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10-YEAR FINANCIAL INFORMATION 1 - Lowe's … FINANCIAL INFORMATION 1 5-Year January 28, January 29, January 30, February 1, February 2, February 3, January 28, January 30, January

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Page 1: 10-YEAR FINANCIAL INFORMATION 1 - Lowe's … FINANCIAL INFORMATION 1 5-Year January 28, January 29, January 30, February 1, February 2, February 3, January 28, January 30, January

50 LOWE’S 2010 ANNUAL REPORT

LOWE’S COMPANIES, INC. FINANCIAL HISTORY (Unaudited)10-YEAR FINANCIAL INFORMATION 1

5-Year January 28, January 29, January 30, February 1, February 2, February 3, January 28, January 30, January 31, February 1,Fiscal Years Ended On CGR% 2011 2010 2009 2008 2007 2006* 2005 2004 2003 2002

Stores and people 1 Number of stores 7.2 1,749 1,710 1,649 1,534 1 1,385 1,234 1,087 952 828 718 1 2 Square footage (in millions) 7.1 197.1 193.2 186.6 174.1 2 157.1 140.1 123.7 108.8 94.7 80.7 2 3 Number of employees 4.8 234,318 238,793 228,729 215,978 3 210,142 185,314 161,964 147,052 120,692 107,404 3 4 Customer transactions (in millions) 4.2 786 766 740 720 4 680 639 575 521 460 394 4 5Averagepurchase (1.7) $ 62.07 $ 61.66 $ 65.15 $ 67.05 5 $ 68.98 $ 67.67 $ 63.43 $ 59.21 $ 56.80 $ 55.05 5

Comparative income statements (in millions) 6 Sales 2.5 $ 48,815 $ 47,220 $ 48,230 $ 48,283 6 $ 46,927 $ 43,243 $ 36,464 $ 30,838 $ 26,112 $ 21,714 6 7 Depreciation 10.1 1,586 1,614 1,539 1,366 7 1,162 980 859 739 617 509 7 8 Interest – net 16.0 332 287 280 194 8 154 158 176 180 182 174 8 9 Pre-tax earnings (6.4) 3,228 2,825 3,506 4,511 9 4,998 4,496 3,520 2,908 2,362 1,535 9 10Incometaxprovision NM 1,218 1,042 1,311 1,702 10 1,893 1,731 1,353 1,101 889 566 10 11 Earnings from continuing operations (6.2) 2,010 1,783 2,195 2,809 11 3,105 2,765 2,167 1,807 1,473 969 11 12Earningsfromdiscontinuedoperations,netoftax1 NM – – – – 12 – – – 15 12 13 12 13 Net earnings (6.2) 2,010 1,783 2,195 2,809 13 3,105 2,765 2,167 1,822 1,485 982 13 14 Cash dividends 28.0 588 522 491 428 14 276 171 116 87 66 60 14 15Earningsretained (11.3) $ 1,422 $ 1,261 $ 1,704 $ 2,381 15 $ 2,829 $ 2,594 $ 2,051 $ 1,735 $ 1,419 $ 922 15

Dollars per share (weighted-average shares, assuming dilution) 16Sales 5.3 $ 34.79 $ 32.25 $ 32.85 $ 32.04 16 $ 30.00 $ 26.91 $ 22.55 $ 18.91 $ 16.12 $ 13.49 16 17 Earnings (3.9) 1.42 1.21 1.49 1.86 17 1.98 1.73 1.35 1.13 0.93 0.62 17 18 Cash dividends 31.6 0.42 0.36 0.34 0.28 18 0.18 0.11 0.08 0.06 0.04 0.04 18 19 Earnings retained (9.2) 1.00 0.85 1.15 1.58 19 1.80 1.62 1.27 1.07 0.89 0.58 19 20Shareholders’equity 7.7 $ 12.91 $ 13.03 $ 12.30 $ 10.68 20 $ 10.05 $ 8.90 $ 7.11 $ 6.25 $ 5.08 $ 4.09 20

