Lowe's Sales, Net Income, Rise in Third Quarter

Mooresvillle, NC, Nov. 15, 2010 -- Lowe's reported third quarter net income of $404 million, and earnings per share $0.29, slightly below analysts forecast of $0.30.

That's up from $344 million, or $0.23 per share, last year.

Sales for the quarter increased 1.9 percent to $11.6 billion, up from $11.4 billion in the third quarter last year.

Comparable store sales for the third quarter increased 0.2 percent and for the first nine months of 2010 increased 1.4 percent.

"Ongoing uncertainty in employment and housing continues to pressure our industry, but we are prepared to operate effectively in a slow-growth environment," said CEO Robert Niblock.

For the fiscal year, the company now expects net income of $1.37 to $1.40 per share, down from prior guidance of $1.38 to $1.45 per share.