LOW » Topics » MOORESVILLE, N.C.

This excerpt taken from the LOW 8-K filed Feb 22, 2010.
MOORESVILLE, N.C.  –  Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today reported net earnings of $205 million for the quarter ended January 29, 2010, a 26.5 percent increase from the same period a year ago.  Diluted earnings per share increased 27.3 percent to $0.14 from $0.11 in the fourth quarter of 2008.  For the fiscal year ended January 29, 2010, net earnings declined 18.8 percent to $1.78 billion and diluted earnings per share also declined 18.8 percent to $1.21.

Sales for the quarter increased 1.8 percent to $10.2 billion, up from $10.0 billion in the fourth quarter of 2008.  For the fiscal year ended January 29, 2010, sales declined 2.1 percent to $47.2 billion.  Comparable store sales for the fourth quarter declined 1.6 percent and declined 6.7 percent for fiscal 2009.

“Our fourth quarter results, including sales and earnings that exceeded our guidance, suggest the worst of the economic cycle is likely behind us,” commented Robert A. Niblock, Lowe’s chairman and CEO.  “While the psychological impact of falling home prices and an uncertain employment picture continue to weigh on consumers, improving comparable store sales trends, including improvement in many bigger-ticket, project categories, provides an encouraging sign that consumers are gaining the confidence to take on more discretionary projects.

“Our advancing customer service scores, driven by our knowledgeable and engaged workforce, have been a key factor in Lowe’s solid market share gains throughout this downturn,” Niblock added.  “Our commitment to service, shared by our more than 238,000 employees, positions Lowe’s to best capitalize on the markedly different competitive landscape we will experience as the economy bottoms and home improvement demand improves.”

During the quarter, the company repurchased $500 million, or 21.9 million shares, of the company’s common stock.  The $1.7 billion share repurchase capacity remaining under the Board’s 2007 authorization expired at the end of fiscal 2009.  In addition, the Board of Directors has authorized the repurchase of up to $5 billion of the company’s common stock.  Although this new repurchase authorization has no expiration, the company expects to use the full amount over the next three years.  The repurchases will be subject to market conditions, and will be made from time to time either in the open market or through private transactions in accordance with the requirements of the Securities and Exchange Commission.  The company’s repurchase program may be suspended, discontinued or resumed at any time. 
 
During the quarter, Lowe’s opened 11 stores.  As of January 29, 2010, Lowe’s operated 1,710 stores in the United States and Canada representing 193.2 million square feet of retail selling space, a 3.5 percent increase over last year.

A conference call to discuss fourth quarter 2009 operating results is scheduled for today (Monday, February 22) at 9:00 am EST.  Please dial 888-817-4020 (international callers dial 706-679-4821) to participate.  A webcast of the call will take place simultaneously and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Fourth Quarter and Fiscal Year 2009 Earnings Conference Call Webcast.  A replay of the call will be archived on Lowes.com until May 16, 2010.
 
 
 

 

 
 Lowe’s Business Outlook
 
This excerpt taken from the LOW 8-K filed Nov 16, 2009.
MOORESVILLE, N.C.  – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today reported net earnings of $344 million for the quarter ended October 30, 2009, a 29.5 percent decline from the same period a year ago.  Diluted earnings per share declined 30.3 percent to $0.23 from $0.33 in the third quarter of 2008.  For the nine months ended October 30, 2009, net earnings declined 22.4 percent to $1.58 billion while diluted earnings per share declined 22.5 percent to $1.07.

Following an evaluation of the expected performance of certain locations, the company has determined the need to reduce the carrying value of assets for three operating stores and to recognize a charge related to the pipeline of potential future store sites it no longer intends to pursue.  In addition, as previously announced, the company closed its central Milwaukee location on September 20.  Primarily as a result of these items, the company recognized a pre-tax charge of $57 million, or approximately two cents per share ($0.02), in the quarter.  Also, the effective tax rate was favorably impacted during the quarter by the settlement of certain state tax issues, which positively impacted earnings per share by approximately one cent ($0.01).

