|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
|02/25/13 - Lowe’s Reports Fourth Quarter Sales and Earnings Results|
-- Fourth Quarter Comparable Store Sales Increased 1.9 Percent -- -- Announces $5 Billion Share Repurchase Program -- MOORESVILLE, N.C.--(BUSINESS WIRE)--Feb. 25, 2013-- Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today reported net earnings of $288 million and diluted earnings per share of $0.26 for the fourth quarter of 2012. For the fiscal year, net earnings were $2.0 billion and dilute
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|Lowe's Reports Record Earnings for Fiscal 2006|
MOORESVILLE, N.C., Feb. 23 /PRNewswire-FirstCall/ -- Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $613 million for the 13-week period ended February 2, 2007, an 11.5 percent decline versus the 14-week period ended February 3, 2006. Diluted earnings per share declined 7.0 percent to $0.40 from $0.43 in the fourth quarter of 2005. For fiscal 2006, a 52-week year, net earnings grew 12.3 percent to $3.1 billion versus fiscal 2005, a 53-week year. Diluted earnings per share increased 15.0 percent to $1.99 in fiscal 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
Fourth quarter sales declined 3.7 percent to $10.4 billion for the 13-week period ended February 2, 2007 versus the 14-week period ended February 3, 2006. Fiscal 2006 sales increased to $46.9 billion, an 8.5 percent increase for the 52-week period ended February 2, 2007 versus the 53-week period ended February 3, 2006. Adjusting for the comparison to last year's 14-week fourth quarter and 53-week fiscal year as well as the corresponding calendar shift, total sales increased approximately five percent to last year in the fourth quarter and increased approximately ten percent for the fiscal year. Sales at the company's comparable stores, which were not affected by the calendar shift, declined 5.3 percent during the quarter and were flat for the year.
"Our continued focus on executing the fundamentals and providing customer- valued solutions drove solid results in a challenging operating environment," commented Robert A. Niblock, Lowe's chairman and CEO. "Sales continued to be pressured by a slowing housing market, tough comparisons to last year's hurricane recovery and rebuilding efforts and significant deflation in lumber and plywood prices.
"The hard work and dedication displayed by the entire Lowe's team helped us meet the many challenges faced during the year and sharpened our commitment to customer service. We achieved clear market share gains in many categories and a 12.3 percent increase in net earnings, while positioning the business for long-term growth.
"We are encouraged by indications that our sales trends have bottomed. As a result, we believe our comparable store sales performance will gradually improve throughout 2007."
During the quarter, Lowe's opened 58 new stores including 3 relocations. As of February 2, 2007, Lowe's operated 1,385 stores in 49 states representing 157.1 million square feet of retail selling space, a 12.1 percent increase over last year.
A conference call to discuss fourth quarter and fiscal 2006 operating results is scheduled for today (Friday, February 23) 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 Fourth Quarter and Fiscal 2006 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com until May 20, 2007.
Lowe's Business Outlook First Quarter 2007 (comparisons to first quarter 2006) * The company expects to open 15 new stores reflecting square footage growth of approximately 11 percent * Total sales are expected to increase 5 to 6 percent * The company expects to report a comparable store sales decline of 2 to 4 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 $14 million * Diluted earnings per share of $0.49 to $0.51 are expected * Lowe's first quarter ends on May 4, 2007 with operating results to be publicly released on Monday, May 21, 2007 Fiscal Year 2007 (comparisons to fiscal year 2006) * The company expects to open 150 to 160 stores in 2007 reflecting total square footage growth of approximately 11 percent * Total sales are expected to increase approximately 10 percent * The company expects comparable store sales to be approximately flat to up 2 percent * Operating margin (defined as gross margin less SG&A and depreciation) is expected to decline 70 to 80 basis points * Store opening costs are expected to be $140 to $145 million * Diluted earnings per share of $2.02 to $2.09 are expected for the fiscal year ending February 1, 2008 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 2006 sales of $46.9 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 13 million customers a week at more than 1,375 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 Quarters Ended February 2, 2007 February 3, 2006 (13 Weeks) (14 Weeks) Current Earnings Amount Percent Amount Percent Net sales $10,406 100.00 $10,808 100.00 Cost of sales 6,719 64.56 7,023 64.98 Gross margin 3,687 35.44 3,785 35.02 Expenses: Selling, general and administrative 2,335 22.44 2,303 21.31 Store opening costs 49 0.47 57 0.53 Depreciation 308 