Lowe's Sees 30% Decline in Sales Vs. 2008

Mooresville, NC, Nov. 16, 2009--Lowe's Companies, Inc. reported net earnings of $344 million for the quarter ended Oct. 30, a 29.5 percent decline from the same period a year ago.

Earnings per share declined 30.3 percent to $0.23 from $0.33. For the nine months, net earnings declined 22.4 percent to $1.58 billion while diluted earnings per share declined 22.5 percent to $1.07.

Sales for the quarter declined 3 percent to $11.4 billion, down from $11.7 billion a year ago. For the nine months, sales declined 3.1 percent to $37.1 billion.

Comparable store sales for the third quarter declined 7.5 percent and declined 8.0 percent in the first nine months.

"The broad-based pressures of the macro environment are clearly evident in our sales as consumers continue to delay large purchases until they feel better about the economic outlook," said CEO Robert A. Niblock.

"We are beginning to see signs of improved performance in some of the hardest-hit housing markets including California, Florida and areas of the desert Southwest," Niblock added.

"As the economy and the housing market continue through the bottoming and recovery process, we know there will be ongoing macroeconomic challenges, including declining home values and rising unemployment. However, we are encouraged by the signs of stabilization in our business and remain confident we are well positioned to capture additional market share."

During the quarter, Lowe's opened 12 stores and closed one.

The company expects total sales to decline 2 to 3 percent for the year.