Lowe’s earnings rise 9.6%
Lowe’s Cos. Inc.’s earnings continued to improve in the second quarter as the home-improvement retailer managed its expenses and waited for the economy to improve.
The Mooresville-based company’s earnings totaled $832 million, or 58 cents per diluted share, in the latest quarter, up from $759 million, or 51 cents per share, a year ago.
Sales increased 3.7 percent to $14.4 million from $13.8 million in the second quarter of 2009. Sales at stores in operation for more than a year rose 1.6 percent.
For the first six months of 2010, Lowe’s earnings increased 7 percent to $1.32 billion.
“Longer term, we believe improvement in labor and housing markets will be necessary to support more consistent improvement in demand for home-improvement products,” says Robert Niblock, chairman and chief executive of Lowe’s.
Lowe’s (NYSE:LOW) is the world’s second-largest home improvement retailer behind Atlanta-based The Home Depot Inc. (NYSE:HD).
During the latest quarter, Lowe’s opened four stores and closed one. As of July 30, the chain operated 1,724 stores in North America.
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