MOORESVILLE, N.C. – Lowe’s Cos. Inc. (NYSE: LOW), the world’s second-biggest home-improvement retailer, today posted profits of $613 million for the 13 weeks ended Feb. 2, down 11.5 percent from its results for the 14-weeks year-ago quarter.
Diluted earnings per share fell 7.0 percent to 40 cents – from 43 cents per share in the fourth quarter of fiscal 2005 – beating expectations of 37 cents per share in a Bloomberg News survey of 20 analysts. The company’s performance also beat that of market leader Home Depot, where profits plunged 28 percent in the quarter just ended, to $925 million or 46 cents a share, lagging analyst expectations.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Lowe’s fourth-quarter sales fell 3.7 percent to $10.4 billion – and after adjustment for fiscal 2006’s shorter fourth quarter, grew about 5 percent, though comparable-store sales declined 5.3 percent.
Annual sales grew 8.5 percent to $46.9 billion – and after adjustment for the shorter fiscal year, grew about 10 percent, though comparable-store sales were flat.
“We are encouraged by indications that our sales trends have bottomed,” said Robert A. Niblock, Lowe’s chairman and CEO, adding: “We believe our comparable-store sales performance will gradually improve throughout 2007.”
In the quarter just ended, Lowe’s opened 58 new or relocated stores, bringing it to 1,385 stores in 49 states on Feb. 2. This year, the chain expects to add up to 160 stores, including its first stores in Canada. Home Depot opened 34 stores in the latest quarter – 13 of them abroad – bringing its total to 2,150.
The full report is available at http://www.shareholder.com/lowes/index2.cfm.
