Lowe's Earnings Fall 21% From Year Ago

Mooresville, NC, May 18, 2009--Lowe's Companies reported net earnings of $476 million for the quarter ended May 1, a 21.6 percent decline versus the same period a year ago.

Earnings per share declined 22.0 percent to $0.32 from $0.41 in the first quarter of 2008.

Sales for the quarter declined 1.5 percent to $11.8 billion, down from $12.0 billion in the first quarter of 2008. Comparable store sales for the first quarter declined 6.6 percent.

"Despite the difficult external environment, Lowe's strong commitment to customer service and a compelling product offering led to continued market share gains in the first quarter and helped deliver sales within our guidance range," said CEO Robert A. Niblock.

"The economic pressures on consumers remain intense, and bigger ticket projects continue to be postponed as wary home improvement consumers watch the economic climate and housing market dynamics very closely," Niblock added. "But, as spring arrived, we saw relative strength in smaller, outdoor projects.

During the quarter, Lowe's opened 21 new stores and as of May 1 operated 1,670 stores in the U.S. and Canada.