MOORESVILLE, N.C., Aug. 17, 2016 /PRNewswire/ -- Lowe's
Companies, Inc. (NYSE: LOW) today reported net earnings of
$1.2 billion for the quarter ended
July 29, 2016, a 3.7 percent increase
over the same period a year ago. Diluted earnings per share
increased 9.2 percent to $1.31 from
$1.20 in the second quarter of 2015.
For the six months ended July 29,
2016, net earnings increased 14.0 percent from the same
period a year ago to $2.1 billion,
and diluted earnings per share increased 20.5 percent to
$2.29.
The second quarter results include a loss on a foreign currency
hedge entered into in advance of the company's acquisition of RONA,
inc. (RONA), which decreased pre-tax earnings for the second
quarter by $84 million and diluted
earnings per share by $0.06.
The six month period includes a net gain on the settlement of the
foreign currency hedge, which increased pre-tax earnings by
$76 million and diluted earnings per
share by $0.05.
Sales for the second quarter increased 5.3 percent to
$18.3 billion from $17.3 billion in the second quarter of 2015, and
comparable sales increased 2.0 percent. For the six month period,
sales were $33.5 billion, a 6.4
percent increase over the same period a year ago, and comparable
sales increased 4.4 percent. Comparable sales for the U.S. home
improvement business increased 1.9 percent for the second quarter
and 4.4 percent for the six month period.
"We delivered solid results for the first half of the year, in
line with our expectations," commented Robert A. Niblock, Lowe's chairman, president
and CEO. "We believe we are well positioned to capitalize on a
favorable macroeconomic backdrop for home improvement in the second
half of this year as we continue to execute on our strategic
priorities to provide better omni-channel experiences, deepen our
relationships with professional customers, and drive productivity
and profitability.
"I would like to express my appreciation for our employees'
unwavering commitment to serving customers, enabling us to provide
inspiration and support whenever and wherever they shop and
positioning Lowe's as the project authority in our industry,"
Niblock added. "We are also very pleased to welcome RONA's
talented team into the Lowe's family following the completion of
the acquisition on May 20,
2016."
Delivering on its commitment to return excess cash to
shareholders, the company repurchased $1.2
billion of stock under its share repurchase program and paid
$251 million in dividends in the
second quarter. For the six month period, the company repurchased
$2.4 billion of stock under its share
repurchase program and paid $506
million in dividends.
As of July 29, 2016, Lowe's
operated 2,108 home improvement and hardware stores in the United States, Canada and Mexico representing 211.9 million square feet
of retail selling space.
A conference call to discuss second quarter 2016 operating
results is scheduled for today (Wednesday,
August 17) at 9:00 am
ET. The conference call will be available by webcast
and can be accessed by visiting Lowe's website at
www.Lowes.com/investor and clicking on Lowe's Second Quarter
2016 Earnings Conference Call Webcast. Supplemental slides
will be available fifteen minutes prior to the start of the
conference call. A replay of the call will be archived on
Lowes.com/investor until November 15,
2016.
Lowe's Business Outlook
The company is updating its Fiscal Year 2016 Business Outlook to
reflect the impact of the acquisition of RONA, which was completed
in May 2016. There have been no other changes to the Business
Outlook presented below.
Fiscal Year 2016 -- a 53-week Year (comparisons to fiscal
year 2015 -- a 52-week year; based on U.S. GAAP unless otherwise
noted)
- Total sales are expected to increase approximately 10 percent,
including the 53rd week
- The 53rd week is expected to increase total sales by
approximately 1.5 percent
- Comparable sales are expected to increase approximately 4
percent
- The company expects to add approximately 45 home improvement
and hardware stores.
- Earnings before interest and taxes as a percentage of sales
(operating margin) are expected to increase approximately 50 basis
points.1
- The effective income tax rate is expected to be approximately
38.1%.
- Diluted earnings per share of approximately $4.06 are expected for the fiscal year ending
February 3, 2017.
1 Operating margin growth excludes the net gain on
the settlement of the foreign currency hedge entered into in
advance of the company's acquisition of RONA, as well as the impact
of the non-cash impairment charge the company recognized in the
fourth quarter of 2015 in connection with its decision to exit its
joint venture with Woolworths Limited in Australia.
