Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Lowe's Reports 35-Percent Profit Jump
Nov 19, 2002
 Printable format
 Email this Article
 Search

Lowe's, a home improvement retailer, has reported a 35 percent jump in third-quarter profits. The chain, based in Wilkesboro, NC, U.S., also raised its forecasts for fourth-quarter and full-year earnings. Lowe's benefited in the most recent quarter from its expansion into the affluent north-eastern U.S. The company plans to open more than 60 stores in New Jersey and New York in the U.S. in the next 5 years.

Low interest rates and mortgage refinancing activity, as well as reduced travel and entertainment spending, have given consumers more money to spend on homes. Robert Tillman, Lowe's chairman, said the group's results demonstrated the "continued strength of the home improvement consumer in an otherwise uncertain economic environment. Demographic and societal trends continue to provide longer-term opportunity for our company as Americans increase their focus on the comforts of home."

Third-quarter net income rose from U.S. $250 million to $339 million, with earnings per share up from $0.32 to $0.43.
Total sales increased 18 percent to $6.41 billion, with same-store sales up 4.1 percent.

Lowe's said it expected to earn $0.33 a share in the fourth quarter ending Jan. 31, with total sales up 16-17 percent and same-store sales up 2-4 percent. For the full year, it expected total sales to increase about 20 percent, with same-store sales up 5 percent. (Financial Times)

Back to Daily News

 

Daily News

...........................................................

Sep 19, 2014: Builder confidence at highest level since Nov. 2005

Sep 19, 2014: Builders Show, Kitchen/Bath Show, and 3 other events converge for 2015 Design & Construction Week

Sep 19, 2014: GE Appliances supporting Susan G. Komen

Sep 18, 2014: AHRI at White House unveils $5 billion refrigerant R&D plan

Sep 18, 2014: Solar microinverter market could break $1 billion by 2018

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

March 2014: Market Research - 62nd Annual U.S. Appliance Industry Forecast
February 2014: Appliance Magazine Market Insight: December 2013
January 2014: Market Research - Appliance Historical Statistical Review: 1954-2012
January 2014: Appliance Magazine Market Insight: November 2013




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows