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Lowe’s Reports Second Quarter Gains

Wednesday August 21st, 2013 - 9:57AM


Lowe’s Companies, Inc. today reported net earnings of $941 million for the quarter ended August 2, 2013, a 26% increase over the same period a year ago. Diluted earnings per share increased 37.5% to $0.88 from $0.64 in the second quarter of 2012. Sales for the quarter increased 10.3% to $15.7 billion from $14.2 billion in the second quarter of 2012, and comparable sales for the quarter increased 9.6%.

For the six months ended August 2, 2013, net earnings increased 16.2% from the same period a year ago to $1.48 billion, and diluted earnings per share increased 27.1% to $1.36. For the six month period, sales were $28.8 billion, a 5.1% increase over the same period a year ago, and comparable sales increased 4.6%.

“Home improvement demand was strong during the quarter, and we capitalized on it with improving execution,” commented Robert A. Niblock, Lowe’s chairman, president and CEO. “We drove a healthy balance of ticket and transaction growth, and delivered solid performance across all product categories.”

For the home improvement retailer’s fiscal year 2013 guidance, Lowe’s reported that total sales are expected to increase approximately 5%, comparable sales are expected to increase approximately 4.5% and it expects to open approximately 10 stores.

Lowe’s operates 1,758 stores in the United States, Canada and Mexico.