Lowe's Companies Inc. cited the extra week at the end of its fiscal year for its across-the-board loss during the fourth quarter of 2012. Net earnings fell to $288 million in the fourth quarter from $322 million in the fourth quarter of 2011, while net sales dropped from $11.6 billion to $11.0 billion over the same period.
The company's fiscal year, however, was more positive. Net earnings rose to approximately $2 billion in 2012 from $1.8 billion in 2011, and net sales increased $313 million over the previous year to $50.5 billion.
Keeping to its commitment to return excess cash to shareholders, Lowe's repurchased $750 million, or 21.3 million, shares of stock and paid $180 million in dividends in the fourth quarter of 2012. Over the year, the company repurchased $4.35 billion, or 146 million, shares of common stock and paid $704 million in dividends.
Robert A. Niblock, Lowe's chairman, president and CEO, says the year's solid results are due in part to the company's response to the demand created by recovery efforts after Superstorm Sandy.
Lowe's expects to open 10 new stores in fiscal year 2013, and predicts a 4 percent increase in total sales.
