Lowe's Sees Higher Earnings in First Quarter

Mooresville, NC, May 17, 2010--Lowe's Companies reported net earnings of $489 million for the quarter ended April 30, a 2.7% increase from the same period a year ago.

Earnings per share increased 6.3% to $0.34 from $0.32 in the first quarter of 2009.

Sales for the quarter increased 4.7% to $12.4 billion, up from $11.8 billion in the first quarter of 2009. Comparable store sales for the first quarter increased 2.4 percent.

"Consumers are showing signs of reengagement in home improvement, including discretionary projects and purchases of bigger ticket products, which had taken a back seat during the worst of the economic downturn," said Robert A. Niblock, Lowe's chairman and CEO.

"This, combined with the government stimulus programs and favorable weather in March and April, drove solid quarterly sales and earnings that exceeded our guidance.

"While we are optimistic we will experience solid demand through the balance of the year, we view 2010 as a year of transition for our industry. We remain confident that our commitment to providing excellent customer service, combined with great merchandising, will drive profitable sales and market share growth."

During the quarter, Lowe's opened 11 stores. As of April 30, 2010, Lowe's operated 1,721 stores in the United States, Canada and Mexico representing 194.3 million square feet of retail selling space, a 2.9% increase over last year.