Lowe's Reports Higher Quarterly Income, Sales

Mooresville, NC, Feb. 27, 2012 -- Lowe's reported net earnings of $322 million for the quarter ended Feb. 3, a 13.0% increase over the same period a year ago.

Earnings per share increased 23.8% to $0.26 from $0.21 in the fourth quarter of 2010.

For the year ended Feb. 3, net earnings decreased 8.5% to $1.8 billion from the prior year.

Sales for the quarter increased 11.0% to $11.6 billion, up from $10.5 billion in the same period a year ago.

For the year, sales were $50.2 billion, a 2.9% increase over the prior year.

Lowe's fiscal year ends on the Friday nearest the end of January.

Comparable store sales for the fourth quarter increased 3.4% versus a comparable 14-week period, while comparable store sales for the U.S. business increased 3.5%. Comparable store sales for the year were essentially flat, Lowes said.

The company expects total sales to increase 1 to 2% this year.