2014 Q2 Form 10-Q Financial Statement

#000006066714000110 Filed on June 03, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $13.40B $13.09B
YoY Change 2.41% -0.49%
Cost Of Revenue $8.645B $8.533B
YoY Change 1.31% -0.65%
Gross Profit $4.758B $4.555B
YoY Change 4.46% -0.2%
Gross Profit Margin 35.5% 34.8%
Selling, General & Admin $3.319B $3.222B
YoY Change 3.01% -0.59%
% of Gross Profit 69.76% 70.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $398.0M $376.0M
YoY Change 5.85% -5.05%
% of Gross Profit 8.36% 8.25%
Operating Expenses $3.816B $3.687B
YoY Change 3.5% -0.73%
Operating Profit $942.0M $868.0M
YoY Change 8.53% 2.12%
Interest Expense -$124.0M $1.000M
YoY Change -12500.0% -100.97%
% of Operating Profit -13.16% 0.12%
Other Income/Expense, Net $0.00 -$114.0M
YoY Change -100.0%
Pretax Income $942.0M $868.0M
YoY Change 8.53% 2.12%
Income Tax $318.0M $328.0M
% Of Pretax Income 33.76% 37.79%
Net Earnings $624.0M $540.0M
YoY Change 15.56% 2.47%
Net Earnings / Revenue 4.66% 4.13%
Basic Earnings Per Share $0.61 $0.49
Diluted Earnings Per Share $0.61 $0.49
COMMON SHARES
Basic Shares Outstanding 1.015B shares 1.088B shares
Diluted Shares Outstanding 1.017B shares 1.090B shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $768.0M $1.199B
YoY Change -35.95% -61.62%
Cash & Equivalents $658.0M $1.081B
Short-Term Investments $110.0M $118.0M
Other Short-Term Assets $386.0M $313.0M
YoY Change 23.32% -5.15%
Inventory $10.52B $10.27B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.95B $12.01B
YoY Change -0.52% -11.84%
LONG-TERM ASSETS
Property, Plant & Equipment $20.62B $21.26B
YoY Change -3.01% -2.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $32.00M $272.0M
YoY Change -88.24% -34.93%
Other Assets $1.300B $1.188B
YoY Change 9.43% 13.25%
Total Long-Term Assets $22.28B $22.72B
YoY Change -1.94% -3.66%
TOTAL ASSETS
Total Short-Term Assets $11.95B $12.01B
Total Long-Term Assets $22.28B $22.72B
Total Assets $34.23B $34.73B
YoY Change -1.45% -6.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.051B $7.041B
YoY Change 0.14% 0.92%
Accrued Expenses $501.0M $467.0M
YoY Change 7.28% -5.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $47.00M $47.00M
YoY Change 0.0% -92.07%
Total Short-Term Liabilities $10.81B $10.44B
YoY Change 3.59% -5.07%
LONG-TERM LIABILITIES
Long-Term Debt $10.08B $9.026B
YoY Change 11.68% 0.09%
Other Long-Term Liabilities $862.0M $857.0M
YoY Change 0.58% -0.7%
Total Long-Term Liabilities $862.0M $857.0M
YoY Change 0.58% -0.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.81B $10.44B
Total Long-Term Liabilities $862.0M $857.0M
Total Liabilities $22.75B $21.48B
YoY Change 5.9% -2.39%
SHAREHOLDERS EQUITY
Retained Earnings $10.99B $12.62B
YoY Change -12.94% -13.32%
Common Stock $0.00 $38.00M
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.48B $13.25B
YoY Change
Total Liabilities & Shareholders Equity $34.23B $34.73B
YoY Change -1.45% -6.66%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $624.0M $540.0M
YoY Change 15.56% 2.47%
Depreciation, Depletion And Amortization $398.0M $376.0M
YoY Change 5.85% -5.05%
Cash From Operating Activities $1.994B $1.992B
YoY Change 0.1% -19.25%
INVESTING ACTIVITIES
Capital Expenditures $194.0M $196.0M
YoY Change -1.02% -41.84%
Acquisitions
YoY Change
Other Investing Activities $5.000M $5.000M
YoY Change 0.0% -54.55%
Cash From Investing Activities -$280.0M -$263.0M
YoY Change 6.46% -44.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $910.0M $1.046B
YoY Change -13.0% -41.53%
Debt Paid & Issued, Net $12.00M $11.00M
YoY Change 9.09% 10.0%
Cash From Financing Activities -1.447B -$1.190B
YoY Change 21.6% -2083.33%
NET CHANGE
Cash From Operating Activities 1.994B $1.992B
Cash From Investing Activities -280.0M -$263.0M
Cash From Financing Activities -1.447B -$1.190B
Net Change In Cash 267.0M $539.0M
YoY Change -50.46% -73.8%
FREE CASH FLOW
Cash From Operating Activities $1.994B $1.992B
Capital Expenditures $194.0M $196.0M
Free Cash Flow $1.800B $1.796B
YoY Change 0.22% -15.68%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Note 1:</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font><font style="font-family:inherit;font-size:10pt;"> - The accompanying consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America.&#160;&#160;The consolidated financial statements (unaudited), in the opinion of management, contain all adjustments necessary to present fairly the financial position as of </font><font style="font-family:inherit;font-size:10pt;">May&#160;2, 2014</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">May&#160;3, 2013</font><font style="font-family:inherit;font-size:10pt;">, and the results of operations, comprehensive income and cash flows for the three months ended </font><font style="font-family:inherit;font-size:10pt;">May&#160;2, 2014</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;">May&#160;3, 2013</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">These interim consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe's Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 31, 2014 (the Annual Report).&#160;&#160;The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.</font></div></div>
