Lowe's Companies (LOW) FY2011 results: revenue $50.2 billion, up 2.9% on the year
Lowe's Companies Inc. (LOW) reported revenue of $50.2 billion for fiscal 2011, the year ended 3 February 2012, up 2.9% on the year before. Net income was $1.8 billion, down 8.5%, and diluted earnings per share $1.43. The figures are the company's own, from the 10-K it filed with the SEC on 2 April 2012.
Revenue
$50.2 billion
+2.9% on the year
FY2007FY2011
Operating margin
5.8%
6.6% a year earlier
FY2007FY2011
Net income
$1.8 billion
-8.5% on the year
FY2007FY2011
Diluted EPS
$1.43
+0.7% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
50,208
48,815
47,220
+2.9%
Cost of revenue
32,858
31,663
30,757
+3.8%
Gross profit
17,350
17,152
16,463
+1.2%
Gross margin
34.6%
35.1%
34.9%
Selling, general and administrative
12,593
12,006
11,737
+4.9%
Operating income
2,906
3,228
2,825
-10.0%
Operating margin
5.8%
6.6%
6.0%
Interest expense
n/a
332
287
Pre-tax income
2,906
3,228
2,825
-10.0%
Income tax
1,067
1,218
1,042
-12.4%
Effective tax rate
36.7%
37.7%
36.9%
Net income
1,839
2,010
1,783
-8.5%
Net margin
3.7%
4.1%
3.8%
Diluted EPS
$1.43
$1.42
$1.21
+0.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
4,349
3,852
4,054
+12.9%
Capital expenditure
1,829
1,329
1,799
+37.6%
Free cash flow
2,520
2,523
2,255
-0.1%
Free cash flow margin
5.0%
5.2%
4.8%
Cash from investing
-1,437
-2,184
-1,886
Cash from financing
-2,549
-1,651
-1,801
Depreciation and amortisation
1,579
1,684
1,733
-6.2%
Share-based compensation
107
115
102
-7.0%
Buybacks
2,937
2,618
504
+12.2%
Dividends paid
647
571
391
+13.3%
Dividend per share
$0.53
$0.42
$0.35
+26.2%
Diluted shares, weighted
1,273m
1,403m
1,464m
-9.3%
Shares outstanding at period end
1,241m
1,354m
1,459m
-8.3%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
16,533
18,112
19,069
-8.7%
Short-term borrowings
n/a
n/a
0.0
Debt
7,627
6,573
5,080
+16.0%
Other liabilities
9,399
9,014
8,856
+4.3%
Total liabilities and equity
33,559
33,699
33,005
-0.4%
Fixed assets
21,970
22,089
22,499
-0.5%
Investments
790
1,479
702
-46.6%
Cash and equivalents
1,014
652
632
+55.5%
Inventory
8,355
8,321
8,249
+0.4%
Other assets
1,430
1,158
923
+23.5%
Total assets
33,559
33,699
33,005
-0.4%
10-K for the year ended 3 February 2012, filed 2 April 2012: the filing.