(MOORESVILLE) -- Lowe's Companies, Inc., reported a 19.1 percent decline in second quarter profit. The Mooresville-based home improvement retailer recorded net earnings of $759 million in the second quarter.

Sales for the quarter declined 4.6 percent to $13.8 billion. That is down from $14.5 billion during the second quarter of 2008. "Wavering consumer confidence, unseasonable weather in core markets, and restrained customer spending compared to last year's fiscal stimulus-aided results led to lower than expected sales in the second quarter," said Robert A. Niblock, Lowe's chairman and CEO.

Continued soft consumer demand has led the company to re-evaluate store expansion plans. In a statement released on Monday, Lowes indicated that in 2010, expansion in North America will be below previously anticipated levels, and new store openings will likely be in the range of 35 to 45.

"There are some indications that a bottoming process in housing and the broader economy is under way, and we have seen customer traffic levels stabilize as we benefit from the resurgence of a do-it-yourself home improvement mindset," said Niblock. "As near-term pressures on the consumer remain, we enter the back half of the year with a cautious sales outlook but have the flexibility to react to a quickly changing environment."