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Refer to the financial statements of Lowe's Companies, Incorporated, in Appendix B. (Note: Fiscal 2019 for Lowe's runs from February 1, 2019 , to January
Refer to the financial statements of Lowe's Companies, Incorporated, in Appendix B. (Note: Fiscal 2019 for Lowe's runs from February 1, 2019 , to January 30, 2020. As with many retail companies, Lowe's labels the period "Fiscal 2019" even though it ends in the 2020 calendar year. The label "Fiscal 2019" is appropriate because Fiscal 2019 includes 11 months from the 2019 calendar year. Lowe's explains its choice of fiscal period in Note 1 to its financial statements.) Required: 1. How much did Lowe's sales revenue increase or decrease in the year ended January 31, 2020 ? Decreased $839 (million) Increased \$1,967 (million) Increased \$839 (million) Decreased $1,967 (million) 2. What is the largest expense on the income statement for the year ended January 31,2020 , and how much did it change from the previous year (hint: Cost of sales in an expense account)? Selling, General and Administrative Expenses, which increased $2,046 (million) Cost of Sales, which increased $804 (million) Cost of Sales, which decreased $804 (million) Selling, General and Administrative Expenses, which decreased \$2,046 (million) 3. Which of the following was Lowe's net profit margin in the year ended January 31,2020 ? 5.9 percent $5.49 31.8 percent 5.02 percent
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