Home improvement and appliance retailer Lowe's Companies reported third quarter 2012 net earnings of $396 million, up 76.0% from the third quarter of fiscal year 2011.
Lowe's fiscal year third quarter ended on Nov. 2, 2012.
For the first nine months of fiscal year 2012, net earnings increased 10.1% from 2011 to $1.67 billion.
Lowe's fiscal year ends on the Friday nearest the end of January, so fiscal year 2011 had 53 weeks and 2012 quarterly comparisons are impacted by a shift in comparable weeks.
FY 2012 3Q sales were up 1.9% to $12.1 billion, from $11.9 billion in 3Q 2011. For the first nine months of FY 2012, sales were $39.5 billion, up 2.3% from 3Q 2011 (with the week shift accounting for $192 million or 0.5% of the total sales increase in the none months).
Comparable store sales for the third quarter increased 1.8% on a consolidated basis as well as for the U.S. business. For the nine month period, comparable store sales increased 1.3%, while comparable store sales for the U.S. business increased 1.4%. Comparable store sales are based on comparable 13-week periods.
FY 2012 (a 52-week fiscal year) total sales are expected to be approximately flat compared to FY 2011, with 53 weeks. On a 52 versus 52 week basis, total sales are expected to increase about 2%.
Back to Breaking News