Lowe’s Companies, Inc., the world’s second largest home improvement retailer, reported net earnings of $830 million for the quarter ended July 29, 2011, essentially flat from the same period a year ago. For the six months of 2011, net earnings decreased 2.2% from the same period a year ago to $1.29 billion.
The chain took charges, including for the closing on August 4 of seven underperforming stores.
Sales for the quarter increased 1.3% to $14.5 billion, up from $14.4 billion in the second quarter of 2010. For the first half of 2011, sales were $26.7 billion, essentially flat from the same period a year ago. Comparable store sales for the second quarter decreased 0.3% and for the first half of 2011 decreased 1.7% .
During the quarter, Lowe’s opened two stores. As of July 29, 2011, Lowe’s operated 1,753 stores in the United States, Canada, and Mexico representing 197.6 million square feet of retail selling space, a 1.5% increase over last year.
to Daily News