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Lowe's Has Lower Quarterly Sales, Profits

5/16/2011 11:37:46 AM Eastern
Mooresville, N.C. - Lowe's reported slightly lower earnings and sales in the fiscal first quarter ended April 29.

 Net earnings were $461 million, a 5.7 percent decrease from the same period a year ago. Sales for the quarter decreased 1.6 percent to $12.2 billion from $12.4 billion in the first quarter of 2010.

Comparable store sales for the first quarter decreased 3.3 percent.

"We delivered earnings per share within our guidance for the quarter, despite lower than expected sales," said Robert A. Niblock, Lowe's chairman/CEO in a statement.

"During the quarter, we faced ongoing economic pressures, unfavorable weather conditions and tough comparisons to last year's government stimulus programs. While we are focused on competing effectively in the current environment, we are also working diligently on our commitment to deliver better customer experiences. We are building momentum in 2011 behind our transformation from a home improvement retailer to a home improvement company."

During the quarter, Lowe's opened four stores, including one relocation, and closed one store that was damaged by a tornado. As of April 29, 2011, Lowe's operated 1,751 stores in the United States, Canada and Mexico representing 197.3 million square feet of retail selling space, a 1.6 percent increase over last year.
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