Lowe’s Companies, Inc. has reported net earnings of $1.13 billion for the quarter ended July 31, 2015, an 8.4% increase over the same period a year ago when the home improvement retailer posted earnings of $1.04 billion. Diluted earnings per share increased 15.4% to $1.20 from $1.04 in the second quarter of 2014.
Sales for the second quarter increased 4.5% to $17.3 billion from $16.6 billion in the second quarter of 2014, and comparable store sales increased 4.3%. Comparable sales for the U.S. home improvement business increased 4.6% for the second quarter.
“We posted solid results for the quarter and were able to capitalize on big-ticket market share opportunities with strong growth in categories like appliances and outdoor power equipment,” said Robert Niblock, Lowe’s chairman, president and CEO.
“Our year-to-date earnings per share performance was in line with our expectations. This, together with the execution of our strategic priorities, gives us confidence in our business outlook for 2015,” Niblock added.
Lowe’s fiscal year 2015 business outlook expects sales to increase 4.5% to 5%, with comparable sales expected to increase 4% to 4.5%. The retailer expects to add 15 to 20 home improvement and hardware stores in the fiscal year.
Lowe’s operates 1,846 home improvement and hardware stores in the United States, Canada and Mexico.