Lowe’s Increases Q2 Sales, Earnings

Lowe’s Companies has reported net earnings of $832 million for the second quarter ended July 30, 2010, a 9.6% increase from the same period a year ago. For the six months ended July 30, 2010, net earnings increased 7% to $1.32 billion.
Sales for the quarter increased 3.7% to $14.4 billion, up from $13.8 billion in the second quarter of 2009. For the six months ended July 30, 2010, sales increased 4.2% to $26.7 billion. Comparable store sales for the second quarter increased 1.6% and for the first half of 2010 increased 2%.
During the second quarter, the home improvement retailer opened four stores and closed one. As of July 30, 2010, Lowe’s operated 1,724 stores in the United States, Canada and Mexico. According to the company in its financial statement, Lowe’s expects to open approximately 12 new stores in the upcoming third quarter.