MOORESVILLE, N.C.– Lowe’s Companies, Inc., the world’s second largest home improvement retailer, today reported net earnings of $941 million for the quarter ended August 2, 2013, a 26.0 percent increase over the same period a year ago. Diluted earnings per share increased 37.5 percent to $0.88 from $0.64 in the second quarter of 2012. For the six months ended August 2, 2013, net earnings increased 16.2 percent from the same period a year ago to $1.48 billion, and diluted earnings per share increased 27.1 percent to $1.36.

Sales for the quarter increased 10.3 percent to $15.7 billion from $14.2 billion in the second quarter of 2012, and comparable sales for the quarter increased 9.6 percent. For the six month period, sales were $28.8 billion, a 5.1 percent increase over the same period a year ago, and comparable sales increased 4.6 percent.

“Home improvement demand was strong during the quarter, and we capitalized on it with improving execution. I’d like to thank our employees for their hard work and continued dedication to serving customers,” commented Robert A. Niblock, Lowe’s chairman, president and CEO. “We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories.”

Delivering on the commitment to return excess cash to shareholders, the company repurchased $1.0 billion of stock and paid $174 million in dividends in the quarter. For the six month period, the company repurchased $2.0 billion and paid $352 million in dividends.

As of August 2, 2013, Lowe’s operated 1,758 stores in the United States, Canada and Mexico, representing 197.7 million square feet of retail selling space.

A conference call to discuss second quarter 2013 operating results is scheduled for today (Wednesday, August 21) at 9:00 am ET. The conference call will be available through a webcast and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Second Quarter 2013 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 19, 2013.

Lowe’s Business Outlook

The company has combined its year-to-date performance with its previous assumptions for the second half of 2013 when providing the updated outlook below.

Fiscal Year 2013 (comparisons to fiscal year 2012; based on U.S. GAAP unless otherwise noted)

  • Total sales are expected to increase approximately 5 percent.
  • Comparable sales are expected to increase approximately 4.5 percent.
  • The company expects to open approximately 10 stores in fiscal year 2013.
  • Earnings before interest and taxes as a percentage of sales (operating margin) are expected to increase approximately 65 basis points.
  • The effective income tax rate is expected to be approximately 37.9%.
  • Diluted earnings per share of approximately $2.10 are expected for the fiscal year ending January 31, 2014.

Disclosure Regarding Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Statements of the company’s 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, the Company’s strategic initiatives and any statement of an assumption underlying any of the foregoing, constitute “forward-looking statements” under the Act. 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 our forward-looking statements including, but not limited to, changes in general economic conditions, such as continued high rates of unemployment, interest rate and currency fluctuations, higher fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability and increasing regulation of consumer credit and of mortgage financing, inflation or deflation of commodity prices, and other factors which can negatively affect our customers, as well as our ability to: (i) respond to adverse trends in the housing industry, such as the psychological effects of lower home prices, and in the level of repairs, remodeling, and additions to existing homes, as well as a general reduction in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes designed to enhance our efficiency and competitiveness; (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) to maintain, improve, upgrade and protect our critical information systems; (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; and (ix) respond to unanticipated weather conditions that could adversely affect sales. In addition, we could experience additional impairment losses if 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. For more information about these and other risks and uncertainties that we are exposed to, you should read the “Risk Factors” and “Critical Accounting Policies and Estimates” included in our Annual Report on Form 10-K to the United States Securities and Exchange Commission (the “SEC”) and the description of material changes therein or updated version thereof, if any, included in our Quarterly Reports on Form 10-Q.

The forward-looking statements contained in this news release 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 the “Risk Factors” included in our Annual Report on Form 10-K to the SEC and the description of material changes, if any, therein included in our Quarterly Reports on Form 10-Q. 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.

With fiscal year 2012 sales of $50.5 billion, Lowe’s Companies, Inc. is a FORTUNE® 100 company that serves approximately 15 million customers a week at more than 1,750 home improvement stores in the United States, Canada and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe’s is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.

Lowe’s Companies, Inc.

