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Increased demand for home improvement products led Lowe’s to a jump in comparable-store sales in the second quarter, the company reported.
Its comparable-store sales for the quarter increased 9.6 percent; over the past six months, comparable-store sales grew by 4.6 percent.
“Home improvement demand was strong during the quarter, and we capitalized on it with improving execution. … We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories,” Lowe’s Chairman, President and CEO Robert A. Niblock said.
Lowe’s also reported net earnings of $941 million for the quarter ended Aug. 2, 2013, a 26.0 percent increase over the same period a year ago. For the six months ended August 2, 2013, net earnings increased 16.2 percent from the same period a year ago to $1.48 billion.
Sales for the quarter increased 10.3 percent to $15.7 billion from $14.2 billion in the second quarter of 2012; in the first half of the year, sales were up 5.1 percent over the same period last year.
Lowe’s also updated its outlook for the rest of the year. The company now expects total sales to increase approximately 5 percent, while comparable-store sales are projected to increase approximately 4.5 percent.
As of Aug. 2, Lowe’s operated 1,758 stores in the United States, Canada and Mexico.