Sales for the quarter declined 3.0 percent to $11.4 billion, down from $11.7 billion in the third quarter of 2008.  For the nine months ended October 30, 2009, sales declined 3.1 percent to $37.1 billion.  Comparable store sales for the third quarter declined 7.5 percent and declined 8.0 percent in the first nine months of 2009.

“The broad-based pressures of the macro environment are clearly evident in our sales as consumers continue to delay large purchases until they feel better about the economic outlook,” commented Robert A. Niblock, Lowe’s chairman and CEO.  “While consumer spending remained weak, we were pleased with our sequential improvement in comparable store sales from the second quarter and continued evidence of solid market share gains.  Those gains, combined with sound execution, led to earnings within our guidance for the quarter.

“We are beginning to see signs of improved performance in some of the hardest-hit housing markets including California, Florida and areas of the desert Southwest,” Niblock added.  “As the economy and the housing market continue through the bottoming and recovery process, we know there will be ongoing macroeconomic challenges, including declining home values and rising unemployment.  However, we are encouraged by the signs of stabilization in our business and remain confident we are well positioned to capture additional market share.”

During the quarter, Lowe’s opened 12 stores and closed one store.  As of October 30, 2009, Lowe’s operated 1,699 stores in the United States and Canada representing 191.9 million square feet of retail selling space, a 4.9 percent increase over last year.  A conference call to discuss third quarter 2009 operating results is scheduled for today (Monday, November 16) at 9:00 am EST.  Please dial 888-817-4020 (international callers dial 706-679-4821) to participate.

A webcast of the call will take place simultaneously and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Third Quarter 2009 Earnings Conference Call Webcast.  A replay of the call will be archived on Lowes.com until February 21, 2010.

 
 
 

 

 
 Lowe’s Business Outlook


This excerpt taken from the LOW 8-K filed Aug 17, 2009.
MOORESVILLE, N.C.  – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today reported net earnings of $759 million for the quarter ended July 31, 2009, a 19.1 percent decline from the same period a year ago.  Diluted earnings per share declined 19.0 percent to $0.51 from $0.63 in the second quarter of 2008.  For the six months ended July 31, 2009, net earnings declined 20.1 percent to $1.23 billion while diluted earnings per share declined 19.2 percent to $0.84.

In response to the challenging economic environment, which has resulted in declining demand for home improvement products, the company has re-evaluated its future store expansion plans.  For 2010, expansion in North America will be below previously anticipated levels, and new store openings will likely be in the range of 35 to 45.  Given this, the company has evaluated the pipeline of potential future store sites and made the decision to no longer pursue several projects.  The company’s results reflect a pre-tax charge of $48 million for the second quarter primarily related to these projects.

Sales for the quarter declined 4.6 percent to $13.8 billion, down from $14.5 billion in the second quarter of 2008.  For the six months ended July 31, 2009, sales declined 3.2 percent to $25.7 billion.  Comparable store sales for the second quarter declined 9.5 percent and declined 8.2 percent in the first half of 2009.

“Wavering consumer confidence, unseasonable weather in core markets, and restrained customer spending compared to last year’s fiscal stimulus-aided results led to lower than expected sales in the second quarter,” commented Robert A. Niblock, Lowe’s chairman and CEO.  “Cautious consumers remain reluctant to take on discretionary projects until signs of economic improvement are more evident.  Despite weak sales, sound execution combined with disciplined inventory management and solid expense control led to reasonable earnings for the quarter, and Lowe’s market share gains confirm our competitive position remains strong.

“There are some indications that a bottoming process in housing and the broader economy is under way, and we have seen customer traffic levels stabilize as we benefit from the resurgence of a do-it-yourself home improvement mindset,” Niblock added.  “As near-term pressures on the consumer remain, we enter the back half of the year with a cautious sales outlook but have the flexibility to react to a quickly changing environment.”

During the quarter, Lowe’s opened 18 new stores.  As of July 31, 2009, Lowe’s operated 1,688 stores in the United States and Canada representing 190.8 million square feet of retail selling space, a 6.8 percent increase over last year.

A conference call to discuss second quarter 2009 operating results is scheduled for today (Monday, August 17) at 9:00 am EDT.  Please dial 888-817-4020 (international callers dial 706-679-4821) to participate.  A webcast of the call will take place simultaneously and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Second Quarter 2009 Earnings Conference Call Webcast.  A replay of the call will be archived on Lowes.com until November 15, 2009.

