ABJ - November 14 - Lowe’s Companies, Inc., the world’s second largest home improvement retailer, reported net earnings of $225 million for the quarter ending October 28, a 44.3 per cent decline from the same period a year ago. Diluted earnings per share decreased 37.9 per cent to 18 cents from 29 cents in the third quarter of 2010. For the nine months ending October 28, net earnings decreased 12.1 per cent from the same period a year ago to $1.52 billion while diluted earnings per share decreased 3.3 per cent to $1.17.

Included in the above reported results are charges related to store closings and discontinued projects which, in the aggregate, reduced pre-tax earnings for the quarter by $336 million and diluted earnings per share by 17 cents.

Sales for the quarter increased 2.3 per cent to $11.9 billion, up from $11.6 billion in the third quarter of 2010. For the nine months ending October 28, sales were $38.6 billion, an increase of 0.6 per cent from the same period a year ago. Comparable store sales for the third quarter increased 0.7 per cent and for the first nine months of 2011 decreased one per cent.

"Our performance is not at the level we expect relative to the market," commented Robert Niblock, Lowe’s Chairman, President and CEO. "We are making the changes necessary to right size the organization, improve speed to market and enhance the shopping experience. We are keenly focused on improving our core business while also developing new capabilities and services for the future. I am confident we are moving forward on a clear path that is not dependent on an unlikely near-term economic recovery.

“I would like to thank our hardworking employees for their ongoing dedication and customer focus during a time of significant change,” Niblock concluded.

During the quarter, Lowe’s opened eight stores. As of October 28, Lowe’s operated 1,744 stores in the United States, Canada, and Mexico representing 196.5 million square feet of retail selling space, a 0.5 per cent increase over last year.