Financial ratios 21 Asset turnover 2 1.48 1.45 1.57 1.74 21 1.91 2.05 1.96 1.96 1.93 1.93 21 22 Return on sales 3 4.12% 3.78% 4.55% 5.82% 22 6.62% 6.39% 5.94% 5.91% 5.69% 4.52% 22 23 Return on average assets 4 6.03% 5.43% 6.92% 9.60% 23 11.87% 12.11% 10.91% 10.59% 10.14% 7.92% 23 24 Return on average shareholders’ equity 5 10.81% 9.61% 12.85% 17.65% 24 20.69% 21.44% 19.99% 19.79% 20.05% 16.33% 24

Comparative balance sheets (in millions) 25Totalcurrentassets 5.2 $ 9,967 $ 9,732 $ 9,190 $ 8,633 25 $ 8,273 $ 7,753 $ 6,842 $ 6,418 $ 5,333 $ 4,798 25 26 Cash and short-term investments 5.1 1,123 1,057 661 530 26 796 876 813 1,624 1,126 853 26 27 Merchandise inventory – net 4.6 8,321 8,249 8,209 7,611 27 7,144 6,635 5,850 4,482 3,911 3,611 27 28 Property, less accumulated depreciation 6.2 22,089 22,499 22,722 21,361 28 18,971 16,354 13,911 11,819 10,245 8,565 28 29 Total assets 6.5 33,699 33,005 32,625 30,816 29 27,726 24,604 21,077 18,647 15,767 13,526 29 30 Total current liabilities 5.5 7,119 7,355 7,560 7,316 30 6,108 5,449 5,337 3,908 3,180 2,808 30 31 Accounts payable 9.0 4,351 4,287 4,109 3,713 31 3,524 2,832 2,695 2,212 1,791 1,589 31 32Long-termdebt(excludingcurrentmaturities) 13.3 6,537 4,528 5,039 5,576 32 4,325 3,499 3,060 3,678 3,736 3,734 32 33 Total liabilities 8.6 15,587 13,936 14,570 14,718 33 12,001 10,308 9,579 8,459 7,541 6,942 33 34 Shareholders’ equity 4.8 $ 18,112 $ 19,069 $ 18,055 $ 16,098 34 $ 15,725 $ 14,296 $ 11,498 $ 10,188 $ 8,226 $ 6,584 34

35Equity/long-termdebt(excludingcurrentmaturities) 2.77 4.21 3.58 2.89 35 3.64 4.09 3.76 2.77 2.20 1.76 35 36 Year-end leverage factor: assets/equity 1.86 1.73 1.81 1.92 36 1.76 1.72 1.83 1.83 1.92 2.05 36

Shareholders, shares and book value 37 Shareholders of record, year-end 30,097 31,168 31,561 31,513 37 29,439 27,427 27,071 26,553 25,405 19,277 37 38 Shares outstanding, year-end (in millions) 1,354 1,459 1,470 1,458 38 1,525 1,568 1,548 1,575 1,564 1,551 38 39 Weighted-average shares, assuming dilution (in millions) 1,403 1,464 1,468 1,507 39 1,564 1,607 1,617 1,631 1,620 1,610 39 40Bookvaluepershare $ 13.38 $ 13.07 $ 12.28 $ 11.04 40 $ 10.31 $ 9.12 $ 7.43 $ 6.47 $ 5.26 $ 4.25 40

Stock price during calendar year (adjusted for stock splits)6

41High $ 28.54 $ 24.50 $ 28.49 $ 35.74 41 $ 34.83 $ 34.85 $ 30.27 $ 30.21 $ 25.00 $ 24.44 41 42Low $ 19.35 $ 13.00 $ 15.76 $ 21.01 42 $ 26.15 $ 25.36 $ 22.95 $ 16.69 $ 16.25 $ 12.40 42 43ClosingpriceDecember31 $ 25.08 $ 23.39 $ 21.52 $ 22.62 43 $ 31.15 $ 33.33 $ 28.80 $ 27.70 $ 18.75 $ 23.21 43

Price/earnings ratio 44 High 20 20 19 19 44 17 20 22 27 27 40 44 45 Low 14 11 11 11 45 13 15 17 15 17 20 45