 
 

 

 
 Lowe’s Business Outlook

This excerpt taken from the LOW 8-K filed May 18, 2009.
MOORESVILLE, N.C.  – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second-largest home improvement retailer, today reported net earnings of $476 million for the quarter ended May 1, 2009, a 21.6 percent decline versus the same period a year ago.   Diluted earnings per share declined 22.0 percent to $0.32 from $0.41 in the first quarter of 2008.

Sales for the quarter declined 1.5 percent to $11.8 billion, down from $12.0 billion in the first quarter of 2008.  Comparable store sales for the first quarter declined 6.6 percent.

“Despite the difficult external environment, Lowe’s strong commitment to customer service and a compelling product offering led to continued market share gains in the first quarter and helped deliver sales within our guidance range,” commented Robert A. Niblock, Lowe’s chairman and CEO.  “In addition, solid gross margin growth combined with appropriate expense management allowed us to deliver earnings per share above our guidance for the quarter. 

“The economic pressures on consumers remain intense, and bigger ticket projects continue to be postponed as wary home improvement consumers watch the economic climate and housing market dynamics very closely,” Niblock added. “But, as spring arrived, we saw relative strength in smaller, outdoor projects. 

“In recent weeks we have seen consumer confidence improve, housing turnover show signs of a bottom in certain markets, and home prices slow their decline,” Niblock continued.  “These are all positive signs for the stabilization and ultimate recovery of home improvement industry sales, but since many of these variables remain at or near historic lows, we will continue to plan conservatively and manage expenses appropriately.  Lowe’s remains focused on positioning the company for the future while maximizing opportunities presented today.”
 
During the quarter, Lowe’s opened 21 new stores.  As of May 1, 2009, Lowe’s operated 1,670 stores in the United States and Canada representing 188.8 million square feet of retail selling space, a 7.0 percent increase over last year.

A conference call to discuss first quarter 2009 operating results is scheduled for today (Monday, May 18) at 9:00 am EDT.  Please dial 888-817-4020 (international callers dial 706-679-8762) to participate.  A webcast of the call will take place simultaneously and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s First Quarter 2009 Earnings Conference Call Webcast.  A replay of the call will be archived on Lowes.com until August 16, 2009.
 

 
 

 
 
 Lowe’s Business Outlook
 
This excerpt taken from the LOW 8-K filed Feb 20, 2009.
MOORESVILLE, N.C.  – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today reported net earnings of $162 million for the quarter ended January 30, 2009, a 60.3 percent decline from the same period a year ago.  Diluted earnings per share declined 60.7 percent to $0.11 from $0.28 in the fourth quarter of 2007.  For the fiscal year ended January 30, 2009, net earnings declined 21.9 percent to $2.20 billion while diluted earnings per share declined 19.9 percent to $1.49.

Sales for the quarter declined 3.8 percent to $9.98 billion.  For the fiscal year ended January 30, 2009, sales declined 0.1 percent to $48.2 billion.  Comparable store sales declined 9.9 percent for the fourth quarter and 7.2 percent for fiscal 2008.

“The economic pressures on consumers intensified in the fourth quarter, resulting in a further decline in consumer confidence and dramatic reductions in consumer spending,” commented Robert A. Niblock, Lowe’s chairman and CEO.  “As a result, our comparable store sales for the quarter remained weak and fell at the low end of our expectations.  However, in this challenging sales environment and throughout this prolonged industry downturn, we are continuing to capture market share, which is evidence of our compelling product offering and commitment to customer service.”

During the fourth quarter holiday season, a period when Lowe’s competes with a broader group of retailers for customer traffic, the competition for sales was intense.  Reacting to the extreme promotional environment and to the sharp decline in consumer spending, the company chose to be more aggressive than planned with seasonal merchandise markdowns.  This pressured gross margin, but helped improve the company's inventory position heading into fiscal 2009.  While the competition for sales remains high, and the state of the consumer is certainly still in question, the company believes many of the pressures on gross margin were unique to promotional activity during the holiday season and expects those pressures to abate in the first quarter.

