Home improvement retailer Lowe's Companies, Inc. today reported net earnings of U.S. $841 million for the quarter ended May 5, 2006, for a 43.5-percent increase over the same period a year ago. Diluted earnings per share increased 45.2 percent to $1.06 from $0.73 in the first quarter of 2005.
Sales for the quarter increased 20.3 percent to $11.92 billion, up from $9.91 billion in the first quarter of 2005. Total sales results were helped by a calendar shift. Comparable store sales for the quarter increased 5.7 percent.
"Industry-leading market share gains in appliances and outdoor power equipment are evidence of our compelling product offering and our success in meeting customers' needs," explained Robert A. Niblock, chairman, president and CEO of Lowe's (Mooresville, North Carolina, U.S.)
"Recent data suggest continued favorable trends in employment levels and income growth which will offset some of the monetary pressures consumers are facing such as rising fuel prices and interest rates," Niblock added. "As trends in the housing market normalize from the rapid growth experienced over the past few years, we believe we have the programs in place to continue to capture share and deliver solid earnings growth."
Lowe's opened 24 new stores in the quarter, and operated 1,258 stores in 49 U.S. states by May 5, 2006.
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