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Appliance Retailer Lowe's Reports 3Q Earnings, Sales Increases
Nov 15, 2010
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Lowe's Companies, Inc., a home improvement retailer and one of the top major appliance retailers in the United States, reported net earnings of $404 million for the quarter ended October 29, 2010, a 17.4% increase from the same period a year ago.

Appliances is the since biggest product category Lowe's sells, and makes up about 10% of the retailer's total sales (in 2010, up from a steady 9% throughout 2004-2008).

For the firth nine months of 2010 net earnings increased 9.3% to $1.72 billion.

Sales for the quarter increased 1.9% to $11.6 billion, up from $11.4 billion in 3Q 2009. For the first nine months of 2010 sales increased 3.5% to $38.3 billion.

Comparable store sales for the third quarter increased 0.2% and for the first nine months of 2010 increased 1.4%.

During the quarter, Lowe's opened ten stores, giving it a total of 1734 stores in the United States, Canada, and Mexico, representing 195.6 million square feet of retail selling space, a 1.9% increase over last year.

Lowe's 4Q ends Jan. 28, 2011.

Lowe's expects total sales in 2010 will increase 3-4% over 2009.

Lowe's reported Appliance Product Category sales:

• 2009: $4,541,000, or 10% of total sales
• 2008: $4,376,000, or 9% of total sales
• 2007: $4,302,000, or 9% of total sales
• 2006: $4,139,000, or 9% of total sales
• 2005: $3,872,000, or 9% of total sales
• 2004: $3,165,000, or 9% of total sales

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