Lowe's Third Quarter Earnings Up 15.5 Percent

MOORESVILLE, N.C., - Lowe's Companies, Inc., has reported net third quarter earnings of $522 million, a 15.5 percent increase over the same period a year ago. For the nine months ending October 29, net earnings grew 14.4 percent to $1.68 billion while diluted earnings per share increased 14.7 percent to $2.11.

Sales for the quarter increased 16.2 percent to $9.1 billion, up from $7.8 billion in the third quarter of 2003. Comparable store sales for the third quarter increased 5.2 percent. For the nine months ending October 29, sales increased 18.3 percent to $27.9 billion. Comparable store sales increased 6.6 percent for the first nine months of 2004.

?EUR??,,????'??The results our employees delivered in the third quarter are a clear indication that our stores are meeting customer needs with great products and industry leading customer service every day,?EUR??,,????'?? said Robert L. Tillman, Lowe's chairman and CEO. ?EUR??,,????'??Continued signs of a robust housing market, improving employment and strong demographic trends provide a foundation for our optimism for the future.?EUR??,,????'??

Lowe's president Robert Niblock added, ?EUR??,,????'??third quarter sales performance continued our trend of consistently strong results. A 5.2 percent increase in comparable store sales on top of the 12.2 percent increase in last year's third quarter represents the best two-year performance for Lowe's in nearly a decade.?EUR??,,????'??

During the quarter, Lowe's opened 35 new stores including one relocation. Currently, Lowe's operates 1,031 stores in 45 states representing 117.5 million square feet of retail selling space, a 13.4 percent increase over last year.