In line with company expectations.
US home improvement chain, Lowe’s, which recently had a 33% stake in Woolworth’s Masters business, has recorded a 5.3% sales increase for the second quarter to $18.3 billion from $17.3 billion in the second quarter of 2015, and comparable sales increased 2%.
For the six month period, sales were $33.5 billion, a 6.4% increase over the same period a year ago, and comparable sales increased 4.4%. Comparable sales for the US home improvement business increased 1.9% for the second quarter and 4.4% for the six month period.
The company reported net earnings of $1.2 billion for the quarter ended July 29, 2016, a 3.7% year-on-year increase. For the six months ended July 29, 2016, net earnings increased 14% from the same period a year ago to $2.1 billion.
Lowe’s chairman, president and CEO, Robert Niblock commented, “We delivered solid results for the first half of the year, in line with our expectations. We believe we are well positioned to capitalise on a favourable macroeconomic backdrop for home improvement in the second half of this year as we continue to execute on our strategic priorities to provide better omni-channel experiences, deepen our relationships with professional customers, and drive productivity and profitability.”
“I would like to express my appreciation for our employees’ unwavering commitment to serving customers, enabling us to provide inspiration and support whenever and wherever they shop and positioning Lowe’s as the project authority in our industry,” he added.
As of July 29, 2016, Lowe’s operated 2,108 home improvement and hardware stores in the United States, Canada and Mexico representing 211.9 million square feet of retail selling space.