Lowe's Net Income Up 39% in Fourth Quarter

Mooresville, NC, Feb. 23, 2011 -- Lowe's reported fourth quarter net earnings of $285 million, a 39.0% increase from the same period a year ago.

Earnings per share increased 50.0% to $0.21 from $0.14 in the fourth quarter of 2009.

For the fiscal year ended Jan. 28, net earnings increased 12.7% to $2.0 billion and earnings per share increased 17.4% to $1.42.

Sales for the quarter increased 3.1% to $10.5 billion, up from $10.2 billion in the fourth quarter of 2009.

For the year, sales increased 3.4% to $48.8 billion. Comparable store sales increased 1.1% for the fourth quarter and increased 1.3% for fiscal 2010.

"While uncertainty in the market remains, the economic recovery is continuing," said Robert A. Niblock, Lowe's chairman and CEO.

Lowe's said it expects its sales to increase 2% in the first quarter and 5% for the year.