Lowe's Reports Higher Quarterly Earnings

Mooresville, NC, Feb. 22, 2010--Lowe's Companies reported net earnings of $205 million for the quarter ended Jan. 29, a 26.5 percent increase from the same period a year ago.

Earnings per share increased 27.3 percent to $0.14 from $0.11 in the fourth quarter of 2008.

For the fiscal year ended Jan. 29 net earnings declined 18.8 percent to $1.78 billion and earnings per share also declined 18.8 percent to $1.21.

Sales for the quarter increased 1.8 percent to $10.2 billion, up from $10.0 billion in the fourth quarter of 2008.

For the year, sales declined 2.1 percent to $47.2 billion. Comparable store sales for the fourth quarter declined 1.6 percent and declined 6.7 percent for fiscal 2009.

"Our fourth quarter results, including sales and earnings that exceeded our guidance, suggest the worst of the economic cycle is likely behind us," said CEO Robert A. Niblock.

"While the psychological impact of falling home prices and an uncertain employment picture continue to weigh on consumers, improving comparable store sales trends, including improvement in many bigger-ticket, project categories, provides an encouraging sign that consumers are gaining the confidence to take on more discretionary projects."

During the quarter, Lowe's opened 11 stores and now operates 1,710 stores in the U.S. and Canada.