Finance & Business World

Lowe's Cos. Inc. reports lower earnings for its fourth fiscal quarter and the year ended Feb. 1.

In the latest quarter, the Mooresville-based home-improvement retailer's earning fell to $408 million, or 28 cents per diluted share, from $613 million, or 40 cents per diluted share, in the year-ago period.

Analysts had forecast Lowe's would earn 25 cents per share in the latest quarter.

Sales dropped to $10.38 billion from $10.41 billion.

For the year, net income declined to $2.81 billion, or $1.86 per diluted share, from $3.1 billion, or $1.99 per diluted share.

Lowe's exceeded analysts' consensus estimate of $1.84 per share in the latest period.

Revenue for the year increased 2.9 percent to $48.3 billion online payday loan.

"Fourth-quarter and fiscal year 2007 sales fell short of our plan as we faced an unprecedented decline in housing turnover, falling home prices in many areas and turbulent mortgage markets that impacted both sentiment related to home-improvement purchases as well as consumers' access to capital," says Robert Niblock, chief executive.

During the latest quarter, Lowe's opened 72 stores, including two relocations. As of Feb. 1, the company (NYSE:LOW) operated 1,534 stores in the United States and Canada.

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