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Lowe's (LOW) Reiterates Earnings, Sales Forecast For 2012

 December 05, 2012 06:54 AM
 


(By Balachander) Lowe's Companies Inc. (NYSE: LOW) reiterated its earnings and sales forecast for the full year 2012.

For the full year, the Mooresville, North Carolina-based company continues to expect earnings per share (EPS) of about $1.64 on flat sales.

Wall Street analysts, on average, expect EPS of $1.72 on sales of $50.30 billion for 2012.

On a 52 versus 52 week basis, Lowe's still anticipates total sales to grow roughly 2 percent and comparable store sales to increase around 1 percent.

Lowe's expects to open around 10 stores in fiscal year 2012.

The company will provide further details of its strategy designed to drive long-term sales growth at its analysts and investors conference on Wednesday.

[Related -Lowe's Companies, Inc. (LOW): Building Value At Lowe's]

"With the infrastructure we have in place and the changes we're making, we expect to generate significant cash flow for years to come," said CEO Robert Niblock.

As of Nov. 2, 2012, Lowe's operated 1,750 stores in the United States, Canada and Mexico.

For the third quarter, the company posted a jump in quarterly earnings amid growth in sales. Net earnings surged 76 percent to $396 million. Net sales rose 1.9 percent to $12.07 billion. Comparable store sales grew 1.8 percent.

LOW ended Tuesday's regular trading at $35.62. The stock has been trading in the 52-week range between $24.04 and $36.47.

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