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Lowe’s reaffirms 2010 outlook

Mooresville-based home-improvement company Lowe’s Cos. Inc. reaffirmed Tuesday its fiscal 2010 earnings projections.

During the company’s annual conference in Mooresville, it stuck with the fiscal 2010 forecast it issued Nov. 15.

For fiscal 2010, which will end Jan. 28, the company expects:

  • to open approximately 42 stores reflecting total square footage growth of approximately 2 percent;
  • a 3 to 4 percent increase in total sales;
  • comparable store sales to increase 1 to 2 percent;
  • earnings before interest and taxes as a percentage of sales to increase 50 to 60 basis points;
  • depreciation expense to be approximately $1.6 billion; and
  • diluted earnings per share of $1.37 to $1.40.
Lowe’s, the second-largest home-improvement retailer in the world behind Home Depot, had sales of $47.2 billion in fiscal 2009.  Lowe’s has more than 1,725 home improvement stores in the U.S., Canada and Mexico.

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