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Lowe's Earnings up 31 percent

MOORESVILLE, N.C. - Lowe's Companies, Inc. today reported net earnings of $590 million for the quarter ended April 29, 2005, a 31 percent increase over the same period a year ago.

Sales for the quarter increased 14.2 percent to $9.91 billion, up from $8.68 billion in the first quarter of 2004. Comparable store sales for the first quarter increased 3.8 percent.

"While an unusually cold, wet March in many parts of the country created challenges, our stores delivered another strong quarter," Robert A. Niblock, Lowe's chairman, president and CEO said. "We achieved high single-digit comparable store sales in February and April, but they were offset by negative low single-digit comps in weather-affected March.

Lowe's is the nation's second-largest home improvement chain after Home Depot Inc. Despite the 31 percent first-quarter profit Lowe's missed Wall Street's earnings expectations.

"We continue to make investments in new stores, improve existing stores and build the infrastructure to facilitate our expansion, and we remain optimistic about the outlook for the balance of the year," Niblock added.

During the quarter, Lowe's opened 27 new stores, including 2 relocations. As of April 29, 2005, Lowe's operated 1,112 stores in 48 states representing 126.5 million square feet of retail selling space, a 13.1 percent increase over last year.

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December 14, 2019, 7:59 am PDT

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