While comparable store sales were up, Lowe’s net earnings were down in the fourth quarter.
Sales for the fourth quarter were $15.5 billion compared to $15.8 billion in the fourth quarter of 2016, and comparable store sales increased 4.1%.
The company reported net earnings of $554 million and diluted earnings per share of $0.67 for the fourth quarter ended February 2, compared to net earnings of $663 million and diluted earnings per share of $0.74 in the fourth quarter of 2016.
For the fiscal year, sales were $68.6 billion compared to $65 billion in fiscal 2016, and comparable store sales increased 4%. Comparable sales for the U.S. home improvement business increased 3.9% for the fiscal year. For the fiscal year, net earnings were $3.4 billion and diluted earnings per share was $4.09 compared to net earnings of $3.1 billion and diluted earnings per share of $3.47 in fiscal 2016.
“We achieved comparable sales growth that exceeded our expectations driven by compelling consumer messaging, strong holiday event performance, and our integrated omnichannel customer experiences,” said Robert Niblock, Lowe’s chairman, president and CEO. “As we enter 2018, we are working diligently to improve execution with a focus on conversion, gross margin, and inventory management. Given the rapidly evolving competitive landscape, we are also accelerating our strategic investments leveraging the benefits of tax reform. We continue to build the capabilities required to deliver simple and seamless experiences and strengthen our position as the omnichannel project authority.”