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Lowe's Reports Earnings Decline02-23-07 | News

Lowe?EUR??,,????'???s Reports Earnings Decline

MOORESVILLE, N.C. ?EUR??,,????'??+ Lowe?EUR??,,????'???s Companies, Inc., the world?EUR??,,????'???s second largest home improvement retailer, has reported net earnings of $613 million for the 13-week period ended February 2, 2007, an 11.5 percent decline versus the 14-week period ended February 3, 2006. For fiscal 2006, a 52-week year, net earnings grew 12.3 percent to $3.1 billion versus fiscal 2005, a 53-week year. Diluted earnings per share increased 15 percent to $1.99 in fiscal 2006.

Fourth quarter sales declined 3.7 percent to $10.4 billion for the 13-week period ended February 2, 2007 versus the same period in 2006. Fiscal 2006 sales increased to $46.9 billion, an 8.5 percent increase over 2005.

“Sales continued to be pressured by a slowing housing market, tough comparisons to last year’s hurricane recovery and rebuilding efforts and significant deflation in lumber and plywood prices,?EUR??,,????'?? Robert A. Niblock, Lowe’s chairman and CEO, said. “We are encouraged by indications that our sales trends have bottomed. As a result, we believe our comparable store sales performance will gradually improve throughout 2007.”

During the quarter, Lowe?EUR??,,????'???s opened 58 new stores including 3 relocations. As of February 2, 2007, Lowe?EUR??,,????'???s operated 1,385 stores in 49 states representing 157.1 million square feet of retail selling space, a 12.1 percent increase over last year.