2.97 261 2.41 Interest - net 43 0.42 36 0.33 Total expenses 2,735 26.30 2,657 24.58 Pre-tax earnings 952 9.14 1,128 10.44 Income tax provision 339 3.25 435 4.02 Net earnings $613 5.89 $693 6.42 Weighted average shares outstanding - basic 1,519 1,563 Basic earnings per share $0.40 $0.44 Weighted average shares outstanding - diluted 1,549 1,600 Diluted earnings per share $0.40 $0.43 Cash dividends per share $0.05 $0.03 Retained Earnings Balance at beginning of period $14,323 $11,544 Net earnings 613 693 Cash dividends (76) (46) Share repurchases - - Balance at end of period $14,860 $12,191 Years Ended February 2, 2007 February 3, 2006 (52 Weeks) (53 Weeks) Current Earnings Amount Percent Amount Percent Net sales $46,927 100.00 $43,243 100.00 Cost of sales 30,729 65.48 28,453 65.80 Gross margin 16,198 34.52 14,790 34.20 Expenses: Selling, general and administrative 9,738 20.75 9,014 20.84 Store opening costs 146 0.31 142 0.33 Depreciation 1,162 2.48 980 2.27 Interest - net 154 0.33 158 0.37 Total expenses 11,200 23.87 10,294 23.81 Pre-tax earnings 4,998 10.65 4,496 10.39 Income tax provision 1,893 4.03 1,731 4.00 Net earnings $3,105 6.62 $2,765 6.39 Weighted average shares outstanding - basic 1,535 1,555 Basic earnings per share $2.02 $1.78 Weighted average shares outstanding - diluted 1,566 1,607 Diluted earnings per share $1.99 $1.73 Cash dividends per share $0.18 $0.11 Retained Earnings Balance at beginning of period $12,191 $9,597 Net earnings 3,105 2,765 Cash dividends (276) (171) Share repurchases (160) - Balance at end of period $14,860 $12,191 Lowe's Companies, Inc. Consolidated Balance Sheets (Unaudited) In Millions, Except Par Value Data February 2, February 3, 2007 2006 Assets Current assets: Cash and cash equivalents $364 $423 Short-term investments 432 453 Merchandise inventory - net 7,144 6,635 Deferred income taxes - net 161 155 Other current assets 213 122 Total current assets 8,314 7,788 Property, less accumulated depreciation 18,971 16,354 Long-term investments 165 294 Other assets 317 203 Total assets $27,767 $24,639 Liabilities and shareholders' equity Current liabilities: Short-term borrowings $23 $- Current maturities of long-term debt 88 32 Accounts payable 3,524 2,832 Accrued salaries and wages 372 424 Self-insurance liabilities 650 571 Deferred revenue 731 709 Other current liabilities 1,151 1,264 Total current liabilities 6,539 5,832 Long-term debt, excluding current maturities 4,325 3,499 Deferred income taxes - net 735 735 Other long-term liabilities 443 277 Total liabilities 12,042 10,343 Shareholders' equity: Preferred stock - $5 par value, none issued - - Common stock - $.50 par value; Shares issued and outstanding February 2, 2007 1,525 February 3, 2006 1,568 762 784 Capital in excess of par value 102 1,320 Retained earnings 14,860 12,191 Accumulated other comprehensive income 1 1 Total shareholders' equity 15,725 14,296 Total liabilities and shareholders' equity $27,767 $24,639 Lowe's Companies, Inc. Consolidated Statements of Cash Flows (Unaudited) In Millions Years Ended February 2, 2007 February 3, 2006 (52 Weeks) (53 Weeks) Cash flows from operating activities: Net earnings $3,105 $2,765 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 1,237 1,051 Deferred income taxes (6) (37) Loss on disposition/writedown of fixed and other assets 23 31 Share-based payment expense 62 76 Changes in operating assets and liabilities: Merchandise inventory - net (509) (785) Other operating assets (135) (38) Accounts payable 692 137 Other operating liabilities 33 642 Net cash provided by operating activities 4,502 3,842 Cash flows from investing activities: Purchases of short-term investments (284) (1,829) Proceeds from sale/maturity of short- term investments 572 1,802 Purchases of long-term investments (558) (354) Proceeds from sale/maturity of long- term investments 415 55 Increase in other long-term assets (16) (30) Fixed assets acquired (3,916) (3,379) Proceeds from the sale of fixed and other long-term assets 72 61 Net cash used in investing activities (3,715) (3,674) Cash flows from financing activities: Net increase in short-term borrowings 23 - Proceeds from issuance of long-term debt 989 1,013 Repayment of long-term debt (33) (633) Proceeds from issuance of common stock under employee stock purchase plan 76 65 Proceeds from issuance of common stock from stock options exercised 100 225 Cash dividend payments (276) (171) Repurchase of common stock (1,737) (774) Excess tax benefits of share-based payments 12 - Net cash used in financing activities (846) (275) Net decrease in cash and cash equivalents (59) (107) Cash and cash equivalents, beginning of period 423 530 Cash and cash equivalents, end of period $364 $423
SOURCE Lowe's Companies, Inc. -0- 02/23/2007 /CONTACT: Shareholders'-Analysts' Inquiries, Robbin Moore-Randolph, +1-704-758-3579, or Media Inquiries, 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, firstname.lastname@example.org/ /Web site: http://www.lowes.com / (LOW) CO: Lowe's Companies, Inc. ST: North Carolina IN: REA SU: ERN CCA CB-MC -- CLF013 -- 0263 02/23/2007 07:00 EST http://www.prnewswire.com