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Mooresville, N.C.-based Lowe’s released its third-quarter earnings statement, reporting $643 million in net earnings for the quarter, down 10.2 percent from $716 million for the same quarter last year. The company also reported net sales at $11.6 billion, up 3.1 percent from last year’s net sales of $11.2 billion.
Comparable-store sales declined 4.3 percent for the quarter.
"Our sales for the quarter fell short of our expectations, but disciplined expense management and ongoing safety initiatives combined with rational and targeted promotions enabled us to deliver earnings per share at the low end of our guidance," explained Robert Niblock, Lowe's chairman and CEO.
Niblock said that the housing decline played a major role in the decreased sales.
During the quarter, Lowe’s opened 40 new stores, and the company said it plans to open 72 new stores in the upcoming fourth quarter. Among those will be three new locations in Canada, opening Dec. 10.
Lowe’s currently operates 1,464 stores in 49 states.