Lowe's Companies, Inc., the world's second-largest home improvement retailer, had net earnings of $747 million in the quarter ending Aug. 3, 2012. Second quarter earnings were down 10.0% from the second quarter of the previous year.
For the six months ending Aug. 3, 2012, net earnings were down 1.3% from the same period a year ago to $1.27 billion.
Lowe's fiscal year ends on the Friday nearest the end of January, so that fiscal year 2011 included 53 weeks. Comparisons to 2012, with 52 weeks, are impacted by a shift in comparable weeks.
Sales for the second quarter were down 2.0% to $14.2 billion from $14.5 billion in 2Q fiscal 2011. The week shift accounted for $259 million or 1.8% of the total sales decline for the second quarter.
For the six month period, sales were $27.4 billion, a 2.5% increase over the same period a year ago. The week shift accounted for $255 million or 1.0% of the total sales increase for the six month period.
Comparable store sales for the second quarter was down 0.4%, while comparable store sales for U.S. business were down 0.2%. For the six month period, comparable store sales were up 1.0%, while comparable store sales for the U.S. business were up 1.2%. Comparable store sales are based on comparable 13-week periods.
As of August Lowe's had 1,748 stores in the United States, Canada, and Mexico.
Total sales are expected to be approximately flat for the current fiscal year. On a 52-week versus 52-week basis, total sales are expected to increase approximately 1%. The company expects comparable store sales to increase approximately 0.5% (on a 52-vs.-52 week basis).
The company expects to open approximately 10 stores in fiscal year 2012.
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