Mooresville, N.C. -- Lowe’s reported a 39% increase in fiscal fourth-quarter earnings to $285 million, up from $205 million a year earlier.
Sales grew 3% in the latest quarter to $10.5 billion. Same-store sales rose 1.1%.
For fiscal 2010, net income grew to $2 billion, from $1.8 billion in fiscal 2009. Sales grew to $48.8 billion from $47.2 billion.
The company expects to open 25 to 30 stores in 2011.
“While uncertainty in the market remains, the economic recovery is continuing,” CEO Robert Niblock said. “We are committed to delivering better customer experiences and expect to grow market share in 2011 as we make continued progress on our key initiatives.”