Lowe's Sales up 3.4% in 2010 Feb 23, 2011

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Home improvement retailer Lowe's had net earnings of $285 million for the quarter ended January 28, 2011, a 39.0% increase from the same quarter a year ago. Sales for the quarter increased 3.1% to $10.5 billion, up from $10.2 billion in the fourth quarter of 2009.

For the fiscal year ended Jan. 28, 2011, sales increased 3.4% to $48.8 billion. Comparable store sales increased 1.1% for the fourth quarter and increased 1.3% for fiscal 2010.

During the quarter, Lowe's opened 17 stores and closed two. As of the end of the quarter Lowe's operated 1,749 stores in the United States, Canada, and Mexico representing 197.1 million square feet of retail selling space, a 2.0% increase over last year.

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