News Brief

Lowe's Posts Higher Sales, Earnings

Lowe's says things are looking up, with its fourth-quarter earnings jumping 30% to $205 million and sales inching up nearly 2% to $10.2 billion -- up from $10 billion in the fiscal fourth quarter of 2008. On a comparable-store basis, sales for the quarter slipped 1.6%.

"Our fourth-quarter results, including sales and earnings that exceeded our guidance, suggest the worst of the economic cycle is likely behind us," CEO Robert A. Niblock, says in a statement. "While the psychological impact of falling home prices and an uncertain employment picture continue to weigh on consumers, improving comparable store sales trends, including improvement in many bigger-ticket, project categories, provides an encouraging sign that consumers are gaining the confidence to take on more discretionary projects."

In the coming quarter, the company says it expects same-store sales to come in between negative 2% and flat, with a 1 to 3% gain for the full fiscal year.--Sarah Mahoney

Tags: earnings, retail
Recommend (1) Print RSS