(MOORESVILLE) -- Lowe’s Companies, Inc. reported fourth quarter net earnings of $322 million. This represents a 13 percent increase over the same period of the prior year. For the fiscal year ended February 3, 2012, net earnings decreased 8.5 percent to $1.8 billion.

Fourth quarter sales for the home improvement retailer increased 11 percent to $11.6 billion. That is up from $10.5 billion in the same period of the prior year. The company's fiscal year sales were $50.2 billion, a 2.9 percent increase over the prior fiscal year.

Because of how Lowe's determines the final day of its fiscal year, this year had a 53rd week.  This additional week contributed $766 million to sales.

“We delivered solid results for the quarter, including earnings per share that exceeded our guidance,” said Robert A. Niblock, Lowe’s chairman, president and CEO. “In 2012, we will capitalize on refinements we have made to our operating strategies as well as our efforts to improve the customer experience,” Niblock added. “The team is well positioned to drive stronger comparable store sales growth and expanded operating margins.”