Reiterates Sales and Earnings Guidance for Fiscal First Quarter
MOORESVILLE, N.C., March 19 /PRNewswire-FirstCall/ -- Lowe's Companies,
Inc. (NYSE: LOW) today provided a sales update as a result of an inadvertent
disclosure of financial information by GE Capital, who manages Lowe's
proprietary credit card programs. While the sales number released was based on
a different fiscal calendar, and therefore did not accurately reflect actual
total February results, the company deemed it prudent to provide an update.
Sales for the fiscal month of February (January 31, 2009 to February 27,
2009) were in line with the company's guidance for the quarter. Based on
results through March 18, 2009, the company is comfortable reiterating
previously provided sales and earnings guidance for its fiscal first quarter.
For additional details regarding the company's guidance, please refer to
Lowe's fiscal fourth quarter release dated February 20, 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, 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
rising unemployment, interest rate and currency fluctuations, higher fuel and
other energy costs, slower growth in personal income, changes in consumer
spending, the availability of consumer credit and mortgage financing, changes
in the rate of housing turnover, 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 and the
level of repairs, remodeling, and additions to existing homes, as well as
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 legal and regulatory developments; and (viii) respond to unanticipated
weather conditions that could adversely affect sales. For more information
about these and other risks and uncertainties that we are exposed to, you
should read the "Risk Factors" included in our Annual Report on Form 10-K to
the United States Securities and Exchange Commission and the description of
material changes, if any, in those "Risk Factors" included in our Quarterly
Reports on Form 10-Q.
The forward-looking statements contained in this news release speak only
as of the date of this release and the company does not assume any obligation
to update any such statements.
With fiscal year 2008 sales of $48.2 billion, Lowe's Companies, Inc. is a
FORTUNE(R) 50 company that serves approximately 14 million customers a week at
more than 1,650 home improvement stores in the United States and Canada.
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.
/CONTACT: Shareholders' and Analysts' Inquiries: Paul Taaffe,
+1-704-758-2033, or Media Inquiries: Chris Ahearn, +1-704-758-2304, both of
Lowe's Companies, Inc./
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/Web Site: http://www.Lowes.com /
CO: Lowe's Companies, Inc.; GE Capital
ST: North Carolina
IN: REA CST RLT
SU: SLS ERP
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2291 03/19/2009 14:55 EDT http://www.prnewswire.com