Lowe's Companies, Inc. (NYSE:LOW) , the world's second-largest home improvement retailer, today reported net earnings of $607 million for the quarter ended May 2, 2008, a 17.9 percent decline versus the same period a year ago. Diluted earnings per share declined 14.6 percent to $0.41 from $0.48 in the first quarter of 2007.

Sales for the quarter declined 1.3 percent to $12.0 billion, down from $12.2 billion in the first quarter of 2007. Comparable store sales for the first quarter declined 8.4 percent.

"The challenging sales environment we have been experiencing for the past six quarters continued into the first quarter of 2008, and increasing financial pressures on consumers resulted in top-line sales that fell below our plan," commented Robert A. Niblock, Lowe's chairman and CEO. "The generally poor economic outlook, including well-known housing pressures, rising food and fuel prices and a more negative employment picture eroded consumer confidence and impacted discretionary purchases for the home.

"With our offering of great products and exceptional service, Lowe's continued to gain market share in the quarter, and diligent expense control helped us achieve respectable earnings in spite of the headwinds facing the industry," Niblock continued. "Fiscal 2008 will be a challenging year on many fronts, but we remain focused on what we can control and will continue managing for long-term success and pursuing opportunities as they arise in the current environment."

During the quarter, Lowe's opened 20 new stores. As of May 2, 2008, Lowe's operated 1,554 stores in the United States and Canada representing 176.4 million square feet of retail selling space, an 11.1 percent increase over last year.

A conference call to discuss first quarter 2008 operating results is scheduled for today (Monday, May 19) at 9:00 am EDT. Please dial 888-817-4020 (international callers dial 706-679-8762) to participate. A webcast of the call will take place simultaneously and can be accessed by visiting Lowe's website at www.Lowes.com/investor and clicking on Lowe's First Quarter 2008 Earnings Conference Call Webcast. A replay of the call will be archived on Lowes.com until August 17, 2008 ... for more Information and for Lowe's Business Outlool see PRNewswire


Publication date: 19 May 2008   

Source: PRNewswire

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