Cautionary Note Regarding Forward-Looking Statements
This news release includes "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements including words such as "believe", "expect",
"anticipate", "plan", "desire", "project", "estimate", "intend",
"will", "should", "could", "would", "may", "strategy", "potential",
"opportunity" and similar expressions are forward-looking
statements. Forward-looking statements involve estimates,
expectations, projections, goals, forecasts, assumptions, risks and
uncertainties. Forward-looking statements include, but are
not limited to, statements about future financial and operating
results, Lowe's plans, objectives, expectations and intentions,
expectations for sales growth, comparable sales, earnings and
performance, shareholder value, capital expenditures, cash flows,
the housing market, the home improvement industry, demand for
services, share repurchases, Lowe's strategic initiatives,
including those regarding the acquisition by Lowe's Companies, Inc.
of RONA, inc. and the expected impact of the transaction on Lowe's
strategic and operational plans and financial results, and any
statement of an assumption underlying any of the foregoing and
other statements that are not historical facts. Although we
believe that the expectations, opinions, projections, and comments
reflected in these forward-looking statements are reasonable, we
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 either expressed or implied by these forward-looking
statements including, but not limited to, changes in general
economic conditions, such as the rate of unemployment, interest
rate and currency fluctuations, fuel and other energy costs, slower
growth in personal income, changes in consumer spending, changes in
the rate of housing turnover, the availability of consumer credit
and of mortgage financing, inflation or deflation of commodity
prices, and other factors that can negatively affect our customers,
as well as our ability to: (i) respond to adverse trends in the
housing industry, such as a demographic shift from single family to
multi-family housing, a reduced rate of growth in household
formation, and slower rates of growth in housing renovation and
repair activity, as well as uneven recovery in commercial building
activity; (ii) secure, develop, and otherwise implement new
technologies and processes necessary to realize the benefits of our
strategic initiatives focused on omni-channel sales and marketing
presence and enhance our efficiency; (iii) attract, train, and
retain highly-qualified associates; (iv) manage our business
effectively as we adapt our traditional operating model to meet the
changing expectations of our customers; (v) maintain, improve,
upgrade and protect our critical information systems from data
security breaches and other cyber threats; (vi) respond to
fluctuations in the prices and availability of services, supplies,
and products; (vii) respond to the growth and impact of
competition; (viii) address changes in existing or new laws or
regulations that affect consumer credit, employment/labor, trade,
product safety, transportation/logistics, energy costs, health
care, tax or environmental issues; (ix) positively and effectively
manage our public image and reputation and respond appropriately to
unanticipated failures to maintain a high level of product and
service quality that could result in a negative impact on customer
confidence and adversely affect sales; and (x) effectively manage
our relationships with selected suppliers of brand name products
and key vendors and service providers, including third party
installers. In addition, we could experience additional impairment
losses if either the actual results of our operating stores are not
consistent with the assumptions and judgments we have made in
estimating future cash flows and determining asset fair values, or
we are required to reduce the carrying amount of our investment in
certain unconsolidated entities that are accounted for under the
equity method. With respect to the acquisition of RONA, potential
risks include the effect of the transaction on Lowe's and RONA's
strategic relationships, operating results and businesses
generally; our ability to integrate personnel, labor models,
financial, IT and others systems successfully; disruption of our
ongoing business and distraction of management; hiring additional
management and other critical personnel; increasing the scope
geographic diversity and complexity of our operations; significant
transaction costs or unknown liabilities; and failure to realize
the expected benefits of the transaction. For more information
about these and other risks and uncertainties that we are exposed
to, you should read the "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of
Operations—Critical Accounting Policies and Estimates" included in
our most recent Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission (the "SEC") and the description
of material changes thereto, if any, included in our Quarterly
Reports on Form 10-Q or subsequent filings with the SEC.
The forward-looking statements contained in this news release
are expressly qualified in their entirety by the foregoing
cautionary statements. All such forward-looking statements are
based upon data available as of the date of this release or other
specified date and speak only as of such date. All subsequent
written and oral forward-looking statements attributable to us or
any person acting on our behalf about any of the matters covered in
this release are qualified by these cautionary statements and in
the "Risk Factors" included in our most recent Annual Report on
Form 10-K and the description of material changes thereto, if any,
included in our Quarterly Reports on Form 10-Q or subsequent
filings with the SEC. We expressly disclaim any obligation to
update or revise any forward-looking statement, whether as a result
of new information, change in circumstances, future events, or
otherwise.
