Lowe’s sales and earnings up in Q2

Mooresville, N.C.-based Lowe’s reported second-quarter net earnings of $832 million, a 9.6% increase from $759 million reported for the same period last year.

Sales for the quarter ended July 30 increased 3.7% to $14.4 billion, up from $13.8 billion in the second quarter of 2009.

The company also reported comparable-store sales for the second quarter increased 1.6% and for the first half of 2010 increased 2%.

“Despite economic uncertainty, our continued focus on the customer and prudent expense management yielded solid results for the quarter,” said Robert Niblock, chairman and CEO. “With limited visibility into near-term demand, we continue to focus on operational efficiency to create value for our shareholders. Longer term, we believe improvements in labor and housing markets will be necessary to support more consistent improvement in demand for home improvement products.”

During the quarter, Lowe’s opened four stores and closed one. The company currently operates 1,724 stores in the United States, Canada and Mexico, a 2% increase over last year.

Looking forward into the third quarter, the company said it expects to open approximately 12 new stores, representing a growth of 2%. The company expects third-quarter sales to increase 3% to 5% and expects comparable-store sales to increase 1% to 3%.

For the full year, the company expects to open 40 to 45 stores. Total sales for the year are expected to increase approximately 4% and comparable-store sales to increase approximately 2%.