Consolidated Condensed Statements of Current and Retained Earnings
Lowe's Companies, Inc. and Subsidiary Companies
Dollars In Thousands, Except Per Share Data
Three months ended For the year ended
January 31, 1994 January 31, 1993 January 31, 1994 January
Current Earnings Amount Percent Amount Percent Amount Percent Amount
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Net sales $1,145,828 100.00 $910,298 100.00 $4,538,001 100.00 $3,846,418
Cost of sales 866,811 75.65 700,961 77.00 3,456,717 76.17 2,945,753
Gross margin 279,017 24.35 209,337 23.00 1,081,284 23.83 900,665
Expenses:
Selling, general and administrative 191,437 16.71 157,628 17.33 717,028 15.82 642,799
Store opening costs 12,585 1.10 2,934 0.32 29,251 0.64 10,983
Depreciation 22,136 1.93 18,956 2.08 80,530 1.77 69,820
Employee retirement plans 7,781 0.68 7,623 0.84 37,873 0.83 35,572
Interest 6,074 0.53 3,682 0.40 18,278 0.40 15,599
Total expenses 240,013 20.95 190,823 20.97 882,960 19.46 774,773
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&F
Pre-tax earnings 39,004 3.40 18,514 2.03 198,324 4.37 125,892
Income tax provision 13,271 1.15 6,191 0.68 66,538 1.47 41,172
Net earnings $25,733 2.25 $12,323 1.35 $131,786 2.90 $84,720
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Shares outstanding (weighted average) 148,099 146,255 147,398 146,152
Earnings per share $0.17 $0.08 $0.89 $0.58
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Retained earnings
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Balance at beginning of period $576,968 $482,555 $489,033 $425,526
Net earnings 25,733 12,323 131,786 84,720
Cash dividends (5,915) (5,838) (23,571) (21,153)
Stock Split (22) (7) (484) (60)
Balance at end of period $596,764 $489,033 $596,764 $489,033
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See accompanying notes to consolidated condensed financial statements.