Lowe's Reports Record Q2 Earnings Aug 15, 2005

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Appliance retailer Lowe's Companies, Inc. reported net earnings of U.S. $838 million for the quarter ended July 29, 2005, a 19.7-percent increase over the same period a year ago. Diluted earnings per share increased 20.7 percent to $1.05 from $0.87 in the second quarter of 2004.

Sales for the quarter increased 17.3 percent to $11.9 billion, up from $10.2 billion in the second quarter of 2004. Comparable store sales for the second quarter increased 6.5 percent.

For the 6 months ended July 29, 2005, net earnings grew 24.0 percent to $1.43 billion, while diluted earnings per share increased 24.5 percent to $1.78. Sales increased 15.9 percent to $21.8 billion during the period. Comparable store sales increased 5.2 percent in the first half of 2005.

"Building on the strong sales trends we experienced in April, our stores delivered solid comparable store sales across all three months of the quarter," explained Robert A. Niblock, Lowe's chairman, president and CEO. "Comp sales above our original guidance were driven by our Big 3 sales initiatives of Installed Sales, Special Order Sales, and sales to Commercial Business Customers, all of which remain core to our performance. Successful traffic-driving marketing campaigns, in conjunction with great merchandising and store execution, led to comparable store increases in both average ticket and transaction counts in the quarter."

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