Page 2: 10-YEAR FINANCIAL INFORMATION 1 - Lowe's … FINANCIAL INFORMATION 1 5-Year January 28, January 29, January 30, February 1, February 2, February 3, January 28, January 30, January

LOWE’S 2010 ANNUAL REPORT 51

5-Year January 28, January 29, January 30, February 1, February 2, February 3, January 28, January 30, January 31, February 1,Fiscal Years Ended On CGR% 2011 2010 2009 2008 2007 2006* 2005 2004 2003 2002

Stores and people 1 Number of stores 7.2 1,749 1,710 1,649 1,534 1 1,385 1,234 1,087 952 828 718 1 2 Square footage (in millions) 7.1 197.1 193.2 186.6 174.1 2 157.1 140.1 123.7 108.8 94.7 80.7 2 3 Number of employees 4.8 234,318 238,793 228,729 215,978 3 210,142 185,314 161,964 147,052 120,692 107,404 3 4 Customer transactions (in millions) 4.2 786 766 740 720 4 680 639 575 521 460 394 4 5Averagepurchase (1.7) $ 62.07 $ 61.66 $ 65.15 $ 67.05 5 $ 68.98 $ 67.67 $ 63.43 $ 59.21 $ 56.80 $ 55.05 5

Comparative income statements (in millions) 6 Sales 2.5 $ 48,815 $ 47,220 $ 48,230 $ 48,283 6 $ 46,927 $ 43,243 $ 36,464 $ 30,838 $ 26,112 $ 21,714 6 7 Depreciation 10.1 1,586 1,614 1,539 1,366 7 1,162 980 859 739 617 509 7 8 Interest – net 16.0 332 287 280 194 8 154 158 176 180 182 174 8 9 Pre-tax earnings (6.4) 3,228 2,825 3,506 4,511 9 4,998 4,496 3,520 2,908 2,362 1,535 9 10Incometaxprovision NM 1,218 1,042 1,311 1,702 10 1,893 1,731 1,353 1,101 889 566 10 11 Earnings from continuing operations (6.2) 2,010 1,783 2,195 2,809 11 3,105 2,765 2,167 1,807 1,473 969 11 12Earningsfromdiscontinuedoperations,netoftax1 NM – – – – 12 – – – 15 12 13 12 13 Net earnings (6.2) 2,010 1,783 2,195 2,809 13 3,105 2,765 2,167 1,822 1,485 982 13 14 Cash dividends 28.0 588 522 491 428 14 276 171 116 87 66 60 14 15Earningsretained (11.3) $ 1,422 $ 1,261 $ 1,704 $ 2,381 15 $ 2,829 $ 2,594 $ 2,051 $ 1,735 $ 1,419 $ 922 15

Dollars per share (weighted-average shares, assuming dilution) 16Sales 5.3 $ 34.79 $ 32.25 $ 32.85 $ 32.04 16 $ 30.00 $ 26.91 $ 22.55 $ 18.91 $ 16.12 $ 13.49 16 17 Earnings (3.9) 1.42 1.21 1.49 1.86 17 1.98 1.73 1.35 1.13 0.93 0.62 17 18 Cash dividends 31.6 0.42 0.36 0.34 0.28 18 0.18 0.11 0.08 0.06 0.04 0.04 18 19 Earnings retained (9.2) 1.00 0.85 1.15 1.58 19 1.80 1.62 1.27 1.07 0.89 0.58 19 20Shareholders’equity 7.7 $ 12.91 $ 13.03 $ 12.30 $ 10.68 20 $ 10.05 $ 8.90 $ 7.11 $ 6.25 $ 5.08 $ 4.09 20

Financial ratios 21 Asset turnover 2 1.48 1.45 1.57 1.74 21 1.91 2.05 1.96 1.96 1.93 1.93 21 22 Return on sales 3 4.12% 3.78% 4.55% 5.82% 22 6.62% 6.39% 5.94% 5.91% 5.69% 4.52% 22 23 Return on average assets 4 6.03% 5.43% 6.92% 9.60% 23 11.87% 12.11% 10.91% 10.59% 10.14% 7.92% 23 24 Return on average shareholders’ equity 5 10.81% 9.61% 12.85% 17.65% 24 20.69% 21.44% 19.99% 19.79% 20.05% 16.33% 24