Consolidated Statements of Current and Retained Earnings (Unaudited)

In Millions, Except Per Share and Percentage Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

August 2, 2013

 

 

 

August 3, 2012

 

 

 

August 2, 2013

 

 

 

August 3, 2012

Current Earnings

 

 

 

 

 

 

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

 

 

Amount

 

 

Percent

Net sales

 

 

 

 

 

 

 

$

15,711

 

 

100.00

 

 

$

14,249

 

 

100.00

 

 

$

28,800

 

 

100.00

 

 

$

27,402

 

 

100.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

 

 

 

 

 

 

10,314

 

 

65.65

 

 

 

9,415

 

 

66.07

 

 

 

18,848

 

 

65.44

 

 

 

18,003

 

 

65.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

 

 

 

 

 

 

5,397

 

 

34.35

 

 

 

4,834

 

 

33.93

 

 

 

9,952

 

 

34.56

 

 

 

9,399

 

 

34.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

 

 

 

 

 

 

3,414

 

 

21.73

 

 

 

3,172

 

 

22.26

 

 

 

6,635

 

 

23.04

 

 

 

6,414

 

 

23.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

 

 

 

 

 

 

 

367

 

 

2.33

 

 

 

369

 

 

2.59

 

 

 

719

 

 

2.50

 

 

 

739

 

 

2.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest – net

 

 

 

 

 

 

 

 

110

 

 

0.70

 

 

 

96

 

 

0.68

 

 

 

223

 

 

0.77

 

 

 

199

 

 

0.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses

 

 

 

 

 

 

 

 

3,891

 

 

24.76

 

 

 

3,637

 

 

25.53

 

 

 

7,577

 

 

26.31

 

 

 

7,352

 

 

26.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax earnings

 

 

 

 

 

 

 

 

1,506

 

 

9.59

 

 

 

1,197

 

 

8.40

 

 

 

2,375

 

 

8.25

 

 

 

2,047

 

 

7.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

565

 

 

3.60

 

 

 

450

 

 

3.15

 

 

 

893

 

 

3.11

 

 

 

772

 

 

2.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

 

 

 

$

941

 

 

5.99

 

 

$

747

 

 

5.25

 

 

$

1,482

 

 

5.14

 

 

$

1,275

 

 

4.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – basic

 

 

 

 

1,067

 

 

 

 

 

 

1,157

 

 

 

 

 

 

1,077

 

 

 

 

 

 

1,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share (1)

 

 

 

 

 

 

 

$

0.88

 

 

 

 

 

$

0.64

 

 

 

 

 

$

1.37

 

 

 

 

 

$

1.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding – diluted

 

 

 

 

1,068

 

 

 

 

 

 

1,159

 

 

 

 

 

 

1,079

 

 

 

 

 

 

1,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share (1)

 

 

 

 

 

 

 

$

0.88

 

 

 

 

 

$

0.64

 

 

 

 

 

$

1.36

 

 

 

 

 

$

1.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends per share

 

 

 

 

 

 

 

$

0.18

 

 

 

 

 

$

0.16

 

 

 

 

 

$

0.34

 

 

 

 

 

$

0.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

 

 

 

 

 

$

12,618

 

 

 

 

 

$

14,557

 

 

 

 

 

$

13,224

 

 

 

 

 

$

15,852

 

 

 

Net earnings

 

 

 

 

 

 

 

 

941

 

 

 

 

 

 

747

 

 

 

 

 

 

1,482

 

 

 

 

 

 

1,275

 

 

 

Cash dividends

 

 

 

 

 

 

 

 

(192)

 

 

 

 

 

 

(184)

 

 

 

 

 

 

(366)

 

 

 

 

 

 

(350)

 

 

 

Share repurchases

 

 

 

 

 

 

 

 

(863)

 

 

 

 

 

 

(921)

 

 

 

 

 

 

(1,836)

 

 

 

 

 

 

(2,578)

 

 

 

Balance at end of period

 

 

 

 

 

 

 

$

12,504

 

 

 

 

 

$

14,199

 

 

 

 

 

$

12,504

 

 

 

 

 

$

14,199

 

 

 

 

(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 bythe earnings allocable to participating securities. Net earnings allocable to common shares used in the basic and diluted earnings per share calculation were$935 million for the three months ended August 2, 2013 and $742 million for the three months ended August 3, 2012. Net earnings allocable to common sharesused in the basic and diluted earnings per share calculation were $1,472 million for the six months ended August 2, 2013 and $1,266 million for the six monthsended August 3, 2012.

