Wilkesboro, NC, Nov. 19—Lowe's Companies had net earnings of $250.5 million for the quarter ended November 2, a 23.8% increase over the same period a year ago. Diluted earnings per share increased 23.1% to $0.32 from $0.26 in the third quarter of last year. For the nine months ended November 2, net earnings grew 20.3% to $804.9 million while diluted earnings per share increased 17.2% to $1.02.

Sales for the quarter increased 21.1% to $5.45 billion, up from $4.50 billion in the third quarter of last year. Comparable store sales for the third quarter increased by 4%. For the nine months ended November 2, sales increased 18.4% to $16.86 billion.  Comparable store sales increased 0.9% in the first nine months of the year.

"These results give us confidence in the resiliency of the American consumer," commented Robert L. Tillman, Lowe's chairman, president and CEO. "This quarter we experienced solid sales performance in all geographic regions and all product categories, with customer traffic accelerating at a rapid pace during the quarter. I’m confident that our focus on the fundamentals of controlling expenses, managing inventory and providing exceptional customer service will continue to drive strong performance."

During the quarter, Lowe's opened 35 new stores and relocated 4 stores. One older, smaller store was closed. As of November 2, Lowe's operated 734 stores in 42 states representing 78.9 million square feet, a 23.7% increase over last year.

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