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Lowe’s Comps, Revenue Climb

8/15/2005 08:20:00 AM Eastern

Mooresville, N.C. — Building on strong sales trends experienced in April, home improvement retailer Lowe’s delivered solid comp-store sales across all three months of the company’s fiscal second quarter.

Comps in the three months, ended July 29, climbed 6.5 percent, while sales jumped 17.3 percent, hitting $11.9 billion, up from $10.2 billion in the same three months last year.

Net earnings at Lowe’s reached $838 million in the second quarter, a 19.7 percent rise over the $700 million reported in the same period last year.

Lowe’s reported that comp-store sales in the quarter were driven by its “Big 3 sales initiatives” — installed sales, special-order sales and sales to commercial business customers. All of these remain at the core of quarterly performance, said the company.

“Successful traffic-driving marketing campaigns, in conjunction with great merchandising and store execution, led to comparable-store increases in both average ticket and transaction counts in the quarter,” said Robert Niblock, chairman/CEO.

“Favorable social and demographic trends, a robust housing market and an unwavering organizational commitment to provide unmatched service and solutions for our customers continue to give us confidence in the future for Lowe’s,” said Niblock.

During its second quarter, the retailer opened 27 new stores, including one relocation. At the end of the quarter, Lowe’s operated 1,138 stores in 49 states.

In the third quarter, Lowe’s expects to open 34 stores, with 150 scheduled to come on board in the fiscal year, ending in January of 2006.

For the six months, comp-store sales moved up 5.2 percent, while overall revenue in the period increased 15.9 percent, coming in at $21.8 billion, compared with a year-ago $18.9 billion.

Net income for the first half grew 24 percent, hitting $1.4 billion, up from a year-earlier $1.2 billion.

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