 

 

Lowe’s Companies, Inc.

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited)

 

 

 

In Millions, Except Percentage Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

Six Months Ended

 

 

 

 

 

 

August 2, 2013

 

 

 

August 3, 2012

 

 

 

August 2, 2013

 

 

 

August 3, 2012

 

 

 

 

 

 

Amount

 

 

Percent

 

 

 

Amount

 

 

Percent

 

Amount

 

 

Percent

 

 

 

Amount

 

 

Percent

Net earnings

 

 

 

 

$

941

 

 

5.99

 

 

$

747

 

 

5.25

 

 

$

1,482

 

 

5.14

 

 

$

1,275

 

 

4.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments – net of tax

 

(26)

 

 

(0.17)

 

 

 

(8)

 

 

(0.05)

 

 

 

(26)

 

 

(0.09)

 

 

 

(1)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized investment gains – net of tax

 

 

 

 

 

-

 

 

-

 

 

 

3

 

 

0.01

 

 

 

-

 

 

-

 

 

 

2

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss)/income

 

 

 

 

 

(26)

 

 

(0.17)

 

 

 

(5)

 

 

(0.04)

 

 

 

(26)

 

 

(0.09)

 

 

 

1

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

 

 

$

915

 

 

5.82

 

 

$

742

 

 

5.21

 

 

$

1,456

 

 

5.05

 

 

$

1,276

 

 

4.66

 

 

Lowe’s Companies, Inc.

Consolidated Balance Sheets

In Millions, Except Par Value Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

August 2, 2013

 

 

August 3, 2012

 

 

February 1, 2013

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

$

1,085

 

$

1,710

 

$

541

Short-term investments

 

 

 

 

 

 

189

 

 

586

 

 

125

Merchandise inventory – net

 

 

 

 

 

 

9,106

 

 

8,699

 

 

8,600

Deferred income taxes – net

 

 

 

 

 

 

224

 

 

279

 

 

217

Other current assets

 

 

 

 

 

 

309

 

 

325

 

 

301

Total current assets

 

 

 

 

 

 

10,913

 

 

11,599

 

 

9,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, less accumulated depreciation

 

 

 

 

 

20,969

 

 

21,734

 

 

21,477

Long-term investments

 

 

 

 

 

 

306

 

 

485

 

 

271

Other assets

 

 

 

 

 

 

1,220

 

 

1,214

 

 

1,134

Total assets

 

 

 

 

 

$

33,408

 

$

35,032

 

$

32,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Current maturities of long-term debt

 

 

 

 

 

$

47

 

$

594

 

$

47

Accounts payable

 

 

 

 

 

 

5,664

 

 

5,084

 

 

4,657

Accrued compensation and employee benefits

 

 

 

 

 

651

 

 

561

 

 

670

Deferred revenue

 

 

 

 

 

 

985

 

 

847

 

 

824

Other current liabilities

 

 

 

 

 

 

1,993

 

 

1,936

 

 

1,510

Total current liabilities

 

 

 

 

 

 

9,340

 

 

9,022

 

 

7,708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term debt, excluding current maturities

 

 

 

 

 

9,015

 

 

9,008

 

 

9,030

Deferred income taxes – net

 

 

 

 

 

 

390

 

 

580

 

 

455

Deferred revenue – extended protection plans

 

 

 

 

 

733

 

 

726

 

 

715

Other liabilities

 

 

 

 

 

 

868

 

 

872

 

 

901

Total liabilities

 

 

 

 

 

 

20,346

 

 

20,208

 

 

18,809

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock – $5 par value, none issued

