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Lowe's Reports Quarterly Earnings08-20-07 | News

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

MOORESVILLE, N.C. ?EUR??,,????'??+ Lowe’s Companies, Inc. has reported net earnings of $1.02 billion for the quarter ended August 3, 2007, a nine percent increase over the same period a year ago. Diluted earnings per share increased 11.7 percent to $0.67 from $0.60 in the second quarter of 2006. For the six months ended August 3, 2007, net earnings declined one percent to $1.76 billion while diluted earnings per share increased 1.8 percent to $1.15.

Sales for the quarter increased 5.8 percent to $14.2 billion, up from $13.4 billion in the second quarter of 2006. For the six months ended August 3, 2007, sales increased 4.1 percent to $26.3 billion. Comparable store sales for the second quarter declined 2.6 percent and declined 4.4 percent in the first half of 2007.

“Despite the external pressures impacting our results, our continued focus on serving customers and executing our initiatives produced comparable store sales within our guidance range,” explained Robert A. Niblock, Lowe’s chairman and CEO.

During the quarter, Lowe’s opened 26 new stores including two relocations. As of August 3, 2007, Lowe’s operated 1,424 stores in 49 states representing 161.6 million square feet of retail selling space, an 11.1 percent increase over last year.