Lowe’s Companies Inc. (NYSE: LOW) reported net earnings of $344 million for the third quarter ended Oct. 30, a 29 percent decline from the same period last year. Sales for the quarter declined 3 percent to $11.4 billion.
“We are beginning to see signs of improved performance in some of the hardest-hit housing markets including California, Florida and areas of the desert Southwest,” said CEO Robert A. Niblock, in a released statement.
During the quarter, Lowe’s opened 12 stores and closed one.
The Home Depot (NYSE: HD) reported net earnings of $689 million, an 8.8 percent decline from third quarter 2008. Sales for the quarter totaled $16.4 billion, an 8 percent decrease from the same period last year.
“There is still a great deal of pressure in the housing and home improvement markets, though there are some positive signs of stabilization,” said CEO Frank Blake in a released statement.
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