Lowe’s Finishes The Year Exceeding Expectations

For the quarter ended January 30, Lowe’s Cos. posted net earnings of $450 million, or 46 cents per diluted share, versus $306 million or 29 cents per diluted share, in last year’s period. Net sales were $12.54 billion versus $11.66 billion, in the prior-year period, the company reported, while comparable store sales for the business in the United States increased 7.4% and gained 7.3% company wide.

Earning per diluted share beat a Thomson Reuters average analyst estimate by three cents.

For the full fiscal year, net earnings were $2.7 billion, or $2.71 per diluted earnings per share, versus $2.29 billion, or $2.14 per diluted share, in the year earlier, the company stated. Net sales were $56.22 billion versus $53.42 billion, in the year prior, according to the company, while comps were up 4.3% in the U.S. and company wide.

In announcing the financial results, Robert Niblock, Lowe’s chairman, president and CEO, stated, “We remain focused on improving our profitability even while investing in key capabilities to drive sales growth. Our transformation is gaining momentum, and macroeconomic fundamentals are aligned for modestly stronger home improvement industry growth in 2015.”

As of January 30, Lowe’s operated 1,840 home improvement and hardware stores in the U.S., Canada and Mexico.