4
Consolidated Condensed Statements of Current and Retained Earnings
Lowe's Companies, Inc. and Subsidiary Companies
In Thousands, Except Per Share Data
Three months ended
April 30, 1994 April 30, 1993
Current Earnings Amount Percent Amount Percent
Net sales 1397008 100.00 992112 100.00
Cost of sales 1060300 75.90 757945 76.40
Gross margin 336708 24.10 234167 23.60
Expenses:
Selling, general and administrative 206214 14.75 156662 15.78
Store opening costs 7392 0.53 2929 0.30
Depreciation 23989 1.72 18687 1.88
Employee retirement plans 11110 0.80 8806 0.89
Interest 8383 0.60 3825 0.39
Total expenses 257088 18.40 190909 19.24
Pre-tax earnings 79620 5.70 43258 4.36
Income tax provision 27867 2.00 13810 1.39
Net earnings 51753 3.70 29448 2.97
Shares outstanding (weighted average) 148212 146596
Earnings per common & common
equivalent share 0.35 0.20
Earnings per common share -
assuming full dilution 0.34 0.20
Retained earnings
Balance at beginning of period 596764 489033
Net earnings 51753 29448
Cash dividends (5,930) (5,859)
Stock split 0 (130)
Balance at end of period 642587 512492
See accompanying notes to consolidated condensed financial statements.