Lowe's Companies, Inc., the world's second largest home improvement retailer, reported net earnings of US$1.02 billion for the quarter ended Aug. 3, 2007, a 9% increase over the same period a year ago. Diluted earnings per share increased 11.7% to $0.67 from $0.60 in the second quarter of 2006. For the six months ended Aug. 3, 2007, net earnings declined 1% to $1.76 billion while diluted earnings per share increased 1.8% to $1.15.
Sales for the quarter increased 5.8% to $14.2 billion, up from $13.4 billion in the second quarter of 2006. For the six months ended Aug. 3, 2007, sales increased 4.1% to $26.3 billion. Comparable store sales for the second quarter declined 2.6% and declined 4.4% in the first half of 2007.
During the quarter, Lowe's opened 26 new stores, including two relocations. As of Aug. 3, 2007, Lowe's operated 1,424 stores in 49 states representing 161.6 million sq. ft. of retail selling space, an 11.1% increase over last year.