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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.
