10-YEAR FINANCIAL INFORMATION
Fiscal Years Ended on
February 3,
2017*
January 29,
2016
January 30,
2015
January 31,
2014
February 1,
2013
February 3,
2012*
January 28,
2011
January 29,
2010
January 30,
2009
February 1,
2008
Stores and people
Number of stores1
Selling square feet (in millions)
Number of employees (in thousands)
Total customer transactions (in millions)
Average ticket
2,365
213
291
945
$ 68.82
1,857
202
272
878
$ 67.26
1,840
201
265
857
$ 65.61
1,832
200
263
828
$ 64.52
1,754
197
245
804
$ 62.82
1,745
197
248
810
$ 62.00
1,749
197
234
786
$ 62.07
1,710
193
239
766
$ 61.66
1,649
187
229
740
$ 65.15
1,534
174
216
720
$ 67.05
Comparative income statements
Net sales (in millions)
Gross margin
Selling, general & administrative (% to sales)3
Depreciation and amortization (% to sales)
Operating margin2,3
Interest—net (% to sales)
Net earnings (% to sales)3,4
Weighted-average shares, assuming dilution (in millions)
Diluted earnings per common share3,4
Adjusted diluted earnings per common share5
Cash dividends per share
$65,017
34.55%
23.27%
2.29%
8.99%
0.99%
4.76%
881
$  3.47
$  3.99
$  1.33
$59,074
34.82%
23.88%
2.53%
8.41%
0.93%
4.31%
929
$  2.73
$  3.29
$  1.07
$56,223
34.79%
23.60%
2.66%
8.53%
0.92%
4.80%
990
$  2.71
—
$  0.87
$53,417
34.59%
24.07%
2.75%
7.77%
0.89%
4.28%
1,061
$  2.14
—
$  0.70
$50,521
34.30%
24.22%
3.03%
7.05%
0.84%
3.88%
1,152
$  1.69
—
$  0.62
$50,208
34.56%
25.08%
2.95%
6.53%
0.74%
3.66%
1,273
$  1.43
—
$  0.53
$48,815
35.14%
24.60%
3.25%
7.29%
0.68%
4.12%
1,403
$  1.42
—
$  0.42
$47,220
34.86%
24.85%
3.42%
6.59%
0.61%
3.78%
1,464
$  1.21
—
$  0.36
$48,230
34.21%
23.17%
3.19%
7.85%
0.58%
4.55%
1,468
$  1.49
—
$  0.34
$48,283
34.64%
22.07%
2.83%
9.74%
0.40%
5.82%
1,507
$  1.86
—
$  0.29
Comparative balance sheets (in millions)
Cash and short-term investments
Merchandise inventory—net
Total current assets6
Property, less accumulated depreciation
Total assets6
Accounts payable
Total current liabilities
Total debt6,7
Total liabilities6
Shareholders’ equity
Shares outstanding, year-end
$   658
10,458
12,000
19,949
34,408
6,651
11,974
15,699
27,974
$ 6,434
866
$   712
9,458
10,561
19,577
31,266
5,633
10,492
12,649
23,612
$ 7,654
910
$   591
8,911
9,851
20,034
31,721
5,124
9,348
11,358
21,753
$ 9,968
960
$   576
9,127
10,044
20,834
32,471
5,008
8,876
10,512
20,618
$11,853
1,030
$   666
8,600
9,567
21,477
32,441
4,657
7,708
9,069
18,584
$13,857
1,110
$ 1,300
8,355
9,889
21,970
33,369
4,352
7,891
7,620
16,836
$16,533
1,241
$ 1,123
8,321
9,774
22,089
33,500
4,351
7,119
6,567
15,388
$18,112
1,354
$ 1,057
8,249
9,524
22,499
32,793
4,287
7,355
5,076
13,724
$19,069
1,459
$   661
8,209
9,085
22,722
32,516
4,109
7,560
6,056
14,461
$18,055
1,470
$   530
7,611
8,386
21,361
30,564
3,713
7,316
6,675
14,466
$16,098
1,458
Cash flows (in millions)
Net cash provided by operating activities
Capital expenditures
Cash dividend payments
Repurchase of common stock
$ 5,617
1,167
1,121
$ 3,595
$ 4,784
1,197
957
$ 3,925
$ 4,929
880
822
$ 3,905
$ 4,111
940
733
$ 3,710
$ 3,762
1,211
704
$ 4,393
$ 4,349
1,829
647
$ 2,937
$ 3,852
1,329
571
$ 2,618
$ 4,054
1,799
391
$   504
$ 4,122
3,266
491
$     8
$ 4,347
4,010
428
$ 2,275
Financial metrics
Comparable sales growth8
Sales per average selling square foot9
Inventory turnover10
4.2%
$   313
4.05
4.8%
$   293
3.92
4.3%
$   280
3.85
4.8%
$   269
3.74
1.4%
$   257
3.74
0.0%
$   255
3.72
1.3%
$   250
3.63
(6.7%)
$   249
3.65
(7.2%)
$   267
3.91
(5.1%)
$   292
4.06
*Years ending February 3, 2017 and February 3, 2012 were 53-week years. All other years contained 52 weeks.
Explanatory Notes:
  1 RONA was acquired in 2016 adding 245 corporate-owned stores in Canada, as well as approximately 236 dealer-owned stores. 72 Orchard Supply Hardware stores acquired in 2013.
  2 Operating margin is defined as operating income as a percentage of sales.
  3 2 016 results include the net settlement of a foreign currency hedge entered into in advance of the Company’s acquisition of RONA in the first half of the year, a charge related to the joint venture with Woolworths in Australia recognized in the third quarter, project write-offs
recognized in the third quarter that were canceled as a part of the Company’s ongoing review of strategic initiatives in an effort to focus on the critical projects that will drive desired outcomes, goodwill and long-lived asset impairment charges associated with the Company’s
Orchard Supply Hardware operations as part of a strategic reassessment of this business during the third quarter, and severance-related costs associated with the Company’s productivity efforts in the fourth quarter. 2015 results include a non-cash impairment charge in
connection with the Company’s decision to exit its joint venture with Woolworths Limited in Australia.
  4 2 016 results include the impact of a tax charge primarily related to the issuance of final Internal Revenue Code Section 987 regulations in December 2016, and under the two-class method, the premium paid in the fourth quarter to redeem the RONA preferred shares was
deducted from net earnings to compute net earnings allocable to common shareholders.
  5 Adjusted diluted earnings per common share is a non-GAAP financial measure. Refer to the Management’s Discussion and Analysis section of our Annual Report on Form 10-K for additional information as well as reconciliations between the Company’s GAAP and non-GAAP
financial results.
  6 P rior period balances have been retrospectively adjusted as a result of the Company’s adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-17, Balance Sheet Classification of Deferred Taxes. The adoption of these accounting
standards required reclassification of current deferred tax assets and liabilities to non-current, as well as reclassification of debt issuance costs from other assets to long-term debt, excluding current maturities.
  7 Total debt is defined as short-term borrowings and long-term debt, including current maturities.
  8 Comparable sales growth for the year ended February 3, 2017 and February 3, 2012 were calculated using sales for comparable 53-week periods. Comparable sales growth for all other years was calculated using sales for comparable 52-week periods. Please refer to the
Management’s Discussion & Analysis section of Lowe’s Companies, Inc. Annual Report on Form 10-K for the definition of a comparable location.
  9 S ales per selling square foot is defined as sales divided by the average of beginning and ending selling square feet.
10 Inventory turnover is calculated by dividing the sum of the last four quarters’ cost of goods sold by the average of the last five quarters’ ending inventory.