M3-25. Id e ntify a nd C ompute NOPAT Feb. 1, 2019

$ 511 218 12,56 1 938 14,228 1 8,432 256 294 303 995

$34,508

$ 722 1, 11 0 8,279 662 1,299 2,425 14,497 14,39 1 827 1,149 30,864 0

401 0

3,452

(209)

3,644

$34,508 Fo ll owi n g is the income sta te ment for Lowe ' s C ompanies Inc. Co mpute it s ne t ope rat ing p ro fit a ft er tax

( NOPAT) fo r the 12 m onths e nded e nded Febru ary i , 20 19, ass um in g a 22% statutory tax rate .

LOWE' S COMPANIES INC.

Consolidate d State ment of Earnings Twelve Months Ende d (In millions )

Ne t sales ........ . . ..... .. ... . . ..... ... .. . ...... . .. ... . . .

Cost of sales .... . ............... . . . .... .. .. . . • ... ........

Gross mar gin . ... ........ . . ............. . .. . ...... . . . . .. .

Expenses Selling, general and administrative ............. . . . •. . • ... . .. ..

Depreciation and amortization ........ . .. .. .. . ........... . . . .

Operating income .... .. .. .. .. ........................ .. .. .

Interest expense , net ... .. ............. .. . . .. • . • • . .... . .. . .

Pretax earnings . . .. ... .. ..... . ............ . • . . • .. .. ......

Income tax provision ................ .. . .. . . .. .. .. ... . .. . .. .

Net earnings ................................ . .......... . .

Feb. 1, 2019

$71,309 48,40 1 22,908 17,413 1,477 4,018 624 3,394 1,080

$ 2,3 14