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Lowes Reports Record Earnings for 2006
Feb 23, 2007
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Lowe’s reported net earning of U.S. $613 million for the 13-week period ended Feb. 2, 2007, an 11.5 percent decline versus the 14-week period ended Feb. 3, 2006. Diluted earnings per share declined 7.0 percent to $0.40 from $0.43 in the fourth quarter of 2005. For fiscal 2006, a 52-week year, earnings grew 12.3 percent to $3.1 billion versus fiscal 2005, a 53-week year. Diluted earnings per share increased 15.0 percent to $1.9 in fiscal 2006.

Fourth quarter sales declined 3.7 percent to $10.4 billion for the 13-week period ended Feb. 2, 2007 versus the 14-week period ended Feb. 3, 2006. Fiscal 2006 sales increased to $46.9 billion, an 8.5 percent increase for the 52-week period ended Feb. 2, 2007 versus the 53-week period ended Feb. 3, 2006. Adjusting for the comparison to last year’s 14-week fourth quarter and 53-week fiscal year as well as the corresponding calendar shift, total sales increased approximately five percent to last year in the fourth quarter and increased approximately 10 percent for the fiscal year. Sales at the company’s comparable stores, which were not affected by the calendar shift, declined 5.3 percent during the quarter and were flat for the year.

 

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