Lowe's Companies, Inc.
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home
improvement company serving more than 17 million customers a week
in the United States, Canada and Mexico. With fiscal year 2015
sales of $59.1 billion, Lowe's and
its related businesses operate or service more than 2,355 home
improvement and hardware stores and employ over 285,000 employees.
Founded in 1946 and based in Mooresville,
N.C., Lowe's supports the communities it serves through
programs that focus on K-12 public education and community
improvement projects. For more information, visit Lowes.com.
Lowe's Companies,
Inc.
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Consolidated
Statements of Current and Retained Earnings
(Unaudited)
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In Millions, Except
Per Share and Percentage Data
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Three months
ended
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Six months
ended
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July 29,
2016
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July 31,
2015
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July 29,
2016
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July 31,
2015
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Current
Earnings
|
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Amount
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%
Sales
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|
Amount
|
%
Sales
|
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|
Amount
|
%
Sales
|
|
|
Amount
|
%
Sales
|
Net
sales
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|
$
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18,260
|
100.00
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$
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17,348
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100.00
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$
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33,494
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100.00
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|
$
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31,478
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100.00
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Cost of
sales
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11,972
|
65.56
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11,367
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65.53
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21,868
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65.29
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20,486
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65.08
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Gross
margin
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6,288
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34.44
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|
5,981
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34.47
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|
11,626
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34.71
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10,992
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34.92
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Expenses:
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Selling, general and
administrative
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3,871
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21.20
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3,634
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20.94
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7,265
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21.69
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|
7,047
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22.39
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Depreciation
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366
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2.00
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|
375
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2.16
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|
723
|
2.16
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|
741
|
2.35
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Interest -
net
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|
166
|
0.91
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|
133
|
0.77
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|
323
|
0.96
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|
267
|
0.85
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|
Total
expenses
|
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|
4,403
|
24.11
|
|
|
4,142
|
23.87
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|
8,311
|
24.81
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|
8,055
|
25.59
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Pre-tax
earnings
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|
1,885
|
10.33
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|
|
1,839
|
10.60
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|
|
3,315
|
9.90
|
|
|
2,937
|
9.33
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Income tax
provision
|
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|
718
|
3.94
|
|
|
713
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4.11
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|
1,264
|
3.78
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|
|
1,138
|
3.62
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|
Net
earnings
|
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|
$
|
1,167
|
6.39
|
|
$
|
1,126
|
6.49
|
|
$
|
2,051
|
6.12
|
|
$
|
1,799
|
5.71
|
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Weighted average
common shares outstanding - basic
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|
883
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|
931
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|
890
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|
940
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Basic earnings per
common share (1)
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$
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1.32
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$
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1.20
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$
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2.29
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|
$
|
1.90
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Weighted average
common shares outstanding - diluted
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|
885
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933
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892
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942
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Diluted earnings
per common share (1)
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$
|
1.31
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$
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1.20
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$
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2.29
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$
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1.90
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Cash dividends per
share
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$
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0.35
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$
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0.28
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$
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0.63
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$
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0.51
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Retained
Earnings
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Balance at beginning
of period
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$
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7,074
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$
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9,085
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$
|
7,593
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$
|
9,591
|
|
Net
earnings
|
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|
1,167
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|
1,126
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|
2,051
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|
1,799
|
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Cash
dividends
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(309)
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|
|
(260)
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(560)
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|
(478)
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Share
repurchases
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|
(1,093)
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|
(1,418)
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|
(2,245)
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|
|
(2,379)
|
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Balance at end of
period
|
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$
|
6,839
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$
|
8,533
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$
|
6,839
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|
|
$
|
8,533
|
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|
|
|
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|
|
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(1) Under
the two-class method, earnings per share is calculated using net
earnings allocable to common shares, which is derived by reducing
net earnings by the earnings allocable to participating
securities. Net earnings allocable to common shares used in
the basic and diluted earnings per share calculation were $1,162
million for the three months ended July 29, 2016 and $1,121 million
for the three months ended July 31, 2015. Net earnings
allocable to common shares used in the basic and diluted earnings
per share calculation were $2,043 million for the six months ended
July 29, 2016 and $1,790 million for the six months ended July 31,
2015.
