Hardware Retailing The Industry's Source for Insights and Information
Lowe’s reported net earnings of $306 million for the quarter ended January 31, a 6.3 percent increase over the same period a year ago. For the fiscal year also ended January 31, net earnings increased 16.7 percent to $2.3 billion.
Sales for the fourth quarter increased 5.6 percent to $11.7 billion from $11.0 billion in the fourth quarter of 2012, and comparable sales increased 3.9 percent. For the fiscal year, sales were $53.4 billion, a 5.7 percent increase over fiscal year 2012, and comparable sales increased 4.8 percent.
“I am pleased with the progress we made throughout 2013, and would like to thank our employees. They have shown unrelenting determination to provide outstanding service to customers every day in each market we serve, as we transform our company,” Robert A. Niblock, Lowe’s chairman, president and CEO says.
“During the quarter, we delivered solid performance in core home improvement categories, balancing softer sales of seasonal gifts and holiday decorations. When extreme winter weather arrived late in the quarter, our distribution network responded quickly and efficiently to move product where it was most needed,” Niblock added.
As of January 31, Lowe’s operated 1,832 home improvement and hardware stores in the United States, Canada and Mexico representing 200.1 million square feet of retail selling space.
The business outlook for Lowe’s for fiscal year 2014 projects total sales to increase approximately 5 percent, comparable sales to increase approximately 4 percent and the addition of 15 home improvement and 5 hardware stores.
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