     608      551      571
         Deferred revenue                               846      748      709
         Other current liabilities                    1,374    1,109    1,264

         Total current liabilities                    6,706    6,610    5,832

         Long-term debt, excluding current
          maturities                                  4,337    3,749    3,499
         Deferred income taxes                          683      745      735
         Other long-term liabilities                    353      290      277

         Total liabilities                           12,079   11,394   10,343

       Shareholders' equity:
         Preferred stock - $5 par value,
          none issued                                   -        -        -
         Common stock - $.50 par value;
           Shares issued and outstanding
           November 3, 2006        1,520
           October 28, 2005        1,560
           February 3, 2006        1,568                760      780      784
         Capital in excess of par value                   -    1,235    1,320
         Retained earnings                           14,323   11,544   12,191
         Accumulated other comprehensive
          income                                          3        -        1

         Total shareholders' equity                  15,086   13,559   14,296

         Total liabilities and
          shareholders' equity                      $27,165  $24,953  $24,639



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

                                                       Nine Months Ended

                                           November 3, 2006  October 28, 2005
    Cash flows from operating activities:
      Net earnings                                   $2,492            $2,072
        Adjustments to reconcile net earnings
         to net cash provided by
         operating activities:
         Depreciation and amortization                  907               771
         Deferred income taxes                          (54)               24
         Loss on disposition/writedown of
          fixed and other assets                         35                23
         Share-based payment expense                     56                57
         Changes in operating assets and
          liabilities:
         Merchandise inventory - net                   (584)             (579)
         Other operating assets                         (18)             (116)
         Accounts payable                               584               506
         Other operating liabilities                    225               602
      Net cash provided by operating
       activities                                     3,643             3,360

    Cash flows from investing activities:
      Purchases of short-term investments              (248)           (1,581)
      Proceeds from sale/maturity of short-
       term investments                                 490             1,083
      Purchases of long-term investments               (225)             (249)
      Proceeds from sale/maturity of long-
       term investments                                 141                10
      Increase in other long-term assets                 (8)              (34)
      Fixed assets acquired                          (2,724)           (2,277)
      Proceeds from the sale of fixed and
       other long-term assets                            30                44
      Net cash used in investing activities          (2,544)           (3,004)

    Cash flows from financing activities:
      Proceeds from issuance of long-term debt          991               987
      Repayment of long-term debt                       (24)              (23)
      Proceeds from issuance of common
       stock under employee stock purchase plan          36                32
      Proceeds from issuance of common
       stock from stock options exercised                64               183
      Cash dividend payments                           (200)             (125)
      Repurchase of common stock                     (1,737)             (495)
      Excess tax benefits of share-based payments         5                 -
      Net cash (used in) provided by
       financing activities                            (865)              559

    Net increase in cash and cash equivalents           234               915
    Cash and cash equivalents, beginning of period      423               530
    Cash and cash equivalents, end of period           $657            $1,445
SOURCE  Lowe's Companies, Inc.
    -0-                             11/20/2006
    /CONTACT:  Shareholders-Analysts, Robbin Moore-Randolph,
+1-704-758-3579, or Media, 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
SU:  ERN ERP CCA

BC-KM
-- CLM016 --
6694 11/20/2006 07:00 EST http://www.prnewswire.com