Lowe's sees 3Q earnings fall

MOORESVILLE, N.C. Lowe's reported net earnings of $488 million for the quarter ended Oct. 31, a 24.1% decline from the same period a year ago. Diluted earnings per share declined 23.3% to 33 cents from 43 cents in the third quarter of 2007.

Sales for the quarter increased 1.4% to $11.7 billion, up from $11.6 billion in the third quarter of 2007. Comparable-store sales for the third quarter declined 5.9%.

"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 Niblock, Lowe's chairman and ceo.

For the fourth quarter of 2008, total sales are expected to range from a decline of 3% to an increase of 2%. Comparable-store sales are expected to decline between 5% and 10%. Diluted earnings per share of 8 cents to 16 cents are expected.