Decline in comparable store sales

Sales are still under pressure at Lowe’s as a result of the continuing turmoil in the American housing and mortgage market. Even though the number two DIY retailer announced a sales increase of 3.1 per cent to US $ 11.6 bn (€ 7.86 bn), comparable store sales experienced a decline of 4.3 per cent over the same period a year ago. Net earnings saw a 10.2 per cent fall to US $ 643 mio (€ 435.8 mio). Lowe’s reports a 3.8 per cent increase in sales to US $ 37.9 bn (€ 25.7 bn) for the first nine months of the current financial year. Net earnings declined during this period by 3.7 per cent over the previous year to US $ 2.4 bn (€ 1.6 bn).