Hardware Retailing The Industry's Source for Insights and Information
Big-box home improvement chain Lowe’s has announced its first-quarter 2019 financial results. In total, Lowe’s achieved net earnings of $1.0 billion, up 1.2 percent from the same period in 2018, the company reports.
Lowe’s also announced its decision to “sell the assets” of its retail operations in Mexico. Previously, the company had planned to exit the Mexico market entirely. The company credits that decision with an $82 million tax benefit for this quarter.
In total, Lowe’s saw sales of $17.7 billion, which represented a 2.2 percent increase from the same period in 2018. Comparable sales in the U.S. rose by 4.2 percent.
“Our first-quarter comparable sales performance is a clear indication that the consumer is healthy and our focus on retail fundamentals is gaining traction. Our commitment to improving in-stocks and customer service coupled with our focus on winning with the pro customer were integral to driving improved sales,” says Marvin Ellison, president and CEO.
Ellison also said Lowe’s recent acquisition of the Retail Analytics platform from Boomerang Commerce would “assist in modernizing and digitizing [Lowe’s] approach to pricing.”
In July, Ellison became president and CEO of the company. In a recent interview with North Carolina Biz News Wire, he reflected on the past year and what’s next for the big-box home improvement company.