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Lowe's Companies,
Inc.
|
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Consolidated
Statements of Comprehensive Income (Unaudited)
|
|
|
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|
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|
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In Millions, Except
Percentage Data
|
|
|
|
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|
|
|
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|
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|
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|
|
Three months
ended
|
|
|
Six months
ended
|
|
|
|
|
July 29,
2016
|
|
|
July 31,
2015
|
|
|
July 29,
2016
|
|
|
July 31,
2015
|
|
|
|
|
Amount
|
%
Sales
|
|
|
Amount
|
%
Sales
|
|
|
Amount
|
%
Sales
|
|
|
Amount
|
%
Sales
|
Net
earnings
|
|
|
$
|
1,167
|
6.39
|
|
$
|
1,126
|
6.49
|
|
$
|
2,051
|
6.12
|
|
$
|
1,799
|
5.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments - net of tax
|
|
|
|
(56)
|
(0.30)
|
|
|
(229)
|
(1.32)
|
|
|
27
|
0.09
|
|
|
(207)
|
(0.66)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income/(loss)
|
|
|
|
(56)
|
(0.30)
|
|
|
(229)
|
(1.32)
|
|
|
27
|
0.09
|
|
|
(207)
|
(0.66)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income
|
|
|
$
|
1,111
|
6.09
|
|
$
|
897
|
5.17
|
|
$
|
2,078
|
6.21
|
|
$
|
1,592
|
5.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
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|
|
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|
|
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|
Lowe's Companies,
Inc.
|
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|
|
|
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|
|
Consolidated
Balance Sheets
|
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|
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|
In Millions, Except
Par Value Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
July 29,
2016
|
|
|
July 31,
2015
|
|
|
January 29,
2016
|
Assets
|
|
|
|
|
|
|
|
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|
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|
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|
Current
assets:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
1,988
|
|
$
|
901
|
|
$
|
405
|
Short-term
investments
|
|
|
168
|
|
|
188
|
|
|
307
|
Merchandise inventory
- net
|
|
|
10,604
|
|
|
9,704
|
|
|
9,458
|
Other current
assets
|
|
|
591
|
|
|
322
|
|
|
391
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
13,351
|
|
|
11,115
|
|
|
10,561
|
|
|
|
|
|
|
|
|
|
|
Property, less
accumulated depreciation
|
|
|
20,274
|
|
|
19,751
|
|
|
19,577
|
Long-term
investments
|
|
|
604
|
|
|
412
|
|
|
222
|
Deferred income taxes
- net
|
|
|
250
|
|
|
254
|
|
|
241
|
Goodwill
|
|
|
1,074
|
|
|
154
|
|
|
154
|
Other
assets
|
|
|
918
|
|
|
1,050
|
|
|
511
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
36,471
|
|
$
|
32,736
|
|
$
|
31,266
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
|
Short-term
borrowings
|
|
$
|
-
|
|
$
|
-
|
|
$
|
43
|
Current maturities of
long-term debt
|
|
|
1,193
|
|
|
1,014
|
|
|
1,061
|
Accounts
payable
|
|
|
7,696
|
|
|
7,123
|
|
|
5,633
|
Accrued compensation
and employee benefits
|
|
|
750
|
|
|
667
|
|
|
820
|
Deferred
revenue
|
|
|
1,285
|
|
|
1,146
|
|
|
1,078
|
Other current
liabilities
|
|
|
2,259
|
|
|
2,191
|
|
|
1,857
|
|
|
|
|
|
|
|
|
|
|
Total current
liabilities
|
|
|
13,183
|
|
|
12,141
|
|
|
10,492
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
excluding current maturities
|
|
|
14,618
|
|
|
10,336
|
|
|
11,545
|
Deferred revenue -
extended protection plans
|
|
|
744
|
|
|
739
|
|
|
729
|
Other
liabilities
|
|
|
904
|
|
|
833
|
|
|
846
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
29,449
|
|
|
24,049
|
|
|
23,612
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
Preferred stock - $5
par value, none issued
|
|
|
-
|
|
|
-
|
|
|
-
|
Common stock - $0.50
par value;
|
|
|
|
|
|
|
|
|
|
Shares issued and
outstanding
|
|
|
|
|
|
|
|
|
|
July 29,
2016
|
881
|
|
|
|
|
|
|
|
|
July 31,
2015
|
928
|
|
|
|
|
|
|
|
|
January 29,
2016
|
910
|
|
440
|
|
|
464
|
|
|
455
|
Capital in excess of
par value
|
|
|
-
|
|
|
-
|
|
|
-
|
Retained
earnings
|
|
|
6,839
|
|
|
8,533
|
|
|
7,593
|
Accumulated other
comprehensive loss
|
|
|
(366)
|
|
|
(310)
|
|
|
(394)
|
|
|
|
|
|
|
|
|
|
|
Total Lowe's
Companies, Inc. shareholders' equity
|
|
6,913
|
|
|
8,687
|
|
|
7,654
|
Noncontrolling
interest
|
|
|
109
|
|
|
-
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Total
equity
|
|
|
7,022
|
|
|
8,687
|
|
|
7,654
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
and equity
|
|
$
|
36,471
|
|
$
|
32,736
|
|
$
|
31,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lowe's Companies,
Inc.
