Retailer Lowe's saw strong demand for home improvement products in the second quarter of 2013, and that helped drive net earnings of $941 million. Net earnings for the quarter, which ended Aug. 2, 2013, were up 26.0% over the same period of the previous year.
For the first six months of the year net earnings increased 16.2% to $1.48 billion.
Sales in the second quarter of 2013 were up 10.3% to $15.7 billion, from $14.2 billion in the second quarter of 2012. Comparable sales for the quarter were up 9.6%.
For the six-month period sales were $28.8 billion, up 5.1%. Comparable sales were up 4.6%.
"Home improvement demand was strong during the quarter, and we capitalized on it with improving execution. I'd like to thank our employees for their hard work and continued dedication to serving customers," commented Robert A. Niblock, Lowe's chairman, president and CEO.
Lowe's expects total sales in fiscal year 2013 to increase approximately 5%, with comparable sales expected to increase approximately 4.5%.
Lowe's operates 1,758 stores in the United States, Canada, and Mexico, and expects to open approximately 10 stores in fiscal year 2013.
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