“Through disciplined expense control, we delivered respectable earnings for the quarter and fiscal 2008,” Niblock added.  “We have made significant progress in refining our cost structure during the three-year downturn in our industry and have managed our staffing, both in our stores and in our corporate office, to match the slowing sales environment.  While we have a conservative plan for 2009, we continue to look critically at all expenses and have the flexibility to further reduce our expense structure should sales be weaker than expected.  In the current environment our goal remains to balance expense control with our commitment to customer service.”
 
 

 
 
During the quarter, Lowe’s opened 33 new stores.  As of January 30, 2009, Lowe’s operated 1,649 stores in the United States and Canada representing 186.6 million square feet of retail selling space, a 7.2 percent increase over last year.

A conference call to discuss fourth quarter and fiscal year 2008 operating results is scheduled for today (Friday, February 20) at 9:00 am EST.  Please dial 888-817-4020 (international callers dial 706-679-8762) to participate.  A webcast of the call will take place simultaneously and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Fourth Quarter and Fiscal Year 2008 Earnings Conference Call Webcast.  A replay of the call will be archived on Lowes.com until May 17, 2009.
 
 
 Lowe’s Business Outlook
 
This excerpt taken from the LOW 8-K filed Nov 17, 2008.
MOORESVILLE, N.C.  – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today reported net earnings of $488 million for the quarter ended October 31, 2008, a 24.1 percent decline from the same period a year ago.  Diluted earnings per share declined 23.3 percent to $0.33 from $0.43 in the third quarter of 2007.  For the nine months ended October 31, 2008, net earnings declined 15.3 percent to $2.03 billion while diluted earnings per share declined 12.7 percent to $1.38.

Sales for the quarter increased 1.4 percent to $11.7 billion, up from $11.6 billion in the third quarter of 2007.  For the nine months ended October 31, 2008, sales increased 0.9 percent to $38.2 billion.  Comparable store sales for the third quarter declined 5.9 percent and declined 6.5 percent in the first nine months of 2008.

“Thanks to our employees’ hard work and dedication in this difficult environment, we achieved sales results within our guidance and earnings that exceeded our guidance,” commented Robert A. Niblock, Lowe’s chairman and CEO.  “During the quarter, products related to ongoing home maintenance and outdoor projects continued to perform relatively well.  Also, we experienced a hurricane-related sales lift in the Gulf Coast as residents repaired storm damage.  However, consumers continued to delay discretionary home improvement and bigger ticket purchases, which resulted in negative comparable store sales in the quarter.

“We expect continued, broad-based external pressures on our industry, as rising unemployment, falling home prices, tight credit and volatile equity markets continue to erode consumer confidence and impact sales,” Niblock added.  “While falling energy prices and initial signs of stabilization in housing turnover should aid the consumer, we saw a decline in sales trends in the last week of October that continued into November as the overall economic outlook deteriorated.  In light of the difficult environment, we remain cautious in the near term and focused on providing great service to customers, increasing market share, controlling expenses, and appropriately managing capital expenditures to drive long-term returns for shareholders.”

During the quarter, Lowe’s opened 39 new stores.  As of October 31, 2008, Lowe’s operated 1,616 stores in the United States and Canada representing 183.0 million square feet of retail selling space, a 10.2 percent increase over last year.

A conference call to discuss third quarter 2008 operating results is scheduled for today (Monday, November 17) at 9:00 am EST.  Please dial 888-817-4020 (international callers dial 706-679-8762) to participate.  A webcast of the call will take place simultaneously and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Third Quarter 2008 Earnings Conference Call Webcast.  A replay of the call will be archived on Lowes.com until February 19, 2009.

 
 

 
 
 Lowe’s Business Outlook
 
This excerpt taken from the LOW 8-K filed Aug 28, 2008.
MOORESVILLE, N.C. -- Lowe’s Companies, Inc. (NYSE: LOW) announced today the appointment of S. Thomas Moser, 61, to its board of directors.  Moser was also appointed to the board’s governance and audit committees.  With today’s announcement, Lowe’s board of directors increases to 12 members, with 11 of them being independent directors.

