Lowe's expects to open 120 stores in '08

CHARLOTTE, N.C. Lowe's said that it expects to open approximately 120 stores in 2008 reflecting total square footage growth of 7% to 8%. Total sales are expected to increase approximately 1%. The company expects comparable-store sales to decline 6% to 7%. Diluted earnings per share of $1.48 to $1.56 are expected for the fiscal year ending Jan. 30, 2009.

By comparison, for the fiscal year 2009, the company expects to open 75 to 85 new stores reflecting square footage growth of approximately 5%. Total sales are expected to increase 2.5% to 6.5%. The company expects comparable-store sales to range from negative 3% to positive 1%. Diluted earnings per share of $1.40 to $1.65 are expected for the fiscal year ending Jan. 29, 2010.

"Despite the intense external pressures weighing on our industry, we continue to invest in our people, processes and stores to ensure we enhance the shopping experience we provide customers," commented Robert Niblock, Lowe's chairman and ceo. "In all sales environments, our goal is to prudently manage expenses and identify opportunities to drive efficiencies. I am confident our heightened focus on the fundamentals, along with our ongoing investments, will continue to enable us to capitalize on opportunities both today and when the environment improves," added Niblock.