Lowe's Companies, Inc. reported net earnings of $590 million for the quarter ended April 29, 2005, a 30.5 percent increase over the same period a year ago. Diluted earnings per share increased 32.1 percent to $0.74 from $0.56 in the first quarter of 2004. These comparisons are influenced by the adoption of EITF 02-16, which had the effect of reducing net earnings in the first quarter of 2004.
Sales for the quarter increased 14.2 percent to $9.91 billion, up from $8.68 billion in the first quarter of 2004. Comparable store sales for the first quarter increased 3.8 percent.
"While an unusually cold, wet March in many parts of the country created challenges, our stores delivered another strong quarter," explained Robert Niblock, Lowe's chairman, president and CEO. "We achieved high single-digit comparable store sales in February and April, but they were offset by negative low single-digit comps in weather-affected March.
During the quarter, Lowe's opened 27 new stores, including two relocations. As of April 29, 2005, Lowe's operated 1,112 stores in 48 states, representing 126.5 million sq.ft. of retail selling space, a 13.1 percent increase over last year.
Second Quarter 2005 (comparisons to second quarter 2004)
Fiscal Year 2005 — a 53-week year (comparisons to fiscal year 2004 — a 52-week year)