Results down

Lowe’s recorded sales of US $ 48.2 bn in the 2008 financial year (to 30 January), or 0.1 per cent down on the previous year. Comparable store sales were 7.2 per cent down. Net earnings fell by 21.9 per cent to US $ 2.2 bn in the same period. For the fourth quarter the company announced a sales decline of 3.8 per cent to US $ 9.98 bn (-9.9 per cent like-for-like). Net earnings fell by 60.3 per cent to US $ 162 mio. At the end of the year Lowe’s numbered 1 649 DIY stores in the USA and Canada with a combined retail area of 17.3 mio m².