Retailer Lowe's (Mooresville, N.C.) reiterated its earnings guidance for 2011 on Tuesday. Relative to 2010, the company expects the following year-end numbers for 2011:
Retailer Lowe's (Mooresville, N.C.) reiterated its earnings guidance for 2011 on Tuesday. Relative to 2010, the company expects the following year-end numbers for 2011:
- Total sales will increase 2 to 3 percent
- Comparable store sales will decline approximately 1 percent
- The company will open approximately 25 stores
- Earnings before interest and taxes as a percentage of sales (operating margin) will decrease 80 to 90 basis points, which includes approximately 80 basis points impact from charges associated with store closings and discontinued projects
- Depreciation expenses will be approximately $1.5 billion
- Diluted earnings per share will be $1.37 to $1.40 for the fiscal year ending Feb. 3, 2012, which includes approximately $0.20 per share impact from changes associated with store closings and discontinued projects.
Currently, the company is holding a shareholder meeting in Mooresville to discuss progress made on its mission to deliver better customer service and strategy to drive long-term sales growth.
"We are in the process of transforming Lowe's from a home improvement retailer to a home improvement company-a company committed to delivering better customer experiences across the entire home improvement spectrum, by pulling together the best combination of possibilities, support and value for customers wherever and whenever they choose to engage," said Robert Niblock, Lowe's chairman, president and CEO.
