Lowe’s in the red

Lowe’s, the No. 2 home improvement chain in the United States, has announced that sales were 4.6 per cent down to US $ 13.8 bn in the second quarter of 2009. Comparable-store sales declined by 9.5 per cent. Net earnings fell by 19.1 per cent on the same period last year for a total of US $ 759 mio. For the first six months the company has revealed a sales fall of 3.2 per cent to US $ 25.7 bn (8.2 per cent in comparable-store terms). Net earnings were 20.1 per cent down to US $ 1.23 bn. Having opened 18 new stores, Lowe’s had 1 688 DIY stores with a combined retail area of 17.73 mio m² in operation in America and Canada at the end of the second quarter.