Lowe's Reports Lower Net Income in Quarter

Mooresville, NC, Aug. 20, 2012 -- Lowe's reported net earnings of $747 million for the second quarter ended Aug. 3, a 10.0% decrease over the same period a year ago.

Earnings per share of $0.64 were flat versus the second quarter of 2011.

Sales for the second quarter decreased 2.0% to $14.2 billion from $14.5 billion in the second quarter of 2011, but last year included an extra week.

Comparable store sales for the second quarter decreased 0.4%, while comparable store sales for the U.S. business decreased 0.2%.

"Our results fell short of our overall expectations," said Robert A. Niblock, Lowe's chairman, president and CEO.

Lowe's said it expected total annual sales to be . On a 52 versus 52 week basis, total sales are expected to increase approximately 1%.


Other Archived Articles

Wholesale Inventories Rise in March   Full Article
Washington, DC, May 10, 2013 -- Wholesale inventories rose 0.4% in March from February, according to the Commerce Department.

Engineered Floors Eyes Millions in Tax Incentives   Full Article
Calhoun, GA, May 10, 2013 -- Engineered Floors, which has announced plans to expand its carpet manufacturing operations in North Georgia, is in line to get more than $100 million in state tax incentives.

Builders Constrained by Shortage of Workers   Full Article
New York, NY, May 10, 2013 -- Home builders are struggling to find enough skilled labor to meet rising demand for their products, the Associated Press outlined in a story Friday.

Armstrong Wins Internet Advertising Awards   Full Article
Lancaster, PA, May 10, 2013 -- Armstrong World Industries won two Web Marketing Association 2013 Internet Advertising Competition awards for Best Manufacturing Email Message Campaign and Best Manufacturing Social Media Campaign.

Builders More Confident in Market for 55+ Homes   Full Article
Washington, DC, May 9, 2013 -- Builders are growing more confident in the market for single-family homes for the over-55 crowd but they still aren't thrilled with it.

Initial Jobless Claims Lowest in Over Five Years   Full Article
Washington, DC, May 9, 2013 -- Initial jobless claims last week fell to the lowest level since January 2008, according to the Bureau of Labor Statistics.

Ceramics of Italy Names Top NA Distributor   Full Article
New York, NY, May 9, 2013 -- Ceramics of Italy said it has named Mosaic Tile Company as the recipient of the 2013 Confindustria Ceramica North American Distributor Award.

Mortgage Application Volume Rises   Full Article
Washington, DC, May 9, 2013 -- Mortgage application volume rose 7% for the week ending May 3, compared with the week before, according to the Mortgage Bankers Association.

Pergo Gets Favorable Patent Ruling in Sweden   Full Article
Dallas, May 8, 2013 –- The Swedish Court of Appeals has overturned a ruling that had invalidated a Pergo patent related to so-called fold-down flooring planks.

Mattex To Build Manufacturing Facility in Georgia   Full Article
Atlanta, GA, May 8, 2013 -- Mattex, a Dubai and Saudi Arabian carpet backings producer, will expand its operations in North Georgia by building an extrusion manufacturing plant in Murray County.

Centiva Awards School Innovation Grant   Full Article
Florence, AL, May 8, 2013 -- Resilient maker Centiva said that Delores T. Aaron Elementary in New Orleans is the recipient of its Centiva Green School Innovation Grant for the 2013-2014 school year.

USFContract Named Fuse Alliance Supplier   Full Article
Aurora, CO, May 8, 2013 -- The Fuse Alliance said that USFContract is its newest preferred supplier.

Former BPS CEO Minite Gets New Job   Full Article
Santa Fe Springs, CA, May 8, 2013 -- Former Bentley Prince Street CEO has been named president and general manager of a new company, Paralleltek.

Shamrock Plank Flooring To Add Manufacturing   Full Article
Memphis, TN, May 8, 2013 -- Shamrock Plank Flooring, a division of J.T. Shannon Lumber, is expanding its presence in North Mississippi by adding new manufacturing operations in a 62,900 square-foot facility.

Job Postings Decline in March   Full Article
Washington, DC, May 8, 2013 -- Employers posted fewer job openings in March compared with February, according to the Labor Department.

Starnet Honors Design Awards Winners   Full Article
Darien, CT, May 8, 2013 -- — Starnet Worldwide Commercial Flooring recently honored 14 members in the 13th Annual Starnet Design Awards.

Consolidated Carpet Wins Starnet Awards   Full Article
New York, NY, May 7, 2013 -– Consolidated Carpet said it won two Starnet Design Awards at the 2013 annual awards event.

Internet Sales Tax Bill Goes to Conservative House   Full Article
Washington, DC, May 7, 2013 -- Although the Senate voted overwhelmingly to pass a bill to empower states to collect sales taxes from Internet purchases, the bill faces a much more uncertain future in the House.

Improving Housing Markets List Ticks Down   Full Article
Washington, DC, May 7, 2013 -- The number of U.S. housing markets showing sustained improvement fell slightly to 258 in May from 273 in April, according to the National Association of Home Builders/First American Improving Markets Index.

Mannington Files Appeal in Home Legend Dispute   Full Article
Rome, GA, May 6, 2013 -- Mannington Mills in April was handed a setback in a copyright-infringement dispute with laminate maker Home Legend over a line of maple-look laminate.