 

 

 

 

 

-

 

 

-

 

 

-

Common stock – $.50 par value;

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued and outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

August 2, 2013

1,063

 

 

 

 

 

 

 

 

 

 

 

 

August 3, 2012

1,152

 

 

 

 

 

 

 

 

 

 

 

 

February 1, 2013

1,110

 

 

 

 

 

532

 

 

576

 

 

555

Capital in excess of par value

 

 

 

 

 

 

-

 

 

2

 

 

26

Retained earnings

 

 

 

 

 

 

12,504

 

 

14,199

 

 

13,224

Accumulated other comprehensive income

 

 

 

 

 

26

 

 

47

 

 

52

Total shareholders’ equity

 

 

 

 

 

 

13,062

 

 

14,824

 

 

13,857

Total liabilities and shareholders’ equity

 

 

 

 

$

33,408

 

$

35,032

 

$

32,666

 

 

Lowe’s Companies, Inc.

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

 

 

 

 

 

 

 

In Millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

August 2, 2013

 

 

 

 

August 3, 2012

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

Net earnings

 

 

 

 

$

1,482

 

 

 

 

 

$

1,275

 

Adjustments to reconcile net earnings to net cash provided by

 

 

 

 

 

 

 

 

 

 

operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

767

 

 

 

 

 

 

789

 

Deferred income taxes

 

 

 

 

 

(56

)

 

 

 

 

 

(59

)

Loss on property and other assets – net

 

 

 

 

 

12

 

 

 

 

 

 

36

 

Loss on equity method investments

 

 

 

 

 

27

 

 

 

 

 

 

29

 

Share-based payment expense

 

 

 

 

 

44

 

 

 

 

 

 

54

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Merchandise inventory – net

 

 

 

 

 

(517

)

 

 

 

 

 

(345

)

Other operating assets

 

 

 

 

 

4

 

 

 

 

 

 

(159

)

Accounts payable

 

 

 

 

 

1,009

 

 

 

 

 

 

731

 

Other operating liabilities

 

 

 

 

 

584

 

 

 

 

 

 

445

 

Net cash provided by operating activities

 

 

 

 

 

3,356

 

 

 

 

 

 

2,796

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

 

 

(303

)

 

 

 

 

 

(1,176

)

Proceeds from sale/maturity of investments

 

 

 

 

 

224

 

 

 

 

 

 

897

 

Capital expenditures

 

 

 

 

 

(376

)

 

 

 

 

 

(622

)

Contributions to equity method investments – net

 

 

 

 

 

(113

)

 

 

 

 

 

(159

)

Proceeds from sale of property and other long-term assets

 

 

 

 

 

47

 

 

 

 

 

 

49

 

Other – net

 

 

 

 

 

3

 

 

 

 

 

 

(21

)

Net cash used in investing activities

 

 

 

 

 

(518

)

 

 

 

 

 

(1,032

)

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

Net proceeds from issuance of long-term debt

 

 

 

 

 

-

 

 

 

 

 

 

1,984

 

Repayment of long-term debt

 

 

 

 

 

(22

)

 

 

 

 

 

(20

)

Proceeds from issuance of common stock under  share-based payment plans

 

 

 

 

100

 

 

 

 

 

 

90

 

Cash dividend payments

 

 

 

 

 

(352

)

 

 

 

 

 

(340

)

Repurchase of common stock

 

 

 

 

 

(2,027

)

 

 

 

 

 

(2,793

)

Other – net

 

 

 

 

 

8

 

 

 

 

 

 

13

 

Net cash used in financing activities

 

 

 

 

 

(2,293

)

 

 

 

 

 

(1,066

)

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes on cash

 

 

 

 

 

(1

)

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

 

 

 

544

 

 

 

 

 

 

696

 

Cash and cash equivalents, beginning of period

 

 

 

 

 

541

 

 

 

 

 

 

1,014

 

Cash and cash equivalents, end of period

 

 

 

 

$

1,085

 

 

 

 

 

$

1,710

 

 

 Source: Lowes

 

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