Appliance retailer Lowe's Companies, Inc. reported net earnings of U.S. $704 million for the quarter ended July 30, 2004, a 17.9-percent increase over the same period a year ago.
Diluted earnings per share increased 18.7 percent to $0.89 from $0.75 in the second quarter of 2003. For the 6 months ended July 30, 2004, net earnings grew 14 percent to $1.16 billion, while diluted earnings per share increased 14.2 percent to $1.45.
Sales for the quarter increased 17.3 percent to $10.2 billion, up from $8.7 billion in the second quarter of 2003. Comparable store sales for the second quarter increased 5.1 percent. For the 6-month period, sales increased 19.4 percent to $18.9 billion. Comparable store sales increased 7.2 percent in the first half of 2004.
"Robust housing turnover, record home ownership, attractive mortgage rates, and improving consumer confidence highlighted a solid performance in the second quarter, where our stores delivered record earnings," explained Robert L. Tillman, Lowe's chairman and CEO.
During the quarter, Lowe's opened 20 new stores, including three relocations.
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