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|Lowe's Reports Third Quarter Sales and Earnings Results|
-- Third Quarter Diluted Earnings Per Share Increased 26.1 Percent --
MOORESVILLE, N.C., Nov 15, 2010 (BUSINESS WIRE) --
Lowe's Companies, Inc. (NYSE: LOW), the world's second largest home improvement retailer, today reported net earnings of $404 million for the quarter ended October 29, 2010, a 17.4 percent increase from the same period a year ago. Diluted earnings per share increased 26.1 percent to $0.29 from $0.23 in the third quarter of 2009. For the nine months ended October 29, 2010, net earnings increased 9.3 percent to $1.72 billion while diluted earnings per share increased 13.1 percent to $1.21.
Included in the above reported results, the company recognized a charge related to an evaluation of the carrying value of long-lived assets, including two stores that closed on November 7, and the pipeline of potential future store sites, which reduced pre-tax earnings for the quarter by $50 million and diluted earnings per share by two cents ($0.02).
Sales for the quarter increased 1.9 percent to $11.6 billion, up from $11.4 billion in the third quarter of 2009. For the nine months ended October 29, 2010, sales increased 3.5 percent to $38.3 billion. Comparable store sales for the third quarter increased 0.2 percent and for the first nine months of 2010 increased 1.4 percent.
"Thanks to the dedication of our 238,000+ employees, we delivered solid results for the quarter despite the continued sluggishness of the economic recovery," said Robert A. Niblock, Lowe's chairman and CEO. "Ongoing uncertainty in employment and housing continues to pressure our industry, but we are prepared to operate effectively in a slow-growth environment. We continue to solidify plans to enhance our market share gains as macro-economic factors slowly improve."
During the quarter, Lowe's opened ten stores. As of October 29, 2010, Lowe's operated 1,734 stores in the United States, Canada and Mexico representing 195.6 million square feet of retail selling space, a 1.9 percent increase over last year.
A conference call to discuss third quarter 2010 operating results is scheduled for today (Monday, November 15) at 9:00 am ET. The conference call will be available through a webcast and can be accessed by visiting Lowe's website at www.Lowes.com/investor and clicking on Lowe's Third Quarter 2010 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com until February 22, 2011.
Lowe's Business Outlook
Fourth Quarter 2010 (comparisons to fourth quarter 2009)
Fiscal Year 2010 (comparisons to fiscal year 2009)
Disclosure Regarding Forward-Looking Statements
This news release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements of the company's expectations for sales growth, comparable store sales, earnings and performance, capital expenditures, store openings, the housing market, the home improvement industry, demand for services, share repurchases and any statement of an assumption underlying any of the foregoing, constitute "forward-looking statements" under the Act. Although the company believes that the expectations, opinions, projections, and comments reflected in its forward-looking statements are reasonable, it can give no assurance that such statements will prove to be correct. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results expressed or implied by our forward-looking statements including, but not limited to, changes in general economic conditions, such as continued high rates of unemployment, interest rate and currency fluctuations, higher fuel and other energy costs, slower growth in personal income, changes in consumer spending, changes in the rate of housing turnover, the availability and increasing regulation of consumer credit and of mortgage financing, inflation or deflation of commodity prices and other factors which can negatively affect our customers, as well as our ability to: (i) respond to adverse trends in the housing industry, such as the psychological effects of falling home prices, and in the level of repairs, remodeling, and additions to existing homes, as well as a general reduction in commercial building activity; (ii) secure, develop, and otherwise implement new technologies and processes designed to enhance our efficiency and competitiveness; (iii) attract, train, and retain highly-qualified associates; (iv) locate, secure, and successfully develop new sites for store development particularly in major metropolitan markets; (v) respond to fluctuations in the prices and availability of services, supplies, and products; (vi) respond to the growth and impact of competition; (vii) address changes in existing or new laws or regulations that affect consumer credit, employment/labor, trade, product safety, transportation/logistics, energy costs, health care, tax or environmental issues; and (viii) respond to unanticipated weather conditions that could adversely affect sales. In addition, we could experience additional impairment losses if the actual results of our operating stores are not consistent with the assumptions and judgments we have made in estimating future cash flows and determining asset fair values. For more information about these and other risks and uncertainties that we are exposed to, you should read the "Risk Factors" and "Critical Accounting Policies and Estimates" included in our Annual Report on Form 10-K to the United States Securities and Exchange Commission (the "SEC") and the description of material changes, if any, therein included in our Quarterly Reports on Form 10-Q.
The forward-looking statements contained in this news release are based upon data available as of the date of this release or other specified date and speak only as of such date. All subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf about any of the matters covered in this release are qualified by these cautionary statements and in the "Risk Factors" included in our Annual Report on Form 10-K to the SEC and the description of material changes, if any, therein included in our Quarterly Reports on Form 10-Q. We expressly disclaim any obligation to update or revise any forward-looking statement, whether as a result of new information, change in circumstances, future events, or otherwise.
With fiscal year 2009 sales of $47.2 billion, Lowe's Companies, Inc. is a FORTUNE(R) 50 company that serves approximately 15 million customers a week at more than 1,725 home improvement stores in the United States, Canada and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.
SOURCE: Lowe's Companies, Inc.
Lowe's Companies, Inc.