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Retailer Lowe's Companies reported net earnings of US$643 million for the quarter ended Nov. 2, 2007, a 10.2% decline over the same period a year ago. Diluted earnings per share declined 6.5% to $0.43 from $0.46 in the third quarter of 2006. For the nine months ended Nov. 2, 2007, net earnings declined 3.7% to $2.40 billion, while diluted earnings per share declined 0.6% to $1.58.
Sales for the quarter increased 3.2% to $11.6 billion, up from $11.2 billion in the third quarter of 2006. For the nine months ended Nov. 2, 2007, sales increased 3.8% to $37.9 billion. Comparable store sales declined 4.3% for both the third quarter and first nine months of 2007.
During the quarter, Lowe's opened 40 new stores. As of Nov. 2, 2007, Lowe's operated 1464 stores in 49 states, representing 166.1 million square feet of retail selling space, a 10.1% increase over last year.
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