MOORESVILLE, NC -- Lowe’s Companies Inc., the world’s second largest home improvement retailer, reported net earnings of $404 million for the third quarter ended October 29, a 17.4% increase from the same period a year ago.
For the nine months ended October 29, net earnings increased 9.3% to $1.72 billion.
Sales for the quarter increased 1.9% to $11.6 billion, up from $11.4 billion in the third quarter of 2009. For the nine months ended October 29, sales increased 3.5% to $38.3 billion.
“Thanks to the dedication of our 238,000-plus employees, we delivered solid results for the quarter despite the continued sluggishness of the economic recovery,” said Robert Niblock, Lowe’s chairman and CEO. “Ongoing uncertainty in employment and housing continues to pressure our industry, but we are prepared to operate effectively in a slow-growth environment. We continue to solidify plans to enhance our market share gains as macro-economic factors slowly improve.”
Read Lowe's press release.
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