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On August 20, Lowe’s announced second quarter fiscal 2014 results. Although comparable sales were up 4.4 percent for the quarter, the home improvement chain scaled back on full-year financial targets.
Sales for the second quarter increased 5.7 percent to $16.6 billion from $15.7 billion in the second quart of fiscal 2013.
Robert A. Niblock, Lowe’s chairman, president and CEO attributes rising sales in the second quarter with improved weather and the hard work of their employees during the busy selling season.
While Niblock says the company foresee spending to continue to progress along with strengthening job and income growth, the company will minimize previous sales performance predictions.
“Our year-to-date sales performance, together with our previous assumptions for the second half of 2014, result in a modest reduction to our sales outlook for the year,” Niblock says.
Although Lowe’s saw increases, the company’s competitor Home Depot, came out with comparable store sales at 6.4 percent in the second quarter.
Both home improvement chains have experienced stronger sales for the full year, possibly due to easing lending standards that may boost sales of customers purchasing large items, such as refrigerators.
To read the full press release click here.