Comparative balance sheets (in millions) 25Totalcurrentassets 5.2 $ 9,967 $ 9,732 $ 9,190 $ 8,633 25 $ 8,273 $ 7,753 $ 6,842 $ 6,418 $ 5,333 $ 4,798 25 26 Cash and short-term investments 5.1 1,123 1,057 661 530 26 796 876 813 1,624 1,126 853 26 27 Merchandise inventory – net 4.6 8,321 8,249 8,209 7,611 27 7,144 6,635 5,850 4,482 3,911 3,611 27 28 Property, less accumulated depreciation 6.2 22,089 22,499 22,722 21,361 28 18,971 16,354 13,911 11,819 10,245 8,565 28 29 Total assets 6.5 33,699 33,005 32,625 30,816 29 27,726 24,604 21,077 18,647 15,767 13,526 29 30 Total current liabilities 5.5 7,119 7,355 7,560 7,316 30 6,108 5,449 5,337 3,908 3,180 2,808 30 31 Accounts payable 9.0 4,351 4,287 4,109 3,713 31 3,524 2,832 2,695 2,212 1,791 1,589 31 32Long-termdebt(excludingcurrentmaturities) 13.3 6,537 4,528 5,039 5,576 32 4,325 3,499 3,060 3,678 3,736 3,734 32 33 Total liabilities 8.6 15,587 13,936 14,570 14,718 33 12,001 10,308 9,579 8,459 7,541 6,942 33 34 Shareholders’ equity 4.8 $ 18,112 $ 19,069 $ 18,055 $ 16,098 34 $ 15,725 $ 14,296 $ 11,498 $ 10,188 $ 8,226 $ 6,584 34

35Equity/long-termdebt(excludingcurrentmaturities) 2.77 4.21 3.58 2.89 35 3.64 4.09 3.76 2.77 2.20 1.76 35 36 Year-end leverage factor: assets/equity 1.86 1.73 1.81 1.92 36 1.76 1.72 1.83 1.83 1.92 2.05 36

Shareholders, shares and book value 37 Shareholders of record, year-end 30,097 31,168 31,561 31,513 37 29,439 27,427 27,071 26,553 25,405 19,277 37 38 Shares outstanding, year-end (in millions) 1,354 1,459 1,470 1,458 38 1,525 1,568 1,548 1,575 1,564 1,551 38 39 Weighted-average shares, assuming dilution (in millions) 1,403 1,464 1,468 1,507 39 1,564 1,607 1,617 1,631 1,620 1,610 39 40Bookvaluepershare $ 13.38 $ 13.07 $ 12.28 $ 11.04 40 $ 10.31 $ 9.12 $ 7.43 $ 6.47 $ 5.26 $ 4.25 40

Stock price during calendar year (adjusted for stock splits)6

41High $ 28.54 $ 24.50 $ 28.49 $ 35.74 41 $ 34.83 $ 34.85 $ 30.27 $ 30.21 $ 25.00 $ 24.44 41 42Low $ 19.35 $ 13.00 $ 15.76 $ 21.01 42 $ 26.15 $ 25.36 $ 22.95 $ 16.69 $ 16.25 $ 12.40 42 43ClosingpriceDecember31 $ 25.08 $ 23.39 $ 21.52 $ 22.62 43 $ 31.15 $ 33.33 $ 28.80 $ 27.70 $ 18.75 $ 23.21 43

Price/earnings ratio 44 High 20 20 19 19 44 17 20 22 27 27 40 44 45 Low 14 11 11 11 45 13 15 17 15 17 20 45

Explanatory Notes: 1 Amounts herein reflect the Contractor

Yards as a discontinued operation. 2 Asset turnover: Sales divided by

Beginning Assets 3 Return on sales: Net Earnings

divided by Sales 4 Return on average assets:

Net Earnings divided by the average of Beginning and Ending Assets

5 Return on Average Shareholders’ Equity: Net Earnings divided by the average of Beginning and Ending Equity

6 Stock price source: The Wall Street Journal * Fiscal year contained 53 weeks. All other years contained 52 weeks.NM = not meaningfulCGR = compound growth rate