|
|
|
|
|
Consolidated
Statements of Cash Flows (Unaudited)
|
|
|
|
|
In
Millions
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
July 29,
2016
|
|
July 31,
2015
|
Cash flows from
operating activities:
|
|
|
|
|
Net
earnings
|
|
$
2,051
|
|
$
1,799
|
Adjustments to
reconcile net earnings to net cash provided by
|
|
|
|
|
operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
|
778
|
|
791
|
Deferred income
taxes
|
|
(25)
|
|
(102)
|
(Gain)/Loss on
property and other assets - net
|
|
(51)
|
|
17
|
Loss on equity method
investments
|
|
5
|
|
31
|
Share-based payment
expense
|
|
49
|
|
57
|
Changes in operating
assets and liabilities:
|
|
|
|
|
Merchandise inventory
- net
|
|
(310)
|
|
(804)
|
Other operating
assets
|
|
84
|
|
27
|
Accounts
payable
|
|
1,723
|
|
2,005
|
Other operating
liabilities
|
|
324
|
|
343
|
Net cash provided
by operating activities
|
|
4,628
|
|
4,164
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of
investments
|
|
(675)
|
|
(488)
|
Proceeds from
sale/maturity of investments
|
|
431
|
|
366
|
Capital
expenditures
|
|
(490)
|
|
(570)
|
Contributions to
equity method investments - net
|
|
-
|
|
(39)
|
Proceeds from sale of
property and other long-term assets
|
|
17
|
|
20
|
Purchases of
derivative instruments
|
|
(103)
|
|
-
|
Proceeds from
settlement of derivative instruments
|
|
179
|
|
-
|
Acquisition of
business - net
|
|
(2,284)
|
|
-
|
Other -
net
|
|
(9)
|
|
(25)
|
Net cash used in
investing activities
|
|
(2,934)
|
|
(736)
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
Net change in
short-term borrowings
|
|
(44)
|
|
-
|
Net proceeds from
issuance of long-term debt
|
|
3,267
|
|
-
|
Repayment of
long-term debt
|
|
(495)
|
|
(31)
|
Proceeds from
issuance of common stock under
share-based payment plans
|
|
82
|
|
62
|
Cash dividend
payments
|
|
(506)
|
|
(440)
|
Repurchase of common
stock
|
|
(2,454)
|
|
(2,629)
|
Other -
net
|
|
40
|
|
50
|
Net cash used in
financing activities
|
|
(110)
|
|
(2,988)
|
|
|
|
|
|
Effect of exchange
rate changes on cash
|
|
(1)
|
|
(5)
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
|
1,583
|
|
435
|
Cash and cash
equivalents, beginning of period
|
|
405
|
|
466
|
Cash and cash
equivalents, end of period
|
|
$
1,988
|
|
$
901
|
|
|
|
|
|
|
|
|
|
|
Logo
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lowes-reports-second-quarter-sales-and-earnings-results-300314523.html
SOURCE Lowe's Companies, Inc.