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Retail financial notes

8/22/2005 02:00:00 AM Eastern

Home Depot's Net Sales Up 11.7 %

Atlanta Momentum in the major appliance business at The Home Depot continued into the retailer's fiscal second quarter, helping to drive up overall net sales 11.7 percent during the period, to $22.3 billion from a year-ago nearly $20 billion. Comp-store sales rose 4 percent.

Home Depot net earnings for the three months, ended July 31, increased 14.4 percent, reaching $1.8 billion, compared with $1.5 billion in the same quarter in 2004. Home Depot's rollout of LG-made major appliances, among other product debuts, accounted for the chain's overall increased majap market share in the second quarter, according to the company.

Lowe's Revenue, Comp Sales Increase

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.

Target Sales Rise 13.5% In Fiscal Q2

Minneapolis— Fiscal second-quarter sales at Target jumped 13.5 percent, hitting $11.7 billion, up from $10.3 billion in the same three months last year. Comp-store sales climbed 6.7 percent.

Earnings from continuing operations in the quarter, ended July 30, reached $540 million, compared with $360 million year-on-year. Prior-year results from continuing operations include a loss of $74 million from early retirement of debt.

Net income for the quarter hit $540 million, compared with $1.4 billion in the same period in 2004.

BJ's Wholesale Club's Net Sales Up 7.7%

Natick, Mass. — Net sales at BJ's Wholesale Club increased 7.7 percent in the retailer's fiscal second quarter, coming in at nearly $2 billion, up from $1.8 billion in the same three months a year earlier.

Comp-store sales rose 3.2 percent, including a 0.4 percent contribution from gasoline sales.

Net income in the second quarter, ended July 30, increased to $30.5 million, compared with a year-ago $28 million. Last year's results included a post-tax charge of $3.6 million and post-tax income of $3.1 million.

See for more details on these and other financial stories.

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