Moser served as vice chairman of KPMG LLP, the U.S. member firm of KPMG International, from 1998 until his retirement in February 2008.  He joined KPMG in 1970, became an audit partner, and held positions of increasing responsibility including national director - retail and consumer products, vice chair – consumer and industrial, vice chair – industries, and vice chair – strategy.  He served as a member of the firm’s board of directors and management committee.

Moser received a bachelor’s degree in business administration from the University of North Carolina - Chapel Hill.  He serves on the board of directors and insurance and operations committee of New York Life Insurance Company.  He also serves on the board of directors of the global nonprofit organization Students in Free Enterprise.
 
“Tom Moser’s depth and breadth of experience with KPMG will be an asset to the Lowe’s board of directors,” said Robert A. Niblock, chairman and CEO.  “The board and I look forward to working with him.”
 
With fiscal year 2007 sales of $48.3 billion, Lowe’s Companies, Inc. is a FORTUNE® 50 company that serves approximately 14 million customers a week at more than 1,575 home improvement stores in the United States and Canada.  Founded in 1946 and based in Mooresville, N.C., Lowe’s is the second-largest home improvement retailer in the world.  For more information, visit Lowes.com.
 
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This excerpt taken from the LOW 8-K filed Aug 18, 2008.
MOORESVILLE, N.C.  – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today reported net earnings of $938 million for the quarter ended August 1, 2008, a 7.9 percent decline from the same period a year ago.  Diluted earnings per share declined 4.5 percent to $0.64 from $0.67 in the second quarter of 2007.  For the six months ended August 1, 2008, net earnings declined 12.1 percent to $1.54 billion while diluted earnings per share declined 8.7 percent to $1.05.

Sales for the quarter increased 2.4 percent to $14.5 billion, up from $14.2 billion in the second quarter of 2007.  For the six months ended August 1, 2008, sales increased 0.7 percent to $26.5 billion.  Comparable store sales for the second quarter declined 5.3 percent and declined 6.7 percent in the first half of 2008.

“Our sales results for the quarter, while better than our forecast, reflect the realities of the continuing macro economic pressures on our industry,” commented Robert A. Niblock, Lowe’s chairman and CEO.  “We saw relative strength in our seasonal sales as homeowners welcomed back spring and restored lawns and outdoor landscaping following the effects of last year’s drought in much of the country.  In addition, we believe our second quarter sales benefited from the economic impact of the fiscal stimulus tax rebates. Unfortunately, weakness in bigger ticket projects continues, particularly in markets most impacted by the housing downturn. 
 
“Through disciplined expense controls we delivered solid earnings for the quarter,” Niblock added.  “We are encouraged by our results and our continued market share gains, but the macro economic factors pressuring consumers and the ongoing challenges and uncertainty of the financial markets suggest a cautious sales forecast for the balance of fiscal 2008 is prudent.  We remain focused on positioning the company for long-term success while managing through the near-term challenges of the current environment.”

During the quarter, Lowe’s opened 23 new stores.  As of August 1, 2008, Lowe’s operated 1,577 stores in the United States and Canada representing 178.6 million square feet of retail selling space, a 10.5 percent increase over last year.

A conference call to discuss second quarter 2008 operating results is scheduled for today (Monday, August 18) at 9:00 am EDT.  Please dial 888-817-4020 (international callers dial 706-679-8762) to participate.  A webcast of the call will take place simultaneously and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Second Quarter 2008 Earnings Conference Call Webcast.  A replay of the call will be archived on Lowes.com until November 16, 2008.


 
 

 

 
 Lowe’s Business Outlook
 

This excerpt taken from the LOW 8-K filed May 19, 2008.
MOORESVILLE, N.C.   – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second-largest home improvement retailer, today reported net earnings of $607 million for the quarter ended May 2, 2008, a 17.9 percent decline versus the same period a year ago.   Diluted earnings per share declined 14.6 percent to $0.41 from $0.48 in the first quarter of 2007.

Sales for the quarter declined 1.3 percent to $12.0 billion, down from $12.2 billion in the first quarter of 2007.  Comparable store sales for the first quarter declined 8.4 percent.

