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Lowe’s Q2 Earnings Show Growth

Lowe’s on Aug. 17 reported earnings and sales growth for the second quarter of 2016.

The company’s net earnings rose 3.7 percent above the same period a year ago, reaching $1.2 billion for the quarter that ended July 29.

Sales for the second quarter increased 5.3 percent year over year to $18.3 billion. Overall comparable sales rose 2 percent. Comparable sales for the U.S. increased 1.9 percent for the second quarter and 4.4 percent for the first half of 2016.

“We delivered solid results for the first half of the year, in line with our expectations,” says Robert A. Niblock, Lowe’s chairman, president and CEO. “We believe we are well positioned to capitalize on a favorable macroeconomic backdrop for home improvement in the second half of this year as we continue to execute on our strategic priorities to provide better omnichannel experiences, deepen our relationships with professional customers, and drive productivity and profitability.”

Lowe’s also updated its 2016 fiscal year financial outlook because the company purchased Canadian home improvement company RONA Inc. in May. Lowe’s predicted that total sales would increase 10 percent for the year, and comparable sales would grow 4 percent. The company also plans to add 45 home improvement and hardware stores.

As of July 29, Lowe’s operated 2,108 home improvement and hardware stores in the U.S., Canada and Mexico, representing 211.9 million square feet of retail selling space.

About Kate Klein

Kate is profiles editor for Hardware Retailing magazine. She reports on news and industry events and writes about retailers' unique contributions to the independent home improvement sector. She graduated from Cedarville University in her home state of Ohio, where she earned a bachelor's degree in English and minored in creative writing. She loves being an aunt, teaching writing to kids, running, reading, farm living and, as Walt Whitman says, traveling the open road, “healthy, free, the world before me.”

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