Mooresville, N.C.-based Lowe’s Cos. reported net earnings of $404 million for the quarter ended Oct. 29, a 17.4% increase from the same period a year ago.
Sales for the quarter increased 1.9% to $11.6 billion, up from $11.4 billion in the third quarter of 2009. Comparable-store sales for the third quarter increased 0.2%, and for the first nine months of 2010 increased 1.4%.
“Thanks to the dedication of our 238,000-plus employees, we delivered solid results for the quarter despite the continued sluggishness of the economic recovery,” said Robert A. Niblock, Lowe’s chairman and CEO. “Ongoing uncertainty in employment and housing continues to pressure our industry, but we are prepared to operate effectively in a slow-growth environment. We continue to solidify plans to enhance our market share gains as macroeconomic factors slowly improve."
In the fourth quarter, the company expects to open approximately 17 stores, reflecting square-footage growth of approximately 2%.