“The challenging sales environment we have been experiencing for the past six quarters continued into the first quarter of 2008, and increasing financial pressures on consumers resulted in top-line sales that fell below our plan,” commented Robert A. Niblock, Lowe’s chairman and CEO.  “The generally poor economic outlook, including well-known housing pressures, rising food and fuel prices and a more negative employment picture eroded consumer confidence and impacted discretionary purchases for the home.
 
“With our offering of great products and exceptional service, Lowe’s continued to gain market share in the quarter, and diligent expense control helped us achieve respectable earnings in spite of the headwinds facing the industry,” Niblock continued.  “Fiscal 2008 will be a challenging year on many fronts, but we remain focused on what we can control and will continue managing for long-term success and pursuing opportunities as they arise in the current environment.”

During the quarter, Lowe’s opened 20 new stores.  As of May 2, 2008, Lowe’s operated 1,554 stores in the United States and Canada representing 176.4 million square feet of retail selling space, an 11.1 percent increase over last year.

A conference call to discuss first quarter 2008 operating results is scheduled for today (Monday, May 19) at 9:00 am EDT.  Please dial 888-817-4020 (international callers dial 706-679-8762) to participate.  A webcast of the call will take place simultaneously and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s First Quarter 2008 Earnings Conference Call Webcast.  A replay of the call will be archived on Lowes.com until August 17, 2008.


 
 

 
 
 
 Lowe’s Business Outlook
 
This excerpt taken from the LOW 8-K filed Feb 25, 2008.
MOORESVILLE, N.C.  – Lowe’s Companies, Inc. (NYSE: LOW), the world’s second largest home improvement retailer, today reported net earnings of $408 million for the quarter ended February 1, 2008, a 33.4 percent decline over the same period a year ago.  Diluted earnings per share declined 30.0 percent to $0.28 from $0.40 in the fourth quarter of 2006.  For the fiscal year ended February 1, 2008, net earnings declined 9.5 percent to $2.81 billion while diluted earnings per share declined 6.5 percent to $1.86.

Sales for the quarter declined 0.3 percent to just under $10.4 billion.  For the fiscal year ended February 1, 2008, sales increased 2.9 percent to $48.3 billion.  Comparable store sales declined 7.6 percent for the fourth quarter and 5.1 percent for fiscal 2007.

“Fourth quarter and fiscal year 2007 sales fell short of our plan as we faced an unprecedented decline in housing turnover, falling home prices in many areas and turbulent mortgage markets that impacted both sentiment related to home improvement purchases as well as consumers’ access to capital,” explained Robert A. Niblock, Lowe’s chairman and CEO.  “While our results fell short of our expectations, I want to thank our more than 215,000 employees whose customer focus allowed us to capture market share in both the quarter and the year.  Those market share gains combined with appropriate expense management in a very challenging environment for the home improvement industry allowed us to deliver respectable annual earnings per share.

As we look to fiscal 2008, we know the next several quarters will be challenging on many fronts as industry sales are likely to remain soft,” Niblock continued.  “We remain focused on what we can control:  providing great customer service while managing expenses and offering customers the best shopping experience in home improvement.  As the year progresses, the recent Federal Reserve interest rate cuts and the approved fiscal stimulus package are expected to lend support to the broader economy and the consumer.  As a result, many of the headwinds facing the housing market and the home improvement industry should lessen, and consumers’ confidence in investing in and improving their homes should improve.”

During the quarter, Lowe’s opened 72 new stores including two relocations.  As of February 1, 2008, Lowe’s operated 1,534 stores in the United States and Canada representing 174.1 million square feet of retail selling space, a 10.9 percent increase over last year.
 

 
A conference call to discuss fourth quarter and fiscal 2007 operating results is scheduled for today (Monday, February 25) at 9:00 a.m. EST.  Please dial 888-817-4020 (international callers dial 706-679-8762) to participate.  A webcast of the call will take place simultaneously and can be accessed by visiting Lowe’s website at www.Lowes.com/investor and clicking on Lowe’s Fourth Quarter and Fiscal 2007 Earnings Conference Call Webcast.  A replay of the call will be archived on Lowes.com until May 18, 2008.

 Lowe's Business Outlook

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