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CY2013Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2014Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
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ShortTermBorrowings
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CY2014Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
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CY2014Q2 us-gaap Short Term Investments
ShortTermInvestments
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CY2013Q2 us-gaap Short Term Investments
ShortTermInvestments
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CY2014Q1 us-gaap Short Term Investments
ShortTermInvestments
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CY2014Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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CY2014Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
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CY2013Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2014Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
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CY2014Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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UnrecognizedTaxBenefits
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CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2013Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q2 low Accrual For Claims Incurred
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29000000 USD
CY2013Q2 low Accrual For Claims Incurred
AccrualForClaimsIncurred
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CY2014Q2 low Adjustments To Retained Earnings Share Repurchase
AdjustmentsToRetainedEarningsShareRepurchase
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AdjustmentsToRetainedEarningsShareRepurchase
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CY2014Q2 low Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest Percent
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestPercent
0.0472
CY2013Q2 low Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest Percent
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestPercent
0.0413
CY2014Q2 low Cost Of Goods And Services Sold Percent
CostOfGoodsAndServicesSoldPercent
0.6450
CY2013Q2 low Cost Of Goods And Services Sold Percent
CostOfGoodsAndServicesSoldPercent
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CY2014Q2 low Deferred Costs Associated With Extended Warranty Contracts
DeferredCostsAssociatedWithExtendedWarrantyContracts
46000000 USD
CY2013Q2 low Deferred Costs Associated With Extended Warranty Contracts
DeferredCostsAssociatedWithExtendedWarrantyContracts
83000000 USD
CY2014Q1 low Deferred Costs Associated With Extended Warranty Contracts
DeferredCostsAssociatedWithExtendedWarrantyContracts
53000000 USD
CY2014Q2 low Deferred Income Tax Expense Benefit Excluding Share Based Payment Shortfall
DeferredIncomeTaxExpenseBenefitExcludingShareBasedPaymentShortfall
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DeferredRevenueAdditionsFromSalesOfExtendedWarrantyContracts
70000000 USD
CY2014Q2 low Deferred Revenue Additions From Sales Of Extended Warranty Contracts
DeferredRevenueAdditionsFromSalesOfExtendedWarrantyContracts
75000000 USD
CY2013Q2 low Deferred Revenue From Sales Of Extended Warranty Contracts
DeferredRevenueFromSalesOfExtendedWarrantyContracts
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CY2014Q1 low Deferred Revenue From Sales Of Extended Warranty Contracts
DeferredRevenueFromSalesOfExtendedWarrantyContracts
730000000 USD
CY2014Q2 low Deferred Revenue From Sales Of Extended Warranty Contracts
DeferredRevenueFromSalesOfExtendedWarrantyContracts
730000000 USD
CY2013Q1 low Deferred Revenue From Sales Of Extended Warranty Contracts
DeferredRevenueFromSalesOfExtendedWarrantyContracts
715000000 USD
CY2013Q2 low Deferred Revenue Recognized From Sales Of Extended Warranty Contracts
DeferredRevenueRecognizedFromSalesOfExtendedWarrantyContracts
68000000 USD
CY2014Q2 low Deferred Revenue Recognized From Sales Of Extended Warranty Contracts
DeferredRevenueRecognizedFromSalesOfExtendedWarrantyContracts
75000000 USD
CY2013Q2 low Depreciation Nonproduction Percent
DepreciationNonproductionPercent
0.0269
CY2014Q2 low Depreciation Nonproduction Percent
DepreciationNonproductionPercent
0.0278
