Preparing a Schedule Using Component Percentages
Lowe's is a leading retailer in the home improvement field. Complete the component percentage analysis on the company's income statement that follows. Discuss any insights provided by this analysis.
Consolidated Statements of Earnings (in millions, except per share and percentage data) | ||||||
Fiscal Years Ended on | ||||||
| January 30, | February 1, | February 2, | |||
| 2009 | % Sales | 2008 | % Sales | 2007 | % Sales |
Net sales | $48,230 | 100.00% | $48,283 | 100.00% | $46,927 | 100.00% |
Cost of sales | 31,729 |
| 31,556 |
| 30,729 |
|
Gross margin | 16,501 |
| 16,727 |
| 16,198 |
|
Expenses: | ||||||
Selling, general, and administrative | 11,074 |
| 10,515 |
| 9,738 |
|
Store opening costs | 102 |
| 141 |
| 146 |
|
Depreciation | 1,539 |
| 1,366 |
| 1,162 |
|
Interest(net) | 280 |
| 194 |
| 154 |
|
Total expenses | 12,995 |
| 12,216 |
| 11,200 |
|
Pre-tax earnings | 3,506 |
| 4,511 |
| 4,998 |
|
Income tax provision | 1,311 |
| 1,702 |
| 1,893 |
|
Net earnings | $2,195 |
| $2,809 |
| $3,105 |
|
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