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%.