CY2014Q2 low Gross Profit Percent
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0.3550
CY2013Q2 low Gross Profit Percent
GrossProfitPercent
0.3480
CY2014Q2 low Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments Percent
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestmentsPercent
0.0703
CY2013Q2 low Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments Percent
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestmentsPercent
0.0663
CY2014Q2 low Income Tax Expense Benefit Percent
IncomeTaxExpenseBenefitPercent
0.0237
CY2013Q2 low Income Tax Expense Benefit Percent
IncomeTaxExpenseBenefitPercent
0.0250
CY2013Q2 low Interest Expense Percent
InterestExpensePercent
0.0086
CY2014Q2 low Interest Expense Percent
InterestExpensePercent
0.0093
CY2014Q2 low Operating Expenses Percent
OperatingExpensesPercent
0.2847
CY2013Q2 low Operating Expenses Percent
OperatingExpensesPercent
0.2817
CY2014Q2 low Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax Percent
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0.0006
CY2013Q2 low Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax Percent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTaxPercent
0.0000
CY2014Q2 low Other Comprehensive Income Loss Net Of Tax Percent
OtherComprehensiveIncomeLossNetOfTaxPercent
0.0006
CY2013Q2 low Other Comprehensive Income Loss Net Of Tax Percent
OtherComprehensiveIncomeLossNetOfTaxPercent
0.0000
CY2013Q2 low Profit Loss Allocable Common Share Basic
ProfitLossAllocableCommonShareBasic
537000000 USD
CY2014Q2 low Profit Loss Allocable Common Share Basic
ProfitLossAllocableCommonShareBasic
620000000 USD
CY2013Q2 low Profit Loss Allocable Common Share Diluted
ProfitLossAllocableCommonShareDiluted
537000000 USD
CY2014Q2 low Profit Loss Allocable Common Share Diluted
ProfitLossAllocableCommonShareDiluted
620000000 USD
CY2014Q2 low Profit Loss Allocable Participating Securities Basic
ProfitLossAllocableParticipatingSecuritiesBasic
4000000 USD
CY2013Q2 low Profit Loss Allocable Participating Securities Basic
ProfitLossAllocableParticipatingSecuritiesBasic
3000000 USD
CY2013Q2 low Profit Loss Allocable Participating Securities Diluted
ProfitLossAllocableParticipatingSecuritiesDiluted
3000000 USD
CY2014Q2 low Profit Loss Allocable Participating Securities Diluted
ProfitLossAllocableParticipatingSecuritiesDiluted
4000000 USD
CY2014Q2 low Profit Loss Percent
ProfitLossPercent
0.0466
CY2013Q2 low Profit Loss Percent
ProfitLossPercent
0.0413
CY2013Q2 low Sales Revenue Net Percent
SalesRevenueNetPercent
1.0000
CY2014Q2 low Sales Revenue Net Percent
SalesRevenueNetPercent
1.0000
CY2014Q2 low Selling General And Administrative Expense Percent
SellingGeneralAndAdministrativeExpensePercent
0.2476
CY2013Q2 low Selling General And Administrative Expense Percent
SellingGeneralAndAdministrativeExpensePercent
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CY2014Q2 low Stock Repurchased And Retired During Period Values
StockRepurchasedAndRetiredDuringPeriodValues
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CY2013Q2 low Stock Repurchased And Retired During Period Values
StockRepurchasedAndRetiredDuringPeriodValues
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CY2013Q2 low Unrecognized Tax Benefits Interest On Income Taxes Expense Net
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpenseNet
0 USD
CY2014Q2 low Unrecognized Tax Benefits Interest On Income Taxes Expense Net
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpenseNet
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CY2014Q2 dei Amendment Flag
AmendmentFlag
false
CY2014Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-30
CY2014Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q2 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q2 dei Document Period End Date
DocumentPeriodEndDate
2014-05-02
CY2014Q2 dei Document Type
DocumentType
10-Q
CY2014Q2 dei Entity Central Index Key
EntityCentralIndexKey
0000060667
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
997316166 shares
CY2014Q2 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014Q2 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q2 dei Entity Registrant Name
EntityRegistrantName
LOWES COMPANIES INC
CY2014Q2 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2014Q2 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

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0000060667-14-000110.txt Edgar Link pending
0000060667-14-000110-xbrl.zip Edgar Link pending
exhibit121.htm Edgar Link pending
exhibit151.htm Edgar Link pending
exhibit311.htm Edgar Link pending
exhibit312.htm Edgar Link pending
exhibit321.htm Edgar Link pending
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Financial_Report.xls Edgar Link pending
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