Home improvement retailer Lowe's Companies reported net earnings of $2.0 billion in fiscal year 2012. Net earnings for FY 2012 were up 6.5%. FY 2012 sales were $50.5 billion, up 0.6% from FY 2011.
Lowe's fiscal year ends on the Friday nearest the end of January. Fourth quarter and fiscal year 2011 included an extra week compared to fiscal year 2012. As a result of the extra week in 2011, net earnings for 4Q FY 2012 were down 10.6%.
Lowe's reported net earnings of $288 million in the fourth quarter of its fiscal year 2012. Sales in 4Q fiscal year 2012 were down 5.0% to $11.0 billion, from $11.6 billion in 4Q FY 2011. FY 2011's 53rd week contributed $766 million to sales and fiscal year 2011.
Comparable store sales in 4Q 2012 were up 1.9% on a consolidated basis as well as for the retailer's U.S. business.
Fiscal year 2012 comparable store sales were up 1.4%. Comparable U.S. store sales were up 1.5%. Comparable store sales are based on comparable 13-week and 52-week periods.
As of Feb. 1, 2013, Lowe's operated 1,754 stores in the United States, Canada, and Mexico, with 197.4 million square feet of retail selling space.
Lowe's expects total sales in fiscal year 2013 to be 4%. Comparable store sales are expected to increase about 3.5%.
Lowe's expects to open 10 stores in the coming fiscal year 2013.
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