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 Posts Strong Second-Quarter Results
Aug 19, 2003
 Printable format
 Email this Article
 Search

Lowe's Cos. Inc., the U.S.'s second-largest home improvement chain, reported a nearly 28-percent gain in its second-quarter earnings as homeowners caught up on spring projects delayed by cold and wet weather. The shares gained more than 6 percent.

The company posted a profit of U.S. $597 million, or $0.75 per share, for the quarter ended Aug. 1, up from $467 million, or $0.59 per share, in the same period a year ago.

Sales increased 17 percent to $8.77 billion, up from $7.49 billion in the year-ago quarter. Comparable store sales for the second quarter increased 6.9 percent.

"As we had expected, Americans' passion for home improvement projects surged as the weather improved across most of the U.S.," said Lowe's chairman and chief executive officer Bob Tillman.

Lowe's said it had "sales strength in every product category, including big-ticket items" as consumers returned to the hardware stores to catch up on projects.

"When customers returned to our stores following the cold and wet months that started the year, our employees delivered great service and the merchandise our customers wanted," said Lowe's president Robert Niblock.

On a conference call with analysts, Mr. Tillman said the chain was prepared to provide homeowners and contractors with the materials they needed to handle what he called "America's passion for improvement."

"The home improvement industry has benefited from this (refinancing boom), but it is not the single driver of our business," he said. "The recent increase in interest rates doesn't signal the end of our growth."

Spending on home improvement is expected to increase by about 5 percent annually over the next several years, he said. "As the economy strengthens, consumers will be more inclined to invest in their homes," Mr. Tillman said.

Looking forward, Lowe's said it expects to earn $2.24 to $2.27 a share for the year, ahead of analyst estimates of $2.19 per share. The company also expects a 16-percent increase in sales, and a 4-percent to 5-percent rise in comparable-store sales.

Lowe's opened 24 new stores during the second quarter, including two relocations, and closed one older, smaller store. Lowe's operates 896 stores in 45 states and plans to open 38 stores in the third quarter. (Reuters)

___

Back to Daily News

 

Daily News

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

Apr 23, 2014: Bosch Home Appliances Garners EPA Energy Star Partner of the Year - Sustained Excellence Award

Apr 23, 2014: AO Smith Develops Ultra-Low NOx, Compact Commercial Water Heater for California

Apr 23, 2014: Dacor Launches First North American Cooktop with Touch Control

Apr 23, 2014: Existing-Home Sales Show Slight March Decrease

Apr 23, 2014: CEA: Consumer Sentiment Down in April

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 | Pharmalive | Plastics Today | Powder Bulk Solids | Canon Trade Shows