"We'll be ready to add stores when the time is right," said Larry Stone, Lowe's president and chief operation officer. The retailer has faced challenges in California, Florida and the Gulf Coast region.
Same-store sales for the quarter, which ended Feb. 1, declined 7.6% year over year, as problems in the housing market held the retailer back. Total sales fell 0.3%, to just under $10.4 billion, while diluted earnings per share sank 30%, to 28 cents.
For 2008, executives are forecasting a 5% to 6% decline in same-store sales from 2007, while total sales are expected to fall 3%. Lowe's is spending $103 million this year on new-store openings.
Lowe's opened it first stores in Canada in December and currently operates seven in the Toronto area. The retailer operates 1,525 units throughout North America.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.